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Credit News

Gamestop reportedly gears up to release 26.99%. APR credit card

Leaked photos show that GameStop is planning to release a new credit card with tie-ins to other programs, offering a massively high interest rate of 22.99%
In the Media by Walter McDaniel - 1 comment

Majority do not understand differences between credit cards

A large number of credit card users do not fully understand their card's terms, benefits and rewards program, and have trouble selecting between different types of cards. This is according to an annual survey of credit card users.
In the Media by Tim Sandle - 3 comments

Op-Ed: Credit cards — How many is too many?

This is a question many credit card users ask themselves. The real answer to the ‘how many’ question is this: it depends.
In the Media by Larry Alton - 1 comment

Michaels Stores: 2.6 million cards affected by security breach

U.S. arts and crafts chain store Michaels has confirmed that on Thursday around 2.6 million cards - over 7% of payments taken on Thursday - used in its stores may have been affected in a security breach.
In the Media by James Walker

Bank of America to pay for illegal credit-card actions

Washington - Bank of America will pay $772 million over illegal credit-card practices that lured consumers into signing up for added products and services, US regulators said Wednesday.
In the Media by AFP

EU takes another step towards capping credit card fees

Brussels - The European Parliament on Thursday appeared set to fast-track a cap on fees paid on credit card transactions, in a vote which was welcomed by consumer advocates.A plenary session of parliament sitting in Brussels voted to impose a fee ceiling of 0.
In the Media by AFP

Moody's puts Russia on review for downgrade

Washington - Moody's put Russia's credit rating on review for a possible downgrade Friday, saying the Ukraine crisis could exacerbate its already troubled economy.
In the Media by AFP

Moody's puts Russia on review for downgrade

Washington - Moody's put Russia's credit rating on review for a possible downgrade Friday, saying the Ukraine crisis could exacerbate its already troubled economy.
In the Media by AFP

Walmart sues Visa for $5 bn for rigging card fees

Washington - The world's largest retailer Walmart has sued credit card giant Visa for more than $5 billion for conspiring with banks to fix fees that merchants pay for accepting Visa card payments.In the suit filed this week in Arkansas, where Walmart is based, th...
In the Media by AFP - 1 comment

Credit Suisse to pay $885 million in FHFA mortgage fraud case

Credit Suisse Group AG <CSGN.VX> has agreed to pay $885 million to resolve claims by a U.S.
In the Media by Nate Raymond and Silke Koltrowitz (Reuters)

Abu Dhabi extends period of $20 bn loans to Dubai

Dubai - Oil-rich Abu Dhabi and the UAE central bank agreed Sunday to extend the period of loans worth $20 billion accorded neighbouring Dubai when it was hit by the global financial crisis in 2009.The government of Abu Dhabi agreed to roll over a loan of $10 b...
In the Media by AFP

Credit Suisse's German offices searched in insider trading probe

Credit Suisse's <CSGN.VX> headquarters in Germany was one of the offices raided by German authorities last month as part of an invest...
In the Media by Reuters

Spanish banks' bad loans hit record high in December

Madrid - Spanish banks reported on Tuesday record-high bad loans in December as lenders continued to pay for the country's real estate bust even as the financial sector prepared to exit a 41-billion-euro ($56 billion) bailout.Doubtful loans -- those at risk of ...
In the Media by AFP

Default on $500 mn Chinese investment scheme 'averted'

Shanghai - A looming default on a $500 million Chinese investment product sold by China's largest bank ICBC to hundreds of investors appears to have been averted days ahead of deadline, a document seen by AFP Tuesday showed.
In the Media by AFP

Major default looms in China's huge 'shadow banking' system

Shanghai - A shockwave is looming in China's multi-trillion dollar "shadow banking" system, with an unprecedented default only days away on a $500 million investment product sold to hundreds of people.
In the Media by Bill Savadove (AFP)

Spanish banks' bad loans hit record high

Madrid - Spanish banks reported Friday record-high bad loans, with more than one in eight rated as doubtful in November even as the financial sector prepared to exit a 41-billion-euro ($56 billion) bailout.
In the Media by AFP

Tight credit risks throttling Spain's recovery

Madrid - Spanish banks, alarmed by multiple bankruptcies and mass unemployment, are keeping a tight rein on loans and potentially choking off the lifeblood of a longed-for economic recovery, analysts say.
In the Media by Katell Abiven (AFP)

Op-Ed: New auto lending trends may signal long-term trouble

After the housing finance bubble burst, mortgage lending went through tremendous change in an effort to keep consumers from purchasing more house than they could afford. Now, some of those same concerns are surfacing in the auto-lending sector.
In the Media by Lori Weaver - 1 comment

Ontario's credit outlook downgraded by S&P

Toronto - For the second time in 12 months, Ontario's credit rating has been downgraded by a rating agency. Ontario currently holds a AA- Credit rating
In the Media by Matt Cianfarani

Army reservist battles with Bank of America over debit charges

Utica - A U.S. Army reservist is struggling with the Bank of America over fraudulent charges he says were made to his bank account after he used his debit card. The amount in question is over $25,000.
In the Media by Leigh Goessl - 3 comments

Op-Ed: US Dollar, Bonds to Benefit from Debt Downgrade

In the short term, both the US dollar and US Treasury bonds may actually benefit from the downgrade of the US debt and react to panic buying.
In the Media by Sam Vaknin

Op-Ed: Will cash become extinct?

A recent survey has found that cash is becoming increasingly unpopular with the British public; the big question is, will it become extinct?
In the Media by Alexander Baron

Op-Ed: The scourge of credit as yet another travel company goes bust

Yesterday, a major budget airline that specialised in the Turkish market went bust leaving around 12,800 passengers stranded in Turkey. The question has to be asked, how can this happen yet again?
In the Media by Alexander Baron

Op-Ed: Work till you drop - to pay the banksters

As Britian’s trade unions strike in a revolt over pensions, the streets of Greece are ablaze in protest against the dictatorship of finance.
In the Media by Alexander Baron - 6 comments

US debt tops $14 trillion, climbs $1 trillion in just six months

In a worrying sign that US government spending is untempered and that the real prospect of a US default looms ahead of debates on raising the credit ceiling, US debt figures climbed above the $14 trillion mark.
In the Media by Michael Krebs - 4 comments

Man's credit card debt wasn't fraud

A French court has cleared a man of fraud after he ran up debts with his credit card and cheque book of almost €180,000. But he has been ordered to pay back the full amount to his bank.
In the Media by Johnny Summerton

Moody's warns the U.S. could lose its triple-A credit rating

Moody's issued a warning this week that the United States could lose its triple-A credit rating status if their economic growth doesn't increase or if the budget deficit continues to hit record-highs.
In the Media by Andrew Moran - 2 comments

New credit card rules coming in February

Most consumers use credit cards because it seems to be the norm now a days but they can cost users a lot of money in fees and interest if they do not understand a credit card's terms and conditions.
In the Media by Owen Weldon

Pre-approved credit card with 79.9% APR?

For Gordon Hageman of San Diego, the Premier card offered by First Premier Bank came with a 79.9 percent APR. While it looks like an attempt to gouge the consumer, it is perfectly legal.
In the Media by Kay Mathews - 2 comments

10 things you may not know about credit

The average American family owes some $4,088 in credit card debt. Here are ten things that you may not know that can keep you out of debt.
In the Media by Walt Crocker - 1 comment
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This is the  Douglas Money Equation  as formulated by Major C.H. Douglas (1879-1952).
This is the "Douglas Money Equation" as formulated by Major C.H. Douglas (1879-1952).
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A Visa card

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