One of the unintended consequences of the Credit CARD Act passed in May was that credit card issuers have been rushing to tinker with terms before the February deadline. Consumers are getting the shaft on this as credit card issuers take this chance to jack up interest rates and add fees just because they can. At this point, across the board increases to fees and rates has almost nothing to do with an account-holder’s reliability, risk factor or credit score.
While one might argue that this was a fairly obvious consequence, the fact remains that Congress gave credit card issuers plenty …read more

It used to be that almost no credit card came with an annual fee. Issuers wanted to be competitive, and that only worked if they didn’t charge annual fees. However, with the Credit CARD Act’s passage earlier this year, things are changing a bit. Credit card issuers are looking to replace some of the lost revenue that is likely to result from being forced ti adopt more consumer-friendly practices. As a result, credit cards with an annual fee are making a comeback.
Check for annual fees on your credit cards
LowCards.com is reporting that new credit card offers coming with annual fees …read more

The Fed will need to move quickly when the time is right according to Richard Fisher, president of the Federal Reserve Bank of Dallas.
Fisher’s comments threw some people off since the Fed just opted to leave rates unchanged, and promised to keep them their for a while.
But, Mr. Fisher didn’t say now was the time to raise rates, he said (in a nutshell) that once convincing signals of a recovery came about then it would be time to act quickly regarding rates.
Is the market ready for a Fed rate increase?
Perhaps it is time for interest rates to rise. After all, the impact of …read more

Yesterday, Congress passed the Credit CARD Act of 2009, which will introduce new regulations for credit cards. These will take effect in February 2010, and are aimed at giving consumers a little more protection from some of the practices credit cards have been fond of in recent years. Some of the changes include:

Interest rate changes: Credit card issuers will no longer be able to charge interest rates retroactively on old balances — unless you are 60 days overdue for a payment. Also, credit card issuers have to apply your payments to the debt with the highest interest rate first.
Due date …read more

If you are looking for a lower credit card interest rate, you might want to beware: Credit card issuers are becoming pickier about who gets credit — and even whether you get to keep the credit line you already have. Calling to ask for a lower credit card interest rate may draw their attention to you. Indeed, asking for a lower credit card interest rate may trigger what is known as a “credit review” by your issuer. MarketWatch points out some of the possible outcomes of a credit review:
The outcome could be a lower credit line, higher interest rate or …read more

How can you get the best mortgage interest rate?

This the the first time in a long time that we have received a tax refund. Normally we owe. But this year we saw the benefit of mortgage interest in terms of reducing how much we need to pay. We’re going to use it to help pay for what we need to put in a sprinkler system and a lawn. We were going to use it for dental stuff, but the cash discount the dentist offers made things affordable without the tax refund.
All of this thought about our tax refund got me thinking: What would I do with the money …read more

Contrary to popular belief, the President’s foreclosure prevention plan isn’t just designed to help “losers.” Indeed, in addition to loan modification for those who had an affordable mortgage to begin with, there is help in there for those of use who have stood helplessly by while home values dropped. In order to take advantage of some of the amazing refinancing rates available right now, under the new plan, here is what is required:

Less than 20% equity in your home.
Owe no more than 5% of what your home is worth.
Be making your mortgage payments on time.
Have good credit.
Have a loan serviced …read more