Rumors of Bank of America preparing to buy Countrywide swirled on Thursday. On Friday, Bank of America announced they were true. 
Credit and Debt Blog
A Service of Debtors Unite, Inc.
|
|
|
11
Jan 2008
Bank of America to Buy Countrywide
Hawaii residents searching for debt relief find they have few options when it comes to credit counseling. That list got even smaller when the Internal Revenue Service revoked the tax-exempt status of Hawaii Credit Counseling Service in early 2007.
08
Jan 2008
US Treasury Creates Debit Card Program
The US Treasury announced that it is allowing recipients of social security and other federal benefit payments to receive prepaid debit cards. This allows many people who were previously unbanked to have increased access to their funds, without having to cash a check first.
The Internal Revenue Service announced on Thursday that it is examining whether to restrict tax preparers from offering refund anticipation loans. No decision has been made, but already investors are selling off stocks of H&R Block Inc. and Jackson Hewitt Tax Service Inc.
04
Jan 2008
Jackson Hewitt in Big Trouble
Jackson Hewitt has already suffered falling stock prices due to proposed restrictions on refund anticipation loans, as has H&R Block. Now there is a new twist.
In 2007, 34 Jackson Hewitt outlets near Raleigh, NC were temporarily closed due to filing fraudulent returns. It turns out that there were 125 total locations across four states that were shuttered for the last 2 weeks of the tax season. There are signs of more problems.
04
Jan 2008
Citibank Cuts Daily ATM Withdrawal Limits
Many New York City residents found that their daily ATM limits have been cut in half. Citibank banking customers located in parts of NYC have had their daily withdrawal limits reduced in an effort to prevent fraud.
Although Citibank declined to comment on the specific reason, it is believed that some of their banking customers’ personal information may have been compromised. This could include card numbers and PIN codes.
Bank of America quietly delayed their changes to the way they calculate balance transfer fees. Changes were to go into effect in March, 2008. They are now delayed until at least June 16, 2008.
The fee will remain at 3% of the balance transfer with a minimum fee of $10. However, the cap of $75 will be removed altogether.
29
Dec 2007
Credit Counseling Can Lower Holiday Bills
Christmas holiday spending can cause credit card bills in January to rise substantially. A household that struggles to get by from one month to the next will find that next year will be much tougher.
If you find that you are going to have trouble meeting your January credit card bills, you should consult with a credit counselor for help. Taking action before the possibility of missing a payment can prevent disaster and preserve your credit score.
27
Dec 2007
AMT Taxpayers Delayed Until February 11
Taxpayers that are affected by the recently enacted Alternative Minimum Tax (AMT) patch must wait until February 11 in order to file their tax returns. That is the date released by the IRS as a potential starting date for the five AMT-related returns that must be updated due to last minute legislation.
26
Dec 2007
Credit Card Defaults Finally Increasing
Credit card default rates have stayed low, even as foreclosure rates have more than doubled in many areas. Now, credit cards are also showing signs of trouble.
