Credit Guy Blog
Did Congress Include A Poison Bill in the Credit CARD Act?
By Eva Norlyk Smith, Ph.D. The Credit CARD Act signed into law in May of this year aimed to protect cardholders from unfair and abusive credit card practices. Unfortunately, as most all cardholders know first hand by now, credit card companies have been raising interest rates aggressively in advance of the enactment of the new law,...
Senate To Consider Extension of Home Purchase Tax Credit Through April
Senior Democrat and Republican leaders in the Senate went on record yesterday saying that they support the extension of the $8,000 first time home buyer tax credit. The tax credit is set to expire on November 30th, 2009. Senators are proposing extending the credit through April of 2010 since the mortgage sector has...
Pew Report Finds Deceptive Credit Card Practices Remain Widespread
Reprinted from The Pew Charitable Trusts Written by Kip Patrick Washington, DC – 10/28/2009 – One hundred percent of credit cards offered online by the leading bank card issuers continue to include practices that will be outlawed once legislation passed in May takes effect next year, according to a new report by the Pew Health Group’s Safe...
NCS partners with HomeownerToolbox.com
NCS is proud to announce that they have joined forces with HomeownerToolbox.com, the premier loan modification assistance provider in America. Company Overview Homeowner Toolbox, Inc. is a lifeline for homeowners looking for mortgage relief. The company, founded by experienced financial executives, offers a proven, FREE solution, as an alternative to hiring costly loan modification consultants. ...
Banks prefer foreclosure, really, they do
When the current mortgage crisis started a lot of financial experts encouraged homeowners who were falling behind on their payments to contact their mortgage lenders. The conventional wisdom at the time was that the banks wanted to avoid foreclosure as much as the home owners. Those financial experts aren’t so sure anymore, but...
House and Senate Consider Enforcing Credit Card Reform Sooner
The Democrats in Washington were busy patting each other on the back when they passed the credit card reform bill earlier this year. That quickly changed though when they realized that the reforms they passed were only inciting the credit card companies the raise interest rates, lower limits, and increase fees before the laws are...
Time is running out on the $8,000 home buyer’s tax credit
What’s that ticking sound? You’re probably hearing the clock counting down on the $8,000 tax credit for qualified home buyers. The tax credit, part of the American Recovery and Reinvestment Act of 2009, is set to expire Nov. 30, 2009. That means anyone who has never owned a home before or has not purchased a home...
Can I do my own credit repair?
I have people asking me all the time “Can’t I just repair my own credit?” The answer is, quite simply, yes. You can learn all the laws that govern credit reporting in the United States and in your state of residence. You can learn the rules and regulations that govern the credit bureaus, credit card companies, collections...
Talk to your kids about credit
The governor of Illinois signed a law today that limits the marketing that credit card companies can do on college campuses. Personally, I applaud this decision because I have experienced the detrimental affects of poor credit choices while young personally. It was actually a pretty nice piece of legislation in that it doesn’t prevent credit card companies...
New Credit Card Laws Are Not In Effect Until February
Consumers need to be especially vigilant about their credit cards for the next few months. I’m sure you’ve all heard that major regulatory changes were signed into law back in May, 2009 regarding how credit card companies can operate, but keep in mind the law does not go into effect until February, 2010. That means the credit...
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