A recent TransUnion study found that the percentage of Americans behind on their mortgage but current on their credit cards increased nearly 55 percent between early 2008 and the third quarter of 2009.
And while the amount of consumers we’re talking about is still relatively small (6.6%), I find the overall trend to be quite compelling. Clearly, consumers are beginning to think differently about the priority of their debts. Read the rest of this entry »
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Author: Joshua Heckathorn, Date posted: August 13th, 2010
Category: Credit Cards, Credit Crisis, Investments, Mortgages
At its most basic level, economics is really the science of trying to explain and predict human nature. Everything we do throughout a day, every decision we make, is based on supply, demand and price.
Even things we do that seemingly have nothing to do with money can be boiled down to these principles. Where you sit at lunch, the friends you choose and even whom you married can be explained through economic terms. (A word of advice—don’t tell your spouse you married him/her because of supply, demand and price. Trust me, that conversation doesn’t go over well.) Read the rest of this entry »
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Author: Spencer Edwards, Date posted: April 9th, 2010
Category: Credit Crisis, Miscellaneous
It’s been a long nine months since the CARD Act was signed into law, but the wait is finally over. Today is the day! The Credit Card Accountability and Disclosure Act of 2009 is now officially in effect.
Unfortunately, there’s nothing really new and exciting to talk about. Everyone, including myself, has beaten this topic to death for almost a year now. However, I just couldn’t let the day pass by without at least mentioning the significance of the new rules taking effect. Read the rest of this entry »
Author: Joshua Heckathorn, Date posted: February 22nd, 2010
Category: Credit Cards, Credit Crisis, Credit News
The Credit CARD Act of 2009, signed into law by President Obama on May 22nd, just cleared a major hurdle in its path to early adoption.
As reported on CNNMoney.com last week, the House of Representatives overwhelmingly passed a new bill which would move the effective date for credit card reforms from February 2010 to December 1st. That’s just under three weeks from today! Read the rest of this entry »
Author: Joshua Heckathorn, Date posted: November 11th, 2009
Category: Credit Cards, Credit Crisis, Credit News, Credit Scores
Barney Frank, Chair of the House Financial Services Committee, and Rep. Carolyn Maloney (D-NY) are tired of waiting for their new bill to take effect. In fact, last week they announced new legislation that would move the effective date for the remaining provisions of the Credit CARD Act from next February to Dec. 1, 2009 – exactly two months from today.
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Author: Elisabeth Chan, Date posted: October 1st, 2009
Category: Credit Crisis, Credit News
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