A fueling fable: Consumer protection issues with payments

On 22nd December 2011, we purchased petrol worth Rs.100 from an Indian Oil fueling station in Bombay using an ICICI Bank debit card. The receipt suggested that we could have saved a fuel surcharge of 2.5% had we used an Indian Oil Citibank credit card. Upon seeing this message, we asked the cashier at the petrol pump . . . → Read More: A fueling fable: Consumer protection issues with payments

The Case for Prepaid Debit Cards

Since the start of the financial crisis in 2008, the amount of consumer credit available to individuals has decreased significantly according to the Federal Reserve, and the credit that is still available is more difficult to obtain, with banks and other lenders raising their lending guidelines.  This combination of events has made it much . . . → Read More: The Case for Prepaid Debit Cards

A Look at Regulation in the Credit Card Industry

The Credit Card Accountability, Responsibility and Disclosure Act, (CARD Act) is now one year old, and the Consumer Financial Protection Bureau released data showing its impact on the credit card industry as it prepares to begin its role as regulator of consumer financial products later this year.

This data showed that credit card late . . . → Read More: A Look at Regulation in the Credit Card Industry

How HR 627 The Credit Card Act Blunts The Vampire Squids Beak

H.R. 627 The Credit Card Act of 2009 is a sweeping reform of credit card law. Many consumers are concerned over how this act will affect their spending capacity throughout the new year. The act is called into effect in February, meaning consumers will have very little time to determine how to use the . . . → Read More: How HR 627 The Credit Card Act Blunts The Vampire Squids Beak

Credit Cards and the Collapsing Country

The policy of credit card companies charging an annual fee for those cardholders with solid credit is a good proxy for the state of the nation, and also a microcosm of both the progressive (read socialist) movement in this country and the unintended consequences of an economic policy destined to fail — or succeed . . . → Read More: Credit Cards and the Collapsing Country

NY Regional Manufacturing Spikes, Loan Charge Offs Continue to Fall

On Monday two more signals pointed to a stronger Q3 than many are expecting.

The behemoth credit card issuer JPMorgan Chase reported that its bad debt charge-off numbers have now falling for two months in a row. Not surprising as the unemployment rate has now peaked for this cycle and is now on its . . . → Read More: NY Regional Manufacturing Spikes, Loan Charge Offs Continue to Fall

Ford, GM, Chrysler Announce Losses; Can the American Middle Class Survive a Big Three Meltdown?

Can the U.S. economy possibly get any scarier or more complicated?

The short answer is yes, it can. The longer, more complicated answer is that the looming (potential) failures of Ford, GM, and Chrysler present long term sustainability problems for a middle class that is already clamoring for short term, emergency . . . → Read More: Ford, GM, Chrysler Announce Losses; Can the American Middle Class Survive a Big Three Meltdown?

Credit Crunch Hits Consumer Credit Cards with American Express’ New Policy

On October 7, American Express revealed that they will begin limiting their customers’ access to credit based on both where they shop and which bank holds their primary mortgage. While there is nothing in the law that prevents American Express (or any other credit card company) from doing this, the announcement is noteworthy coming . . . → Read More: Credit Crunch Hits Consumer Credit Cards with American Express’ New Policy

What’s a Credit Crunch and Why Should We Care?

The U.S. stock market has been nothing if not volatile this year, especially over the course of the past few weeks. As the current credit crisis tightened and the world watched in horror, what most people saw was the stock market spiking and plummeting, often on mere rumor and speculation, and sometimes on . . . → Read More: What’s a Credit Crunch and Why Should We Care?

FDIC Adds Twenty-Seven More Banks to “Troubled” List

On August 26, the Federal Deposit Insurance Corporation increased the number of banks it considers in danger of failure from 90 to 117 and responded indirectly to concerns about its ability to insure money on deposit at retail banking institutions. The FDIC is considering increasing the fee it charges retail banks to insure their . . . → Read More: FDIC Adds Twenty-Seven More Banks to “Troubled” List