The total of all consumer debt has been steadily decreasing over the past two years—it was down 8.2% from its peak in 2008. But a new report released by the Federal Reserve Bank of New York, based on a survey of a nationally representative random sample from Equifax Inc., could suggest otherwise. The report shows [...]
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Fighting Back Against Debt Collectors
May 18th, 2011 
Elisheva Wiriaatmadja Debt collectors are known for hassling consumers, and in their desperation to collect money, some are even resorting to questionable tactics. According to the Federal Trade Commission (FTC), complaints about debt collectors rose by 17% in 2010. This number has tripled since 2002, and accounts for 27% of all FTC complaints.
MasterCard Inc. Profits Increased: US Consumers Feel Comfortable Living with Debt
May 9th, 2011 Elisheva Wiriaatmadja 
While the US is struggling in national debt and deficit, the first quarter earnings of MasterCard Inc. soared. Ironically, despite the already accumulated debt American’s are in, consumers still increased their credit card use during that period. MasterCard’s CFO, Martina Hund-Mejean, happy with the first quarter earnings, told Reuters that consumers are back to spending, [...]
Consumer Debt Increase Signals Fake Prosperity and Fake Economic Recovery
April 12th, 2011 Elisheva Wiriaatmadja 
According to a recent report from the Federal Reserve, consumer debt in the United States increased for the fifth consecutive month. This increase occurred amid a decrease in consumer credit card debt. Disregarding all other signs of the dying economy such as unemployment rate, the decreasing value of the US dollar and the total national [...]
Arizona Lengthens Term for Credit Card Debt Collection
March 31st, 2011 Elisheva Wiriaatmadja The Arizona State Senate clarified an existing law that seemed to be causing confusion as to how long banks and credit card issuers have to pursue debt collection on defaulted accounts. The state Senate says that credit card issuers have six years to pursue people who default on their credit cards. This may give debtors [...]
What Does The Credit Card Reform Mean To You As A Consumer?
March 2nd, 2010 Priscilla Solomon The new Credit Card Act has brought forth possibilities of a dramatic change in the way Credit Cards are used and perceived. As a consumer one should be aware of the benefits that can be availed with this reform. Sensible and conscious use of Credit Cards can help one lead a financially fit life.
