Oct 22 2009

Credit Card Companies Evolving Revenue Streams: Penalty for Paying on Time, 79.9% Annual Fee, Rising Charge Offs. The New Credit Card Revenue Streams.

The love hate relationship with credit cards for many Americans is probably leaning more in the hate stage at the moment.  Americans have over $2 trillion in revolving debt – $1 trillion of that is plastic.  The average American has come to rely on credit cards as a form of supplemental income, like retirees come […]

Oct 8 2009

Bankruptcy Filings Spiking: Chapter 7 Booming and 8 Years of Credit Card Industry Lobbying and $100 Million in Fees.

There is probably no bigger sign of economic distress than bankruptcy.  It can be in the form of a business unable to pay debt obligations or an individual simply unable to keep up with former obligations.  Most people that file for bankruptcy are not in a good economic spot.  In fact, if you want a […]

Jul 23 2009

Credit Card Companies Placing Financial Landmines for American Consumers: How I lost my 4.99 Percent Fixed Rate and got it Back.

Americans have a love affair with credit cards.  Many Americans have more credit cards in their wallets than they do dollar bills.  When 8,000,000 credit cards were yanked from circulation many consumers realized that this was a new era of austerity.  Credit card debt otherwise known as revolving debt, peaked in September of 2008 at […]

Jul 16 2009

Bankruptcy Filings up 33 Percent over a 12-month Period: Total 12-month Total of Bankruptcy Filings 1.2 Million. In last Report, Filings up 27 Percent in one month.

Bankruptcy filings are soaring in the United States.  In the last data point, we had 134,282 bankruptcy filings for the month of March 2009.  Bankruptcy data usually lags 3 or 4 months but the trend is ominous.  For the last 12 months some 1.2 million bankruptcy filings have occurred.  Much of this is linked to […]

Jul 12 2009

S&L Crisis Part Two: Are We Repeating Mistakes from the S&L Crisis? Accounting Sleight of Hand and Mortgage Fraud.

During the savings and loan crisis (S&L crisis) of the 1980s and 1990s a total of 745 thrifts failed.  If we look at the history of the crisis, total losses were largely saddled to the American taxpayer.  It is estimated that some $160.1 billion was the total bill for the crisis with roughly $124.6 billion […]

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