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Special Report on

Universal Default Credit Card Policies

universal default credit card policies special research report Photo by
in March 2007 that it was dropping two practices widely scorned by consumers and regulators: "universal default" and "any time, any reason" rate changes. Doing so hasn't brought a boom in business from grateful consumers, so Citi is considering bringing it back, according to a report today in the New York Times. The Times cites unnamed Citi executives as its sources for the report. It quoted the executives as saying a decision on the return of the policies could come this week. If so, it would be a reversal of a policy it touted loudly. In Citi's original announcement , Vik Atal, ...
It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. Usage of the term "credit card" to imply a credit card account is a metonym . A credit card is different from a charge card : a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. Most credit cards are issued by
More Credit Card Company Chicanery: Ban on Universal Default ...
Did Congress’ effort to protect you from your card company with the Credit CARD Act inspire you to pore over the new Cardmember “Agreement” that probably arrived in your mailbox this week?… The first place I looked in the Cardmember Agreement was the paragraph labeled “Default/Collection.” I was looking for the much-touted restrictions on universal default. Here is what I read, to my initial surprise: “Your account may be in default if any of the following applies: . . . we obtain information that causes us to believe that you may be unwilling or unable to pay your debts to us or to ... market research, surveys and trends
Slacktivist: Why Every Attorney General Should Sue Credit-Rating ...
Fred Clark of Slacktivist writes one of those blogs that I just love. He's smart, compassionate and very, very perceptive. This piece on the credit report industry is timely -- go read the rest: Kevin Drum makes a helpful comparison between your credit history and your medical history: In the same way that medical records are available only to people with a legitimate medical need, I think that credit records should be available only to those who actually extend credit. Beyond that, they're private. Employers don't get them, the FBI doesn't get them, journalists don't get them and my neighborhood ... market research, surveys and trends


Ever wonder how much you know about credit? | Colorado Springs ...
Take out those pens or pencils and test your knowledge about credit in America and credit card policies by taking this quiz from the Public Broadcasting Station program Frontline. The answers are at the bottom of the page (but don't cheat) along with more information about credit in America. 1. How many credit cards does the average American family have? a) 6 b) 8 c) 11 2. Nearly 144 million Americans have general-purpose credit cards, which include Visa, Mastercard, American Express and Discover. Approximately how many of them pay off their bills in full each month? a) 55 million b) 90 million c) 115 million 3. ... industry trends, business articles and survey research
Faulting Universal Default - The Checkout
For consumers, "universal default" has to be one of the most aggravating policies practiced by credit-card issuers. Now, New York may become the first state in the country to do something about it--at least if Gov. George Pataki signs a bill passed by the state legislature last month. What is universal default? If you don't know, consider yourself lucky because it probably means you've not been affected. Under universal default, a credit-card company monitors the credit histories of its customers, even those who are current in their monthly payments. If a customer is late paying another creditor (such as ... industry trends, business articles and survey research
Tips To Improve Low Credit Scores
According to a recent FICO study, over one-fourth (25.5%) of Americans have poor credit. Nearly 43.4 million people now have a credit score of 599 or below. When you go to the grocery store or a ballgame, look around–one in four people around you have serious financial problems. Expect that number to grow as households continue to struggle through unemployment, credit card debt and foreclosures. How Did We Get Here? People don’t get into financial problems overnight. It took years of overspending, overlending, and poor regulating to create these problems. Lenders, and even the government, share some of the blame. The ... market trends, news research and surveys resources
More evidence Palin should stay inside her bubble
is successfully tightening her emotional grip on her devoted legions of supporters -- at the expense of everyone else, who increasingly find her to be a major turn off. Here's the latest data point: A new survey from the Dem firm Public Policy Polling finds that in the wake of Palin's endorsement of Kelly Ayotte, the GOP Senate candidate in New Hampshire, Ayotte's lead has dropped to its lowest level yet. And it appears to be all about Palin: As Taegan Goddard notes , the poll's key finding is that Ayotte's appeal to moderate voters has dropped precipitiously in the wake of Palin's endorsement. The ... market trends, news research and surveys resources


Penalty Interest Rates, Universal Default, and the Common Pool ...
By a universal default clause, we mean the following: Many credit card ..... Cross-Default Policies.” Review of International Economics, 3 (1995): 1-19. ... technology research, surveys study and trend statistics
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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 ...
DebtFilter: Help me get out of credit card debt!! | Ask MetaFilter
DebtFilter: Anyone heard of Superior Debt Services, Inc.?? They're a debt settlement company. Website: I'm a senior in college about to graduate in May. I have two credit cards totaling my debt to $6500. I want to consolidate my debt to reduce payments until i get a job, but getting a loan without a job right now is really hard and the rates are horrible. I heard about Superior Debt Services which is a settlement company but I'm not sure if this is the way to go. They basically settle with ur creditors, cancel ur cards, and have u pay monthly to completely reduce ur debt. Has anyone heard ...