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By Glenn Burkins and Glenn Burkins,Knight-Ridder News Service | September 22, 1991
Though overall interest rates have fallen, credit card users won't soon see their finance charges drop.That's because more cardholders are paying their credit card bills late or are filing for bankruptcy to avoid payment, industry executives said last week at a meeting in Dallas."
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BUSINESS
Liz F. Kay | October 24, 2011
Five of the six largest credit card issuers reported higher delinquency rates --- payments late by at least 30 days --- in September, according to Bill Hardekopf of lowcards.com . These rates had been declining recently, which could mean that consumers are once again struggling to make ends meet. But the issuers were also reporting that charge off rates --- debts deemed uncollectable --- are lower.  I wonder how these data might correlate with the jobless rate , which has been creeping up in Maryland since May. American Express The delinquency rate increased to 1.5 percent in September from 1.4 percent in August.
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NEWS
November 19, 1991
Treasury Secretary Nicholas F. Brady's suggestion that Americans expect their governmental bodies to be "considered, quiet and sensible" rather than "wacky and senseless" was directed solely at the Senate but it could have been as easily aimed at his boss in the White House.President Bush set off the current flap over credit card interest rates with some ill-considered words at a Republican fund-raising affair last Tuesday. By the time the dust began to settle, the Senate had voted spastically to slap a mandatory cap on these rates and the stock market had reacted by plunging 120 points on Friday, the fifth largest drop in history.
NEWS
By McClatchy Tribune | May 1, 2009
WASHINGTON -Responding to anger and frustration from consumers, and a push from President Barack Obama, the House of Representatives on Thursday passed sweeping legislation aimed at shielding consumers from sudden credit card rate increases. By a 357-70 vote, lawmakers approved the "Credit Cardholders Bill of Rights Act of 2009," a detailed list of safeguards for consumers who feel battered by industry practices. "This bill will bar some of the more outrageous abuses," pledged Rep. Carolyn Maloney, a New York Democrat who has been trying for years to get the bill passed.
BUSINESS
By Georgia C. Marudas and Georgia C. Marudas,Evening Sun Staff | November 8, 1991
The latest round of interest rate cuts initiated by the Federal Reserve apparently will have more impact on rates paid to savers than it will on consumers' borrowing costs.Banks have been quick to lower the rates they pay savers on certificates of deposit, passbook savings and money market accounts as the Fed has notched down the discount rate -- the interest the Fed charges member banks for loans -- four times this year.But they have been slower to cut the rates they charge consumers for personal and car loans and on credit cards, although there is some evidence that consumers are beginning to resist high-rate plastic.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | November 27, 1992
The holiday shopping season provides an excellent opportunity to be generous to those you care about. Unfortunately, it also offers a chance to be irresponsible about credit card spending.The average interest rate charge on bank credit cards is 18 percent this year, down from 18.9 percent a year ago. While that's an improvement, it's a feeble one when you consider that the Federal Reserve has pushed other interest rates to 29-year ++ lows. Worse yet, the average interest charge on department store credit cards remains stuck in an even loftier range of 22 percent to 24 percent.
BUSINESS
By Knight-Ridder | January 8, 1992
You'll quit smoking. Lose weight. Spend more time with the kids -- next year.New Year's resolutions are rarely followed. But the best resolutions one can make involve something crucial: sound financial footing in troubled times."
BUSINESS
By Michael Dresser and Michael Dresser,Staff Writer | February 25, 1992
Those responsible souls who pay their credit card bills on time month after month have long complained that banks charge them high interest rates to pay for the lapses of less creditworthy customers.Now, there are some signs of relief.A few large credit card issuers -- most notably American Express -- have started programs that let longtime customers who use their plastic regularly and pay promptly enjoy significantly lower rates than the average customer. And the people who track credit card rates say that it might just be the beginning.
BUSINESS
By Boston Globe | May 9, 1993
After years of pretending it was immune from the forces of the marketplace, the credit card industry has embraced price competition like a long-lost friend.Perhaps it had no choice, considering another important development that has affected card issuers. Call it the end of the 1980s, the maturing of the baby boom generation or the fallout from the recession, but people are using credit cards more carefully -- charging less, keeping lower balances and paying off accounts faster.The wiser use of credit and increased competition have made the choices of low-interest-rate and no-fee cards greater than ever, leaving people with even average credit histories no excuse for paying 18 percent or 19 percent on a credit card.
NEWS
April 23, 2009
Even as a growing number of people can't pay their credit card bills, major banks are jacking up interest rates and clamping down on credit limits. But two new bills in Congress are taking aim at what many consider credit card abuses, and legislators should act quickly to make them law. The House and Senate bills would prohibit banks from raising interest rates on existing balances, something banks and credit card companies have been doing with increasing...
NEWS
April 23, 2009
Even as a growing number of people can't pay their credit card bills, major banks are jacking up interest rates and clamping down on credit limits. But two new bills in Congress are taking aim at what many consider credit card abuses, and legislators should act quickly to make them law. The House and Senate bills would prohibit banks from raising interest rates on existing balances, something banks and credit card companies have been doing with increasing...
BUSINESS
By McClatchy-Tribune | February 19, 2008
When Brenda Fishkin got the letter from Bank of America late last month, she thought it might be a joke. The bank said it planned to almost double the interest rate on her credit card, from about 13 percent to 24.99 percent. Fishkin, who is 60, could not figure out what she had done to incur the higher rate. She had never been late on a credit card payment, just refinanced her home at a lower interest rate and just been rewarded by her credit union with a lower rate on her credit card there, she said.
BUSINESS
By Gregory Karp | October 3, 2004
Don't let credit-card debt bum you out. Surf credit cards as if you're riding a great wave and you'll see that balance drop. Just remember: One slip and wipeout! Rate-surfing is an effective but risky way to eliminate credit-card debt. Surfing refers to transferring card balances from one low introductory rate to another to save on interest expense. The key is to use the lower rates to pay less interest and more on the principal until you eliminate the debt entirely. And then, long term, you need to stay debt-free by charging only what you can afford to pay off immediately, financial experts say. The danger of surfing arises when you make a late payment or let the introductory period expire without surfing to another card.
BUSINESS
By Bryant Quinn | October 2, 1995
NEW YORK -- When firefighter David Hunt, 47, of Meridian, Texas, checked his credit card bill last March, he couldn't believe his eyes. He had been paying 13.90 percent on unpaid balances, he says. Suddenly, his rate jumped to 24.96 percent.The same thing happened to Tom O'Rourke, 41, an office services clerk in San Jose, Calif. His rate went to 24.65 percent, from 14.65 percent before.Why the jump? Because their card issuer, Capitol One Financial in Falls Church, Va., decided that they had become higher credit risks.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | January 4, 1995
It's time once again for New Year's financial resolutions.1995 offers an opportunity for Americans to adjust to the dramatic trends started in 1994, such as the Federal Reserve's continuing interest-rate boosts and a Washington political agenda that emphasizes easing of tax burdens.Lessons hopefully have been learned about the gambling-like risks associated with derivative securities. The negative impact of rising rates on bonds has been brutally driven home.In addition, investors concerned about market credibility will now watch the unfolding of the government investigation into trading practices on the Nasdaq stock market.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services Inc | December 7, 1994
Charge holiday gifts now and receive a big surprise in January.That "surprise" for cardholders carrying balances will be higher rates on their post-holiday credit card statements.The recent rate hike by the Federal Reserve started a domino effect that resulted in a 0.75 percent increase in the prime lending rate, which will soon be passed on to variable card rates tied to it.Nearly three-fourths of all cards these days are variable, with adjustments quarterly or monthly. While all are affected by rising interest, the most expensive cards with rate spreads 9 percent to 12 percent over the prime rate will undergo the most noticeable change.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services Inc | December 7, 1994
Charge holiday gifts now and receive a big surprise in January.That "surprise" for cardholders carrying balances will be higher rates on their post-holiday credit card statements.The recent rate hike by the Federal Reserve started a domino effect that resulted in a 0.75 percent increase in the prime lending rate, which will soon be passed on to variable card rates tied to it.Nearly three-fourths of all cards these days are variable, with adjustments quarterly or monthly. While all are affected by rising interest, the most expensive cards with rate spreads 9 percent to 12 percent over the prime rate will undergo the most noticeable change.
BUSINESS
By McClatchy-Tribune | February 19, 2008
When Brenda Fishkin got the letter from Bank of America late last month, she thought it might be a joke. The bank said it planned to almost double the interest rate on her credit card, from about 13 percent to 24.99 percent. Fishkin, who is 60, could not figure out what she had done to incur the higher rate. She had never been late on a credit card payment, just refinanced her home at a lower interest rate and just been rewarded by her credit union with a lower rate on her credit card there, she said.
NEWS
By Anne Haddad and Anne Haddad,Staff Writer | November 16, 1993
Carroll County schools have maintained their status among the top-performing in the Maryland School Performance Program, in results released statewide yesterday as a school "report card."Superintendent R. Edward Shilling and his staff emphasized that Carroll schools have continued that trend while spending less per student than the state average and even less than Baltimore.He said he has told principals, as they share school results with the community, to "celebrate the success. I want the teachers to know we absolutely believe the reason for our success can be put right at their feet."
BUSINESS
By Knight-Ridder News Service | November 7, 1993
Interest rates on bank credit cards broke through a historic barrier last month, but millions of Americans continue to pay "outrageous" rates.As a result of a 2-year-old rate war, the average interest rate on bank cards slipped below 16 percent for the first time in October, settling in at 15.98 percent, according to the monthly survey of about 500 issuers by RAM Research Corp. of Frederick.But analysts add that the unweighted average -- which measures rates according to the issuers' market share -- was much higher at 17.01 percent.
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