A credit score is a number that describes how well you make payments on things like credit cards. It’s like your debt-repayment batting average. Credit bureaus keep track of your credit history and publish that information in the form of a 3-digit credit score, which can affect how creditors – like banks and even insurance companies – will do business with you.
Archive for the ‘Credit Payments’ Category
The White House Takes On Credit Card Fees
Monday, April 20th, 2009Credit card companies aren’t always crystal clear about their fees & charges; D.C. is taking a hard look at the fine print and you should, too.
- President Obama is seeking reform on “credit card abuses” – practices that include misleading credit offers and extremely high interest rates.
- Congress is already working on legislation to combat certain fees and rate increases, but support from the White House should help these measures pass.
- Banks are wary of the plan, saying the government should wait for existing legislation to go into effect before pursuing more.
Facts & Figures
- There are already new rules limiting credit card rate increases, but they won’t go into effect until 2010.
- Among 21 of the biggest banks that received federal bailout money, overall lending decreased by 2.2% in February.
- Number of specific plans unveiled so far by the White House to deal with these issues: 0.
Best Quote
“As we go forward we need to be careful about piling on rules that very much may have the impact of restraining the availability of credit.” – Edward Yingling, President of the American Banker’s Association (tha banking industry’s lobbying group)