Archive for November, 2007
Posted on: November 30th, 2007 by Kenneth Long
A new report by MSNBC examines a peculiar “coincidence” that involves Equifax and an E-book seller named Digismarket.com. Literally hundreds of internet shoppers have noticed unauthorized charges of $4.95 from Digismarket.com. The other connection many of them had was that they had also recently used those cards to purchase credit services through Equifax.
Equifax conducted an internal investigation and reported that there was no connection and no evidence of a data breach. However, hundreds of victims are convinced there is more to the story. (more…)
Posted on: November 29th, 2007 by Kenneth Long
The former IRS Commissioner known for scrutinizing many nonprofit credit counseling agencies has now been asked to resign from his most recent post. Mark Everson left the IRS to become President and CEO of the American Red Cross.
In as little as 6 months, Everson went from top IRS official to embattled nonprofit executive. (more…)
Posted on: November 28th, 2007 by Kenneth Long
On November 27, the Internal Revenue Service released its official mileage rates for 2008. The standard rate will increase to 50.5 cents per mile for business miles driven.
This is up from 48.5 cents per mile for 2007. Medical or moving purpose mileage actually dropped from 20 cents to 19 cents per mile. Volunteer miles driven in service of charitable organizations remains at 14 cents per mile. (more…)
Posted on: November 27th, 2007 by Kenneth Long
Citigroup announced in April that it would eliminate 17,000 jobs. Now it appears there may be up to 45,000 additional job cuts.
The reductions are planned to offset the billions of dollars in subprime lending losses. What does this mean for cardholders? (more…)
Posted on: November 26th, 2007 by Kenneth Long
Chase Card Services announced that it will cease to penalize cardholders that made a late payment on other credit cards. Chase will no longer raise interest rates based on a review of a customer’s credit report. Their clear and simple program begins in March 2008.
What is universal default? Who else is ending universal default? Here are the answers, and a sign of the newest trend about to hit the credit card industry. (more…)
Posted on: November 23rd, 2007 by Kenneth Long
Both a credit freeze and a fraud alert can stymie identity thieves that are looking to exploit your good credit and open accounts in your name. Each can halt the opening of new credit accounts.
So why are both offered, and what is the difference? (more…)
Posted on: November 22nd, 2007 by Kenneth Long
We anticipate a coming recession in 2008. As such, our counselors are planning for increased requests for assistance from financially distressed consumers.
Leading economists now put the recession risk as high as 50% in 2008. This is more than twice previous estimates. Here is why. (more…)
Posted on: November 21st, 2007 by Kenneth Long
No, Slavic Village, Ohio is not the scene for the next Hollywood teenage drama. Far from it.
Instead, the 44105 zip code has the dubious distinction of leading the nation in foreclosures. It doesn’t end there either. (more…)
Posted on: November 20th, 2007 by Kenneth Long
Discover and Experian recently announced a new arrangement that would provide Discover cardholders with a consumer credit score product. Known as Credit ScoreTracker, the service could allow Discover cardmembers understand how their credit usage affects their credit score.
This tool comes at a substantial cost though. At $7.99 per month at the time of this press release, this represents another fee that can make repayment difficult. A cardholder paying $7.99 per month, plus .85% monthly for credit protection could have a much tougher time paying down their principal balance. (more…)
Posted on: November 19th, 2007 by Kenneth Long
On Thursday, the House passed the Mortgage Reform and Predatory Lending Act of 2007. The House voted 291 to 127 to approve legislation that would curb common abusive practices in the subprime mortgage market. These abuses are blamed for massive foreclosures.
The bill still requires Senate approval. Some consumer advocates, including the Center for Responsible Lending, are calling on the Senate to strengthen the bill. (more…)
