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Special Report on

The Universal Default Clause

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Over the past few years, many credit card companies have started changing their user agreements to include what is called a universal default clause . Because most people ignore the changes made to their agreements, the credit card companies have been able to enact this simple but significant clause without your notice. The universal default clause states that the credit card company can choose to raise your rate if you default on that account or any other that you may hold with other creditors. You may default by missing a payment, paying a payment late, paying less than the minimum payment, or charging over your credit ...
(UNLV). She taught American and Nevada government at UNLV for 30 years. Prior to her congressional run she was considered a likely opponent against Republican Gov. Jim Gibbons in 2010. Gibbons defeated Titus in the 2006 gubernatorial campaign . 1 On November 4, 2008, Titus defeated incumbent Republican Rep. Jon Porter 47% to 42% to become the first Democrat to represent the Clark County-based Nevada 3rd Congressional District, accumulating nearly 18,000 more votes than Porter. Cite error: There are tags on this page, but the references will not show without a {{Reflist}} template or a tag; see the .
Credit Card Usage Laws in the USA | Citibank Student Loan ...
There are 1.5 billion credit cards in circulation against a population of just over 300 million. These figures reveal the massive usage of cards. Obviously to regulate this use the need for some regulatory laws is not without substance. This deb at the moment is at an all time high. Hence the need for laws to regulate the use and issue of credit cards is a necessity. A credit card gives you access to easy credit,but it is must be stated that this is not the doorway to endless credit. Again bear in mind that all monies borrowed have to be paid back. Unfortunately in the case of credit card usage the availability of easy credit ... market research, surveys and trends
Credit Cards for People With Bad Credit Instant Ap » » Credit Card ...
From the time most of us were teens, we probably had a credit card or two. Credit cards and charge cards were a fantastic way of getting what we needed now while paying for it later. Unfortunately as most of us are discovering, credit cards are full of hidden fees. According to the National Retail Federation (NRF), hidden credit card fees are costing Americans over $400 a year. These fees come on top of all that interest charges as well, which lately have been slowly creeping upwards if you haven't been paying attention. While it's against federal law for credit card companies to impose hidden fees, there is no ... market research, surveys and trends


frontline: secret history of the credit card: eight things a ...
if you're late on payments elsewhere -- such as on another credit card or on a phone, car, or house payment -- or simply because the bank feels you have taken on too much debt. This practice is called the "universal default" clause and increasingly is becoming a standard clause in credit card agreements. According to credit card executives, the logic behind universal default is that the bank is not being unreasonable in raising rates when it has reason to believe that the risk of being repaid by the customer has increased. [Note: Credit card banks can now easily track your everyday financial activities and ... industry trends, business articles and survey research
5 Tips: How to avoid incurring higher credit card fees - Nov. 30, 2005
NEW YORK ( - Credit card issuers are upping the interest rate you pay on your debt even if you pay your bills on time, according to a study from Consumer Action, a consumer advocacy group. And this survey of 47 banks shows that anybody, not just people with financial problems, can face higher credit card interest rates due to a policy called universal default. In today's five tips we'll give you the lowdown on universal default interest rates and tell you what you need to do to avoid them. The "universal default" clause means that the issuer can raise your interest rate automatically if ... industry trends, business articles and survey research
Understanding Credit Card Interest Rates
Credit card interest rates are largely variable. This way, credit card companies are able to adjust their risk exposure with respect to individual credit history and changing market conditions. However, when is a change in credit card interest rate wrong or unreasonable? On 21 June 2010, the US Supreme Court agreed to hear a class action lawsuit against Chase Bank USA (Chase Bank USA v. McCoy, 09-329) to see whether it was constitutional for them to change credit card interest rates without written notice for account holders who were late on payments. Chase Bank is arguing that, at that time, credit card companies were not ... market trends, news research and surveys resources
Fitch Assigns Bancolombia's (Colombia) Sub Notes Expected 'BB+' Rating
Fitch Ratings has today assigned Bancolombia's upcoming U.S. dollar subordinated notes an expected long-term foreign currency rating of 'BB+'. The notes - for an amount to be determined - will mature in 10 years, and interest payments will be made semi-annually at a fixed interest rate to be set at time of issuance. The notes will be subordinated to Bancolombia's existing and future senior debt and rank pari-passu with Bancolombia's existing subordinated debt. The final rating is contingent upon the receipt of final documents conforming to ... market trends, news research and surveys resources


Microsoft PowerPoint - ABC Presentation March 2009.ppt [Read-Only ...
The Universal Default Clause. ∎ Difficulty Renting an Apartment. ∎ Denied Employment. ∎ Graduate School Rejection. ∎ Higher Insurance Premiums ... technology research, surveys study and trend statistics
S193 - NY Senate Open Legislation - Prohibits "universal default ...
TITLE OF BILL : An act to amend the general business law, in relation to prohibiting "universal default clauses" in credit card agreements and related increased interest rates PURPOSE : To prohibit credit card issuers from applying a universal default clause, and preventing interest rate increases for the cardholder due to late payments to other creditors, SUMMARY OF PROVISIONS : This bill would amend the general business law, section 511, by adding a new subdivision 11, which defines the term "Universal default clauses"; re-designating Section 521-f to Section 521-h, and adding new sections 521-f and 521-g, ... technology research, surveys study and trend statistics
Penalty Interest Rates, Universal Default, and the Common Pool ...
By a universal default clause, we mean the following: Many credit card contracts provide that the penalty interest rate is triggered by late payments to ...
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Google Answers: Credit Card Default
I have been living abroad for five years and will do so for the conceivable future, though I may want to return to the States in the future. I have an approximately Seven Thousand Dollar student loan owed to the Federal Goverment and owe around Seven Thousand Dollars to various credit card companies. My questions are as follows: What are the consequences of defaulting on a student loan held by the goverment, if living abroad? Since they can not garnish wages and I own nothing of value in the United States what will be the repercussions? Can they touch my inheritance when my grandparents pass away as they have set ...
Advanta doubled my interest rate suddenly - Yahoo! Answers
...on my credit card. Even though I have always paid on time since the account was opened. I called them for an explanation and the only one they gave me was that they have changed their policies. Anyone else experience this? Is there anything I can do as a responsible consumer? (Besides reporing to the BBB) I've been hearing a lot about Advanta raising the interest rates for no reason; it's not just you. If you go to and search for Advanta, it comes up with about 89 reports written by outraged customers that had their interest rates raised overnight with no reason. Here's the ...