Credit Card Report
Financial News Made Easy

Closing millions of accounts, cutting credit lines and raising interest rates are just some of the moves credit card issuers are using to try to inoculate themselves from a tsunami of expected consumer defaults.

Two former employees of credit card issuer MBNA, now owned by Bank of America, said on Wednesday they were forced to use aggressive and deceptive practices with customers in order to boost revenues.

The bill would make it a lot easier for the humble consumer to get a fair deal from the credit card companies. It would eliminate a variety of tricks and traps of the credit card business, like retroactive interest rate hikes.

The White House said on Monday it opposes legislation called “the Credit Cardholders’ Bill of Rights” that would curb unfair and deceptive credit card practices, saying it would constrain banks’ ability to price risk.

The percentage of people who were delinquent on their credit card payments rose slightly in the second quarter from the same time last year, while average debt per borrower jumped 8.6%.

Should you hold on to credit cards that provide frequent-flier miles? Or does it make sense to change cards?

Deciding to cancel a credit card is a serious matter and you should make sure that this is what you really want. It will seriously affect your credit score if you suddenly apply for several credit cards at the same time.

There are actually cases when consumers find errors or unknown charges on their credit card bill. Because of lack of information, most of them fail to address these errors successfully. In order to avoid this situation, you should consider doing the following…

Cutting back on your credit card spending habits is easy — and beneficial, whether in times of economic stress or abundance.

There is a simple way to give yourself a cooling off period before using your credit card to make a big purchase: freeze your assets.