Americans Overwhelmingly Support Payday Loan Regulations

New research from Pew Charitable Trusts shows that Americans overwhelmingly support the proposed payday loan regulations from the Consumer Financial Protection Bureau. Only 1 in 10 Americans surveyed in May saw payday lenders in a positive light, and 75% said … Continue reading Weekly Credit Card Update–January 9, 2015

Why New Credit Cards May Fall Short on Fraud Control Big U.S. banks are steering clear of an advanced security measure used in credit cards around the world, opting for a system that is more convenient for shoppers but may … Continue reading

Proposal to Cap Interest Rates for Military Members

In an effort to better protect members of the military from high interest rates, the Department of Defense has proposed an update to the Military Lending Act from 2006. The update would put more credit products under the 36% interest … Continue reading

CFPB Now Accepting Complaints on Prepaid Cards and Gift Cards

The Consumer Financial Protection Bureau is now accepting complaints about gift cards, prepaid cards, benefit cards and general purpose reloadable cards. The bureau has also begun accepting complaints about other non-banked products, like credit repair services and title loans. Companies … Continue reading

ACE Cash Express Ordered to Pay $10 Million for Bullying Payday Borrowers

The Consumer Federal Protection Bureau has ordered one of the country's largest payday lenders, ACE Cash Express, to pay $10 million in fines and refunds for bullying their customers to make their monthly loan payments. Consumers have reported that ACE … Continue reading

Will Post Office Offer Financial Products to Unbanked Customers?

Post offices may not just be a place to take your mail anymore. According to a report issued by the Office of Inspector General for USPS earlier this year, the post office may soon be offering payday loans, check cashing … Continue reading

CFPB Report Shows the Ugly Trap of Payday Loans

A report released today by the Consumer Financial Protection Bureau shows how payday loans trap borrowers in a cycle of debt. The report showed a shocking statistic: a majority of all payday loans are made to borrowers who renew their … Continue reading

CFPB Studying Arbitration Clauses in Financial Services Agreements

New research from the Consumer Financial Protection Bureau shows that arbitration clauses are commonly used by large banks in credit card and checking account agreements, but almost 9 out of 10 clauses allow banks to prevent consumers from participating in … Continue reading

How Can I Build Credit without a Credit Card?

Building credit can be a tricky process because it takes credit to build credit. Most people struggle to build their credit history without initially using some "starter" credit cards to get the ball rolling. How can you build credit without … Continue reading Weekly Credit Card Update–September 20, 2013

CFPB's Data Mining of Credit Card Data Challenged in Heated House Hearing Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year--up to 42 billion transactions--through a controversial data-mining … Continue reading

Washington Places a Creative Restriction on Payday Loans

There are currently 13 states in America that ban the use of payday loans in an effort to protect consumers from extraordinarily high interest rates. Consumers are sometimes able to get around these laws, albeit illegally, by getting these loans … Continue reading

How to Get a Credit Card as a Student

As long as you are over the age of 18, you can qualify for a credit card. The challenge is obtaining that first card when you have little or no credit to back up your application. If you are a college … Continue reading

CFPB Says Payday Loans Can Be Debt Traps

The Consumer Financial Protection Bureau has turned its attention to payday and deposit advance loans. It issued a new report that finds these products lead to a cycle of indebtedness. Not surprising, it found that loose lending standards, high costs … Continue reading

Consumers Paid $32 Billion in Overdraft Fees in 2012

Consumers are once again paying more in overdraft fees despite regulations designed to protect them from these charges. Last year, consumers paid $32 billion in overdraft fees, a $400 million jump from 2011 according to a recent study by Moebs … Continue reading

Best Uses for Your Tax Refund

Millions of American households will soon receive tax refunds. According to the IRS, the average tax refund last year was nearly $2800. It will be tempting to use the refund to buy some big-ticket items on your wish list or … Continue reading

Chase Makes Changes to Protect Customers from Payday Lenders

JPMorgan Chase announced that it will take action to protect its customers from payday lenders. Account holders will now have more power to stop withdrawals and close their accounts. Chase will limit fees that it charges customers for withdrawals from payday lenders due … Continue reading

Payday Loans Create More Problems for Borrowers

Many people facing financial trouble turn to payday loans, believing their problems may be alleviated. But new research indicates these loans are creating more headaches for already-troubled consumers. A new report from The Pew Charitable Trusts show that 12 million Americans … Continue reading Weekly Credit Card Update November 16

Battle Plan Shifts on Dodd-Frank President Barack Obama's victory means the 2010 Dodd-Frank law will stand. But the finance industry could still cut some parts of the law because changes now are politically less risky for the administration and Democrats in … Continue reading

Internet Start-Ups Take on Payday Loan Market

More Internet start-ups are entering the payday loan market, offering lending alternatives to consumers with little or no credit., a San Francisco-based company funded by a group of venture capital angels and firms, starts operations today making small-dollar loans of up to $250 for … Continue reading