Credit Card Report
Financial News Made Easy

Nine million US households do not have bank accounts, often using high-cost check cashing services instead.

That number represents 1 of every 12 families or individuals in America. A disproportionally large segment of this group consists of minority and low-income households, the Wall Street Journal reports.
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Stung by the Credit Card Consumers’ Protection Acts, banks have become extremely creative at finding new ways to squeeze money out of their customers.

Among their favorite tricks: offering you a so-called professional credit card. Beware!
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With interest rates at record lows, there’s never been a better time to save money on your mortgage. But watch out for pitfalls in the rush to refinance, advises MarketWatch’s Andrea Coombes in her Personal Finance Minute.
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“The bill collectors, when they call, make you feel like the only option you have is to lay down and play dead. That’s not true.”
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The Federal Reserve Board has limited the amount of money U.S. banks can charge customers who do not pay on time.
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Nowadays more people are using debit cards as a convenient way to curtail their expenditures.

Debit cards offer a number of conveniences as compared to credit cards. But there are also some drawbacks you should be aware of.
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Major credit card lenders report that more Americans are paying their loans on time. This may be a sign of economic recovery, or…
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Right now someone, somewhere, may be using one of your credit cards — without your permission.
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When the Credit Card consumers’ Bill of Rights goes into effect next month (Feb. 22, 2010), banks will be prohibited from using some of the worst unfair practices they have been subjecting their customers to.

That’s why banks have been working hard to dream up new fees…
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No law prevents banks from closing down credit accounts without warning.

The new Credit Card Consumers’ Bill of Rights has done nothing to change that.

But when Citibank recently closed a number of Mastercard accounts — co-branded with oil partners such as Shell, Citgo, ExxonMobil and Phillips 66-Conoco — it did so on very short notice. [video]
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