Dreamhost would like you to know that its very very sorry for accidentally billing its customers $7.5 million it wasn’t actually owed. You see, someone typed 2008 when they really meant 2007 and their billing system decided to charge all of their customers in advance for the entire 2008 calendar year. This included debiting huge amounts of money from people’s checking accounts and all the “worst possible scenario” situations you could possibly imagine.
credit
JetBlue: You're 4 Years Old, Would You Like An Amex?
By 1.11.08
Thought you might enjoy this: We got an application for a jetBlue-branded American Express card in the mail today for our oldest daughter. She is four. We flew on JetBlue about four months ago, so I suppose they sent their entire passenger manifest over to AmEx.
By 1.11.08
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Are you a cardmember? [MarketWatch]
Capital One Pockets Traveler's $6000, Ruins Vacation
By 1.2.08
Mike and his wife are backpacking their way around the world, and like a smart consumer, before they left he looked around for a credit card without a currency conversion charge. Capital One is fee free, which in theory makes it ideal for travel. In reality, there are hidden costs, and they’re called human stupidity and random interpretation of the rules. As a consequence, he’s “pre-paid” $6,000 onto a Capital One card that has been red-flagged and frozen, and Capital One refuses to budge—even though they acknowledge there are notes on the account that indicated he would do this before he did it, and even though they’re the ones who told him to pre-pay.
Will Car Loans Be The Next Credit Meltdown?
By 12.31.07
Gone are the days of the three-year car loan. The length of the average automobile loan hit five years, four months in October, up more than six months from 2002, according to the Federal Reserve. And nearly 45% of loans written today are for longer than six years. Even some staid lenders owned by the carmakers, such as Toyota Financial Services and Ford Credit, are offering seven-year financing. And a few credit unions, particularly in the West, are tinkering with the eight-year note.
Paying Off Consumer Debt: Home Equity Or No Home Equity?
By 12.14.07
If you have consumer debt, you’re probably looking for a strategy to pay it off. Some people use a home equity loan as a way to get a lower rate, others use 0% balance transfers, still others just call their credit card company and ask them to lower their rates.
Bill Me Later Can Ding Your Credit Score
By 12.13.07
BillMeLater is a new service that does what its name says: you can buy something paying using BillMeLater, they’ll front the cash, and send you a bill later, but, FiLife reports that what the name doesn’t tell you is that using it could temporarily damage your credit score.
Want To Shop At Amazon.com Without A Credit Card?
By 12.12.07
BusinessWeek says Amazon is buying a stake in “Bill Me Later” a firm that offers open lines of credit to customers so they can shop without using a credit card.
The Subprime Meltdown Is The Tip Of The Credit Iceberg
By 12.9.07
The ongoing subprime meltdown is merely the first destructive wave of credit catastrophe to wash over Wall Street, according to Slate’s resident explainer. Americans drunkenly bandy credit around in several forms: mortgages are the most prevalent loans turning sour, but credit card debt, student loans, and auto loans are silently conspiring to threaten our macroeconomic well-being.
Who Has A Subprime Mortgage? People With Good Credit
By 12.4.07
The Wall Street Journal analyzed more than $2.5 trillion in subprime loans made since 2000 and found that as the number of subprime loans grew, the loans were being issued to borrowers with better and better credit scores—borrowers who could have qualified for traditional loans with more reasonable terms.
Which Is Better: "Store Cards" Or Store Branded Visas?
By 12.1.07
It has now become common for store to offer, in addition to their regular store-brand credit card, a co-branded Visa, Amex or Mastercard.
7 Ways To Blow Your Holiday Budget
By 11.23.07
Bankrate is concerned that you’ll spend more than you can afford this holiday shopping season, so they’ve got a list of 7 “budget busters”:
Subprime Meltdown Continues: Citigroup To Take $15 Billion Hit?
By 11.19.07
Goldman Sachs has downgraded Citigroup, the nation’s largest bank, estimating that it will have to take a $15 billion hit due to its exposure to the subprime meltdown. Two weeks ago, Citigroup estimated that its mortgage related write-downs would total from $8-$11 billion as its CEO, Charles Prince “resigned.”
HSBC Says Subprime Meltdown Spreading Into Credit Cards, Other Loans
By 11.14.07
HSBC warned today that the subprime meltdown is spreading into credit cards and other types of consumer loans, says the NYT. The bank announced that it will be taking a larger write down than it forecast, due to the spreading delinquencies.
7 Reasons To Use Your Credit Card For Everything
By 11.14.07
Wise Bread has an interesting post detailing 7 reason why one of their writers uses her credit card for everything. She finds it a useful tool for maximizing efficiency. Everything is all in one place! If you don’t carry a balance and are good with a budget, why not use a credit card as an organizational tool?
"We've Built This Latest Economic Boom On Borrowed Money"
By 11.14.07
Elizabeth Warren of Harvard Law, our very favorite consumer debt expert, gave an interview to Marketplace this morning in which she talked about the rising cost of so-called “fixed expenses” and their affect on the American consumer.
Harvard Professor Elizabeth Warren has spent a career looking at personal debt. I asked her if consumers can sustain the engine of our economy much longer.
Don't Wait Too Long To Get Help With Money Problems
By 11.8.07
Too many people wait until they hit rock bottom before seeking help from credit counseling agencies, says a New York credit counseling service. The consequence is that consumers end up limiting “the options available to them without having to make major, and often very difficult lifestyle changes. If they wait too long, debt repayment plans become unaffordable—leaving them more vulnerable to losing assets or having to file bankruptcy.”
So how do you know when it’s time to ask for help? If your monthly payments are exceeding your monthly income, it’s probably a good time. To find an agency, check out wikiHow’s How To entry, and use this list provided by Bankrate to ensure the agency will be able to provide the services you need.
