Special Report on
No Universal Default!!
No Universal Default!! - Trends
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this week quietly marked the end of one of the most reviled credit card industry practices in recent years: hiking cardholders' interest rates based solely on their declining credit scores. Known in the industry as universal default, the practice has been roundly criticized by consumer advocates, members of Congress and consumers. Paying a utility bill late, missing a payment on a different credit card, having too many inquiries on a credit report or being rejected for a credit application may all potentially lower a credit score. Until March 1, 2008, a lower credit score could trigger an interest rate hike for ...
Although they needed to curb the deceptive practices, they have all but guaranteed that many, many people are no longer going to have access to credit. Payday loan companies have just become far more profitable. Reply to this comment Brian September 25, 2008 at 2:01 pm Perhaps 112 representatives feel that it is up to the consumer to not be a sucker and feel that they have better things to do with their time. Reply to this comment September 25, 2008 at 3:04 pm Brian: It takes no more time to vote “yes” than it does to vote “no.” Also, I agree with Smithee… ... Read More
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NO UNIVERSAL DEFAULT!!
Caramel part 6
Eric Schmidt on policy priorities for 2009