Consumerist
-
finally
Advanta Notifies Customers About Impending Credit Shutdown
T-Minus four days to the closing of Advanta accounts to new charges this Saturday, the small business credit card issuer sent an e-mail out to customers explaining the situation and how it will affect them. More » -
credit freeze
Advanta Moves Up Credit Freeze Deadline, Still Doesn't Notify Customers
UPDATE: Advanta Notifies Customers About Impending Credit Shutdown
We previously reported that small business credit card issuer Advanta is shutting down all customers' credit cards on June 10th, without giving customers much notice to find alternative cards. Now, the situation is even worse. On Friday, Advanta abruptly announced that they will be cutting off credit lines on May 30. That's this coming Saturday. More »
-
credit crunch
Advanta Shuts Down Small Business Credit Card Accounts
UPDATE: Advanta Moves Up Credit Freeze Deadline, Still Doesn't Notify Customers
Advanta, based in Spring House, Pa., is a company that provides credit cards to small businesses. A week ago, they announced that they are shutting down all credit cards to new charges on June 10—less than a month from the announcement. The reasons why, and an internal memo, inside. More »
-
car loans
Payment Late? Lenders Can Remotely Disable Your Car
Repossessing cars is so old-fashioned. All that driving, locating people's houses, towing the cars away... with the mess credit markets are currently in, who has time for that? Car lenders don't.
That's why engine shut-off devices, or car disablers, are a hot new trend in car accessories. Less useful than a GPS and way less fun than a DVD player, the devices allow lenders to disable a car's engine remotely when payments are overdue. Yes, it's legal. More »
-
credit crunch
Store Cards Turning Into A Nightmare For Retailers
Our eyes shoot fire when stores make their poor employees harass us about opening a store card, so we're feeling a perverse sense of joy at the news that store cards are turning into a nightmare for retailers. More » -
credit cards
Consumers Are Learning The Hard Way: There's No Such Thing As A Fixed Rate Credit Card
For years personal finance experts have been telling consumers to watch out — that there was "no such thing" as a "fixed rate" credit card — the bank can raise your interest rate whenever it wants as long as it gives you a little notice. You don't have to miss a payment. You don't have to do anything "wrong." Now some consumers are learning the hard way. More » -
money meltdown
The Economist's Credit Crunch Game Makes Subprime Loans Fun Again!
We think the idea of "Credit Crunch," a print-it-yourself board game in this week's issue of The Economist, is great. We're not convinced it's exactly cost-effective to print the board, cards, and money with your own equipment, though—as someone suggests in their comments section, maybe a web-savvy reader should create an online version.
More »
-
forgetful
Former Treasury Secretary Says He "Forgot" That People Had To "Afford Their House"
Former Treasury Secretary John W. Snow has told the New York Times that he, along with the entire Bush Administration, simply "forgot" that people had to be able to "afford their house." More » -
-
money meltdown
Chrysler Shuts Down All Production
Friday will be the last day of production as Chrysler shuts down for 30 days — citing lack of available consumer credit. More » -
money meltdown
Credit Card Squeeze Is Pushing Consumers Toward Foreclosure
USAToday says that panic by the credit card industry is squeezing customers who ordinarily would be able to pay their bills — pushing them toward financial ruin and foreclosure. More » -
credit crunch
AMEX Cuts You Off Unless You Show Them Your Tax Returns
The credit crunch is affecting all of us differently. Right now its affecting Nick as he sits in a hotel 3,000 miles from home. More » -
money meltdown
Stock Market Pleased By New Phase Of Bailout
Today the Federal Reserve announced the creation of a new special purpose entity that will buy consumer and business debt. Under the new plan, the Treasury will provide $20 billion dollars in of credit protection (from the Troubled Asset Relief Program) — and will absorb most of the losses, should they occur. More » -
qvc
Credit Card Defaults Hit QVC
QVC, the home shopping network, has announced that they will be laying off 910 workers over the next 14 months. A reader who would like to remain anonymous, described the layoff process in an email to Consumerist. More » -
bailout
American Express Becomes A Bank... And Wants Bailout Money
American Express won U.S. Federal Reserve approval to become a bank holding company — giving it access to the bailout party as credit card defaults climb. Bloomberg News says that the Fed waived the usual 30 day waiting period because (in the words of Fed Chairman Ben Bernanke) we're experiencing "unusual and exigent circumstances affecting the financial markets." Today, American Express has requested $3.5 billion in taxpayer-funded capital from the federal government, says the WSJ. More » -
toyota
Yes, It's Official: That Stupid "Saved By Zero" Commercial Isn't Working
You, dear consumer, have abruptly stopped purchasing automobiles. GM's sales are down 45%. Ford has sunk by 30% and Toyota, yes, that Toyota is down 23%. More » -
money meltdown
Wall Street Hoped They'd Be "Wealthy And Retired" Before The House of Cards Fell
If you're wondering why all these supposedly smart people bought bullsh*t securities made up of pools of overpriced mortgages given to broke people with crap credit — it's time for you to meet the rating agencies. Rating agencies are the folks who decide the "quality" of investments. They're the ones who decided that these securities deserved a AAA (read: awesome) rating. Did they know that they were passing junk off as gold? Um, yeah, according to reports from Bloomberg and the New York Times. It looks like they sorta did. More » -
money meltdown
Government May Begin Buying Bank Stock Within Weeks
As it is now apparent that the credit crisis has spread to the global economy and has not been contained in any way, the Bush Administration is considering an option included in the $700 billion dollar bailout package that would allow them to invest directly in banks — buying preferred stock in exchange for a "cash injection." White House spokesperson Dana Perino said taking partial ownership of banks and other moves associated with the financial rescue plan would not be “part of [Bush's] natural instincts,” according to the NYT, but acknowledged that the situation has gotten sufficiently dire as to warrant a change of heart. More » -
credit cards
American Express Judges You Based On Who Holds Your Mortgage, Where You Shop
Has your credit limit been inexplicably lowered lately? Well, it might not be anything personal. The problem might be with your mortgage lender. Or where you've been shopping. Or where you live. American Express, long rumored to judge customers based on this criteria, has admitted that it evaluates who you do business with and where you live when determining how much credit to give you, says MSNBC. More »
credit crunch
New York, 8:07 PM
Fri Jul 3
26 posts in the last 24 hours
Tip Your Editors:
tips@consumerist.com
Co-Executive Editor:
Ben Popken
Email | AIM | Twitter
Co-Executive Editor:
Meghann Marco
Email | Twitter
Senior Editor:
Chris Walters
Email | Twitter
Weekend Editor:
Carey Greenberg-Berger
Email | AIM
Associate Editor:
Alex Chasick | Email
Assistant Editor:
Laura Northrup
Email | AIM | Twitter
Comments Moderator:
Email | AIM
Contributing Editors:
Lucy Bayly | Email
Phil Villarreal | Email
