Recent Posts
Recent Posts Tagged With 'credit cards'
Bankruptcy filings in federal courts jumped by more than one-third this year
The public record on the number of bankruptcies is on the rise which corresponds to increase of credit card delinquencies. Even though we have reports that say delinquency is going down from the credit card companies, it is obvious they are being...
Credit Card Delinquency Getting Better And Worse
As always different sources try to spin the same stories as good and bad. According to Transunion the delinquency has improved. They base that on the data they collect (which they don’t do very accurately). Just pull up your credit report...
Las Vegas Boxing, MMA, and Cold Weather
This is going to be a nice weekend as their is great entertainment available. I was hoping to get some Filipino food but am afraid that all the restaurants will be overcrowded with Manny Pacquiao and Miguel Cotto coming to town and fighting. The ...
Credit card charge offs falling while delinquency rising. Right!
I have worked in collections for 20 years and though I don’t have internal reports to look at to determine why this is happening while unemployment has risen consistently for the last few quarters the answer is quite simple. Credit card compan...
Why did my credit card rate go up?
You have good to perfect credit, a high FICO score, and you haven’t made any late payments to any creditor. Why the surprise when you open your statement and your credit card company gives you an unwanted gift in the form of higher rates, hig...
FICO on Credit Card Limit Reductions (It’s Not You, It’s Me)
It’s funny that most credit card companies have been mailing out cancellation notices or credit limit reduction letters explaining a change on your credit report has occurred that has caused them to take that action against you. What they don...
American Express “Financial Review” update
I thought I would blog about this since I have been getting requests of what this means. Some people thought maybe there is someone trying to open up another account or something devious. The good news is that is not the reason. “So why wou...
Credit card defaults on the rise
It’s funny how the news media continue to report the economy is better, and yet all the other information coming out is bad. A good indicator of how people are doing is the rate of delinquency on credit cards. Right now they are at extremel...
More credit card limit reductions and cancellations on the way
This isn’t new information to those already affected by it, but as the economy continues with higher unemployment and ever increasing foreclosures, more consumers will become the new profiled customer to be cut off. We have new laws tha...
Another loyal American Express customer betrayed.
I probably have a dozen Amex posts on my blog since February 2008 and have many comments from people who have experienced the same things. Even to this day, I get comments and what usually triggers it is the overnight without warning credit limit re...
Class action lawsuit against bank for credit limit reductions
This is the first article where I have seen a class action lawsuit against a major bank for reducing credit limits on home equity lines. I think this is a bit different in the credit card limit reductions in that most of these home equity loans hav...
Bank credit card bailouts, delinquency rates, and bankruptcy (consumer credit card bailouts).
First of all there are conflicting reports on credit card delinquency rates. I would expect in a good economy, the delinquency would improve and of course in a bad economy the delinquency rate would get worse. The consumer bailout also known as b...
Many cardholders at AmEx, B of A., Citigroup, J.P. Morgan Chase, and HSBC had their active cards canceled before they received notice.
OK, I just read this today on the Wall Street Journal but if you read my American Express blog post with many comments on them with similar experiences, then you know this has been going on for some time. This stuff happened to me in February 2008....
Obama Credit Card Bailouts and Negotiations
I recently got a comment from a reader that inspired me to write this post. This is what Denise wrote in my previous post on the credit card bailout. I am ill and have not been working for past 2 yrs. We have been struggling with credit debt ...
Credit card companies vs debtors in default
There was a great post on credit card defaults in the NY Times. I think there are many like us who believe there is some type of injustice the way these credit card companies are charging what they charge, and then turning around asking for a hando...
Credit cards, charge offs, and bailouts
The credit card companies started to cut credit limits, increase rates, and cancelling cards. Along the way, they started raising the minimum monthly payments from 2.5 to 5%. The result of course is higher rates of charge offs and credit card com...
Small business credit cards and credit lines disappear
This was a great article in the NY Times about small business financing and how credit card companies like American Express, Visa, and Mastercard have cut small business owners at the knees. Just like consumers, credit limits are not being evaluated...
What does personal credit card write offs/ charge offs mean to the economy?
The numbers have not improved even though many analysts and experts have predicted the recession has ended or is about to end. My guess is when the personal credit and charge card write offs increase that means people are living off credit cards ti...
Credit card companies delinquency rates and write offs are on the rise
Banks that issue credit cards should expect this part of their portfolios to see higher default rates. As the economy gets worse, people will lose jobs and prioritize the money they have left over to pay mortgage/rent, car loan, food, and utiliti...
NY Times Edmund Andrews writes My Personal Credit Crisis
I think this was a great article in the NY Times by Edmund Andrews. It highlights his personal experience in the housing market and how he and his new wife jumped in before the housing bust. I thought it was brave of him to write about his experi...
Amex credit card class action lawsuit
Over a year ago, I posted about my personal American Express credit card experience where my credit limit or credit line was drastically reduced overnight. I have received many comments on that post. I am still getting comments and as more people...
When the credit card collector calls
I received a timely email from my sister forwarding an article that was very informative. During these tough times,bill collectors often make life more stressful and most people don’t know what bills they should pay and what the consequence...
221 American Express credit line reduction comments
I blogged about my personal American Express credit limit reduction over a year ago and that has probably been the most visited post I have. Basically after someone does a google or yahoo search by typing in key words like: american express reducin...
When will the credit card bailout begin?
Many people think there will be a credit card bailout that will help them out. Unfortunately, like all the bailouts we have seen are set up not to help the American people but the greedy companies. These companies are insolvent and should be allo...
Understanding the Bush-Obama Depression 2.0
We may not want to hear it but I now believe those bloggers who predicted we would go into a depression. I believe this severe recession started by Bush will develop into a depression under Obama. There is no standard definition of this economic ...
