Posts Tagged ‘credit cards’

Too Big To Fail? Too Big To Exist!

 

Some facts to ponder from Senator Sanders’ remarks:

  • The four largest banks issue two-thirds of United States credit cards
  • The four largest banks make half of all U.S. mortgages
  • The four largest banks hold forty percent of bank deposits and $7.4 trillion dollars in assets.

In the late 19th and early 20th centuries, our government passed the Sherman and Clayton Acts, which were aimed at ensuring a competitive environment in which the free market can operate. Standard Oil, which at one point, controlled 91% of production and 85% of final sales of oil, was broken up because it was too big.  More recently, AT&T was forced as part of a legal settlement, to break up into smaller companies. It held a sanctioned monopoly over telephone service for many years.

Over the past thirty years, our anti-trust laws have been largely ignored. If there was ever a time when they need to be dusted off and put into action again it is now. The banks control too much of the United States and their folly has hurt not only the U.S. economy , but the global economy as well.

What do you think? Is it time to break up the banks?

Lindsay Lohan Owes More Than $600,000 In Credit Card Debt

The 23 year old Lohan, a once promising young actress, has run up well over $600,000 in credit card debt. She has been at last cut off by one credit card company and faces a lawsuit from another if she can’t pay her bills.

Lohan’s income is not what it once was, given that her last hit film was 2004’s Mean Girls and club invitations haven’t been fetching much more than $5000 to $10,000.  Times are tough for everyone, I guess, although the strains of pity flowing off the violin playing for Lohan’s plight may be too low to hear, owing to its microscopic size.

Maybe Lindsay could use some credit counseling as well as drug rehab?

Credit Card Reform In Action

After I made the post about credit card companies charging for paper bills, I happened on this cartoon by Mark Fiore and it is so apt, I had to post it here:  Enjoy:

 

Is A Credit Card For Bad Credit Automatically Toxic?

When you have bad credit or no credit, shopping for a credit card can turn out to be a minefield filled with financial bombs. Regardless of your credit history, there are some things that you should never tolerate from a credit card provider as they provide absolutely no benefit to you and can in fact be harmful to you.

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Credit Bureaus Now Estimating Income

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You know that the three credit bureaus, Equifax, TransUnion, and Experian collect information about your credit history, be it good or bad.  Well, now they will also be estimating your income based on that credit history, which they will be providing to the credit card companies.

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How Credit Cards Work

Most everyone knows what a credit card is but do you really know how they work? This article will explain, in a nutshell.

Every credit card has a credit limit. This is the total amount you are allowed to borrow. If you go over your credit limit, you can be assessed and over-the-limit fee and for every billing cycle that you remain over the limit, another over-the-limit fee is assessed.

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