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.
Illinois Stops Doing Business With BoA Until It Restores Window And Door Company's Credit
By December 8, 2008
The state of Illinois has suspended doing all business with Bank of America until they restore the line of credit to Chicago-based Republic Windows & Doors necessary for paying their workers.
Help! They Closed My Credit Card Because I Didn't Use It!
By December 5, 2008
Reader Kevin is upset with WaMu because they closed his credit card due to inactivity. Had he known they were going to do this, he says he would have been happy to pay a small fee to keep it open, etc. The card is the oldest one on his credit report — and closing it has affected his FICO score.
Stock Market Pleased By New Phase Of Bailout
By November 25, 2008
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.
Attention: Credit Card Companies Have Realized That You Are Broke
By October 29, 2008
The New York Times has an article detailing what promises to be the next fun financial crisis — credit card debt! Apparently, credit card companies have only just now realized that you people are broke! Whoops.
Yet Another Reader Scammed By FreeCreditReport.com
By October 16, 2008
Here it is folks, your semi-annual reminder that FreeCreditReport is not free. Free credit reports can be found at AnnualCreditReport.com. FreeCreditReport.com is a pay site. As in you will be billed. As in not free.
Hold On To Your Hats And Sunglasses, Here Comes The Credit Card Meltdown
By October 16, 2008
We hope you’re enjoying our current economic roller coaster because it’s likely to continue — According to a new report from research firm Innovest Strategic Value Advisors, titled “Credit Cards at the Tipping Point,” the fun has only just begun. As the credit crunch begins to affect consumers, they’re going to have more difficulty paying their credit card bills. The report suggests that credit card companies’ misleading practices and cavalier extension of credit may come back to bite them. Who should be worried? Capital One.
Government May Begin Buying Bank Stock Within Weeks
By October 9, 2008
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.
Car Title Loans Are Liable To Leave You Taking The Bus
By October 8, 2008
You surely already know better, because you’re a loyal Consumerist reader, but stay far, far away from the form of legalized usury known as car title loans! CNN has published an overview of the industry, noting that APRs frequently exceed 200%, and that added fees and loan “rollover” options help keep borrowers in a cycle of debt.
Lehman Brothers CEO Got Punched In The Face
By October 7, 2008
Dick “It Wasn’t My Fault” Fuld, the CEO of bankrupt investment bank Lehman Brothers, (seen here being heckled after testifying on Capitol Hill) was apparently punched in the face while working out in Lehman gym on the Sunday following the bankruptcy, according to CNBC’s Vicki Ward.
What Is Commercial Paper And Why Is The Federal Reserve Suddenly Buying It?
By October 7, 2008
The Federal Reserve today announced the creation of something called the Commercial Paper Funding Facility (CPFF), that will buy commercial paper directly from issuers. So, you’re asking yourself, what is commercial paper? Why do I care that the Federal Reserve is buying it?
By October 6, 2008
The stock market is not doing well. The Dow Jones industrial average fell below 10,000 for the first time since 2004, and is currently down 440 points. [NYT]
On The Money's Budget Calculator Helps Guide Your Monthly Spending
By October 5, 2008
On The Money’s budget calculator makes it easy to determine how much you should be spending across the seven categories that make up any responsible budget. Regardless of income, tracking and limiting your overall spending is a foolproof strategy for keeping your accounts in the black. Though the percents will vary according to geography and personal situation, On The Money’s calculator gives you a quick glance at concrete spending targets that you can compare against your credit card bills and bank statements. Give it a try and tell us in the comments what other tools you use to control your spending.
Don't Ignore The Fourth Credit Reporting Agency: Innovis
By October 4, 2008
Did you know there are more than three credit reporting agencies? Sure, you’ve heard of Experian, Equifax, and TransUnion, but what about Innovis? Smaller agencies can do just as much damage to your ability to get a good deal on credit as their bigger brethren. Learn how to pull your credit report from Innovis, inside.
Hundreds Of Car Dealerships Are Apparently Doomed
By October 2, 2008
After the failure of the nation’s largest Chevy dealerships brought the plight of the car dealer to everyone’s attention, the bleeding hasn’t stopped. The California New Car Dealers Association says dozens of dealerships in CA have also closed.
The 10 Cities With The Most Crazy Expensive Loans
By October 2, 2008
The Chicago Reporter took a look at some recently released mortgage data with an eye to how many successful refinances there were last year. In addition to concluding that people who most needed a refinance (those with crazy expensive loans) were also the least likely to get one, the Reporter also found that Chicago lead the nation in the total amount of high-cost loans for the fourth year in a row. High-cost loans are loans that are at least 3% above the U.S. Treasury standard.
Bailout Plan Gets Tax Cuts And Other "Sweeteners" To Help It Pass
By October 1, 2008
Despite the fact that unprecedented outcry from taxpayers overwhelmed the servers hosting the Web sites of the House and its members, forcing administrators to limit e-mails from the public for the first time ever, the steady push toward a bailout plan continues. The newest version of the plain contains what CNN is calling “sweeteners” — tax cuts and health care reforms that are meant to appeal to the holdouts.
Judge Orders Credit Reporting Bureaus To Strike Forgiven Debts From Records
By October 1, 2008
The three big credit reporting agencies—Experian, TransUnion, and Equifax—have been inaccurately reporting debts on millions of consumers’ credit reports even after the debts have been forgiven during bankruptcy filings. Once forgiven, the debts are supposed to be removed from credit reports, but the agencies are continuing to report them as active. They have until October 1st to comply with Judge David O. Carter’s order to “revamp their systems,” writes Jane J. Kim on the Wall Street Journal’s finance blog. Now if you’re in debt trouble, you can look forward (?) to having either unpaid debts on your credit report, or a bankruptcy filing, but hopefully no longer both at the same time.
