Double Check your Credit Card Interest Rates!

rate increases coming! Let us take a look..

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The Latest Credit-Card Tricks

With new federal rules looming, card issuers are concocting creative ways to collect fees

PICK A RATE

Almost 120 million accounts may be affected by a change that will allow issuers—when setting the variable rate on a card—to pick the highest rate in the past three months from the interest-rate index it tracks. Previously, companies used the rate on the last day of the billing cycle. The result is that borrowers pay an average interest rate that is 0.3 percentage points higher than before. The card industry could generate $720 million a year from this shift, estimates the Center for Responsible Lending, a consumer advocacy group.

http://www.businessweek.com/magazine/content/09_52/b4161095199108.htm

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Interest rates on Credit Cards Up Up Up!

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Average Credit Card Rate Breaks the 16% Barrier

Credit card issuers continue to raise rates on their offers to new customers -- leaving customers who are frustrated by hikes on their current cards with few good options. For the first time since IndexCreditCards.com began tracking rates in 2005, the average credit card rate has broken 16% -- jumping to 16.36% today, from 15.94% at this time last month. This is the latest in a succession of increases that has caused average rates to skyrocket by over two-and-one-half points just since March of this year.

http://www.indexcreditcards.com/credit-card-rates-monitor/

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Credit on Main Street Declines

Consumer Credit continues to contract. lets take a look

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David Rosenberg notes the record setting credit crunch that continues on Main Street:

Consumer credit in October fell less than consensus expectations, falling $3.5bln (or -1.7% at an annual rate) versus market estimates of a steep $9.4bln decline. September was revised to now show an $8.7bln decline compared to earlier estimates of -$14.8bln. However, we are now in a phase of frugality and households are not willing to take on more debt — this is the ninth consecutive monthly of decline in consumer credit, a streak never before seen in the data’s 66-year history — at a time when wages are still falling and the unemployment rate is still at lofty levels.

Moreover, with record delinquency rates and the fragility of the U.S. financial sector, banks continue to tighten credit conditions and as a result are hesitant to extend its lending practice. Indeed, revolving consumer credit (credit cards) fell $6.9bln (or -9.3% at an annual rate) to $888.1bln, which is the lowest level since March 2007 and is now down $87.1bln from the peak back in September 2008. Non-revolving consumer credit did rise $3.5bln (or +2.6% annualized) in October, but that was probably the result of stronger auto sales, which rose 1.2% in October.

http://seekingalpha.com/article/177942-u-s-economy-one-green-shoot-a-mixed-bag

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Credit tightening

.... let's take a look

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Nation's 4 biggest banks cut business lending by $100 Billion since April

While the administration and Congress work to increase bank lending, the nation's four biggest banks have collectively cut their loans to businesses by more than $100 billion over the past six months, according to new federal datareleased on Tuesday.

Bank of America, JPMorgan Chase, Citigroup and Wells Fargo cut their commercial and industrial lending by a combined 15 percent from April to October, representing $100 billion, according to the most recent Treasury Department data. Loans to small businesses are down $7 billion, or four percent.

http://www.huffingtonpost.com/2009/12/16/nations-4-biggest-banks-c_n_394264.html

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Principle reduction option

Let us take a look.

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Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out.

The scarcity of credit not only hurts homeowners but also has broad economic repercussions at a time when consumer spending and employment are showing modest signs of improvement, hinting at a recovery after two years of recession.

Refinancing could save owners hundreds of dollars a month, which could be spent, saved or used to pay down debts. Extra spending would help lift the economy, and lower payments might spare some people from losing their homes to foreclosure.

http://www.nytimes.com/2009/12/13/business/economy/13rates.html?_r=2

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As banks recover main street lags:

Let us take a look

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WASHINGTON – President Barack Obama implored top bankers Monday to help keep the fragile recovery from faltering by boosting lending to small businesses and getting behind an overhaul of financial regulation. "We rise and fall together," Obama declared.

In response to the president's burst of populist jawboning, some banks pledged to increase loans and exercise more self-control over outsized compensation. But the full impact of Obama's intervention was hard to gauge: The government is losing leverage as major banks repay bailout loans.

Obama's lecture to the bankers was also part of a broader election-season Democratic effort to tie sluggish bank lending to continued high joblessness — and to try to tie the banking industry to Republican efforts against Obama's financial overhaul legislation.

It's a tough balancing act, given past contributions of big banks to Democratic as well as Republican candidates.

http://news.yahoo.com/s/ap/20091214/ap_on_bi_ge/us_obama_banks

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State Government withholds money to cities

New York leads the way in cutting local budgets. let us take a look...

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Gov. David A . patterson announced on Sunday that he would unilaterally withhold $750 million in scheduled payments to schools and local governments, saying that strong action was necessary to protect New York State from insolvency.

The reductions of 10 to 19 percent in aid will affect schools and social service providers, health insurance payments, cities and counties. Mr. Paterson said the withheld funds were not “a cut” or an “impoundment” — perhaps drawing a legal distinction because only the Legislature is empowered to make permanent budget cuts.

Some lawmakers called the move illegal, but the governor said “we are well within the bounds of legal authority.”

http://www.nytimes.com/2009/12/14/nyregion/14budget.html?_r=2&scp=2&sq=paterson&st=csew.oregon-credit-repair.com, www.consumercreditcapital.net, www.oregoncreditcapital.com, www.creditscorecounseling.com, credit, repair, report, bad, improve, companies, fix, information, services, service, help, software, legal, own, rebuild, dispute, file, credit report, repair credit, credit report, fix bad, auto loan, reverse mortgage, improve credit, credit repair companies, fix credit, credit repair information, credit repair services, credit repair software, legal credit repair, repair own credit, rebuild credit, dispute credit, credit file, foreclosure, short sale, bankruptcy, loan, refinance, Oregon, Portland, Medford, Salem, auto loan, bad credit, car loan, credit, Credit Repair, fico, Fico Score, internal revenue service, irs, New Cars, tax deduction

Cram Down legislation Fails!

...even a broken clock is right twice a day. Let's take a look.

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Mortgage ‘Cram-Down’ Amendment Fails in U.S. House

Dec. 11 (Bloomberg) -- The U.S. House rejected a mortgage “cram-down” amendment that would have given federal judges the power to lengthen mortgage terms, cut interest rates and reduce loan balances for homeowners in bankruptcy court.

Lawmakers voted 241-188 today against the amendment, which was to be part of broader legislation reining in excessive risk taking on Wall Street. All but four of the Republicans who voted opposed the amendment, pulling with them 71 Democrats to defeat the measure.

The cram-down provision was identical to legislation that passed the House in March and then failed in the Senate amid opposition from the banking industry. Banks and broker-dealers told House leaders in a Dec. 8 letter that the legislation would increase bankruptcy filings, lead to abuses of the court system and undermine efforts to stabilize the housing market.

Lenders are “gratified that the House saw fit to vote down the bankruptcy cram-down amendment that would have further increased costs for borrowers,” the Washington-based Mortgage Bankers Association, the industry’s largest trade group, said in a statement today.

Representative Dan Lungren, a California Republican, said the amendment would increase mortgage insurance premiums for borrowers “and deny help to those we seek to help.”

“This is a prime example of good intentions creating bad policy,” he said before the vote.

http://www.bloomberg.com/apps/news?pid=20601087&sid=azB6PD4NAPSs&pos=3

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Mortgage relief slow!

The second time is the charm? lets take a look?

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New Push on Mortgage Relief

In the latest move to bolster its $75 billion foreclosure-prevention plan, the Obama administration on Monday will outline new efforts designed to increase the number of borrowers who receive mortgage relief.

The Treasury Department on Monday will announce plans to appoint officials to monitor the actions of the largest mortgage servicing companies on a daily basis. It also will announce it is requiring mortgage companies to develop and report to the administration their plans to increase the number of completed modifications, a Treasury spokeswoman said.

While more than 650,000 borrowers have been given trial mortgage modifications under the plan, few borrowers have received permanent modifications. Many borrowers complain that it is difficult to get a permanent fix even once they have made trial payments; some have been required to send in duplicate paperwork or even ended up further behind on their mortgage payments.

http://online.wsj.com/article/SB125952206832568569.html?mod=WSJ_hps_LEFTWhatsNews

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Credit bureau can't track information by itself

Credit bureau admits it can't handle information flow: Let us take a look

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Experian and Convoke Systems Partner to Resolve Documentation and Chain of Title Needs for Collections and Recovery Industry

Product to solve critical industry needs while maximizing recoveries and protecting consumer informationPR Newswire

COSTA MESA, Calif. and SAN FRANCISCO, Dec. 9 /PRNewswire-FirstCall/ -- Experian®, the leading global information services company, along with Convoke Systems, today announced its partnership to offer a product that improves transparency, uniformity and information flow within the financial services, automotive, telecommunications and accounts receivable management (ARM) industries.

http://www.rttnews.com/ViewPR.aspx?PrID=523242&SMap=1

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