tag:blogger.com,1999:blog-121385512011-11-27T16:24:08.766-08:00Creditcards are your ticket to bankruptcy. Creditcards come with agreements that even attorneys have difficulty understanding. If you are smart, you will cut up, burn, mutilate all your creditcards. This blog is about Creditcards, debt, and money. You gotta get mad about the abuse! I thougt creditcards were useful financial tools until I learned about the creditcards secret usage policies allowing them to charge my account without my permission. Now I have a better way to manage money.Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.comBlogger1351100tag:blogger.com,1999:blog-12138551.post-48330204648171404202010-10-23T09:40:00.000-07:002010-10-23T09:48:55.856-07:00

You hear arguments that the rich are getting rich, while the poor are getting poorer. Is that really true? Not according to some researchers who have tracked average income per capita of various countries for the past 200 years. They have even animated the graph so you can see how the wealth of the world grows over that time. You will also notice that countries where they restrict free trade

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com2tag:blogger.com,1999:blog-12138551.post-24853967274946074932010-09-27T14:25:00.000-07:002010-09-27T14:32:13.922-07:00

The Credit Card companies are up to the same old tricks. Since the Credit CARD Act of 2009, credit card companies are inventing all sorts of new fees to get around the new rules. They have to, to replace the $390 million they will be losing every year in fee revenue. It is the same old story, regulators impose new regulations to curb abuse of cardholders, and the extremely high paid attorneys

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-77181338882415226392010-08-06T08:50:00.001-07:002010-08-06T08:55:01.069-07:00

The FDIC doesn't insure everything you have in the bank. Forbes Magazine recently reported on this. In fact, they even have a website to help you calculate what you will recover. You think you will get all your money back, that is what people assume. But recognize that FDIC insurance is an insurance policy just like every other policy. It has defined coverage in the fine print that has

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-12798951251709561382010-06-17T09:54:00.000-07:002010-06-17T10:17:08.734-07:00

I ask this question in the title because every where we turn we find that banks can't make enough money to sustain themselves. This has been true for a long time. Back in the 1980s, Citibank almost went under because they were paying out higher interest rates for money than they could lend. That was when they invented issuing credit cards and exporting interest rates across state lines to get

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-25803315840944436152010-06-14T08:45:00.000-07:002010-06-14T09:21:48.120-07:00

Did you know there is yet another company collecting information on your spending habits and telling retail stores whether or not they think your check is good? They operate much like a credit bureau except they collect information on the spending patterns in each one of your checking accounts. They don't have access to your balance, but they judge your risk by your check writing history in the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com1tag:blogger.com,1999:blog-12138551.post-63005542062633076442010-01-08T06:15:00.000-08:002010-01-08T06:23:53.737-08:00

If this healthcare bill actually makes it to the President's desk, you are going to need to start keeping proof that you have a health insurance policy or pay a penalty on your income tax. Our income tax system started as a temporary voluntary tax to fund a world war and has grown into a strong arm collection agency for the Federal Government. As the constitutionality of this gets tested, you

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-46717269370728738412009-12-17T08:49:00.000-08:002009-12-17T09:01:08.297-08:00

This chart, which you see above in this blog post, illustrates the second wave of mortgage defaults that are coming. However, there is a thing called "Early Option ARM" and these loans are negatively amortizing already and so it is reasonable to expect they will be reseting early, like now, not next year. Sometime in the next 3 to 12 months, we will see another wave of massive foreclosures. Do

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-9356350561509182472009-12-12T13:48:00.000-08:002009-12-12T13:57:17.515-08:00

We are reaching the point of no return. Soon, if not already, we will have to go into more debt just to pay the interest. What happens then? You might want to think about getting ready. This is building like a snowball and the fallout when all the money being printed by the Fed to fund this filters into the economy, you may not want to be holding U.S. currency. In fact, all the world currencies

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-75477173473392816482009-07-17T15:13:00.000-07:002009-07-17T15:15:14.376-07:00

And you thought you had to spend less money when you are going bankrupt. At least that is what all the financial experts say, including bankruptcy court judges. What universe are we living in now where you can spend your way out of debt?

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-71898424235303398712009-03-30T09:05:00.000-07:002009-03-30T09:20:48.020-07:00

Dateline recently aired a show about how deep in debt we are, especially with credit cards, Americans are these days. The show reveals the consequences. It shows how the collection industry is booming as a result, and how they are getting more creative with their strong arm tactics. Follow the link and watch the videos and read about the show.The Accounts Receivable Management industry advisor

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-30266899762565994432009-03-11T12:26:00.000-07:002009-03-11T12:39:13.127-07:00

You could make $300 for closing your credit card account! Citigroup, Chase, and Capital One are cutting back on their rewards programs, raising interest rates, and increasing fees. American Express recently offered some of their cardholders $300 to close their accounts. Citibank is offering a $100 gift card to those who were signed up for the "Thank You Rewards" program, and sent out a letter

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-55313105807665058412009-02-23T09:11:00.000-08:002009-02-23T09:34:17.198-08:00

Debt causes inflation, it isn't the only cause, but since we have a "fiat" currency excessive creation of new currency devalues the existing currency. Our government has worked in concert with the Federal Reserve Bank to create almost $1 trillion in new currency in 2008. Here are the numbers from the St. Louis Federal Reserve. This is money already created. In 2009, we should expect to see this

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-77209031854635840272009-02-15T21:38:00.000-08:002009-02-15T21:43:33.175-08:00

Here is a short video for you, to give you a little insight on why you should consider getting completely out of debt.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-37217734067661611052009-01-08T10:02:00.000-08:002009-01-08T10:18:27.012-08:00

If you take a closer look at the bailout numbers, you will find that it is now exceeding $2 Trillion, with more expected by the Obama administration yet to be announced.Scott Snider, partner and chair of the government relations and public policy practice at Steptoe & Johnson, Washington, D.C., says $365 billion will be spent on the Troubled Asset Relief Program (TARP). Not all of this money has

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com2tag:blogger.com,1999:blog-12138551.post-74502667341042788792009-01-05T09:12:00.000-08:002009-01-05T09:19:32.065-08:00

By Robert P. Fry, Jr."I used to have my own construction company," a taxi driver named Bruce explained. "We built houses here locally in Birmingham.""How big was the company," I asked, "How many houses did you typically build?""Anywhere from 10 to 15 or so per year.""What happened?""We had a project going last year with 15 lots. We'd put in all the roads and sewers and had about 9 houses built

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-69823156950433161442008-12-29T15:32:00.000-08:002008-12-29T15:53:51.251-08:00

On December 18th, Congress passed a reform proposal to take effect July 2010 that puts to rest all the abusive contractual terms that allow credit card companies to blindside cardholders with excessive charges. The reform includes:Eliminating double-cycle billing.Eliminating confusing due dates.Eliminating Universal Default.Stopping the charging of over limit fees from temporary holding amounts (

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-12532544502316321002008-12-18T09:28:00.000-08:002008-12-18T09:35:27.457-08:00

There is a new rule against "unfair practices" at the Office of Thrift Supervision. It will be interesting to see if this actually makes any difference, or is even enforced. Chances are it will only mean that cardholders will be given an "express" reason for the increase in their interest rate that they would not have been given a reason for today. This isn't even supposed to take effect until

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-64573271415312185202008-12-18T09:12:00.001-08:002008-12-18T09:24:02.327-08:00

Citibank, and other creditcard issuers, are starting a new practice, raising interest rates on customers who pay their bills on time for no good reason.Banks are hurting, and they need to raise money these days. Why are they hurting? Because they push loans on people who can't afford them, then when the loan goes into default they think they'll start collecting tons of fees and interest. However,

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-15631706306641581732008-12-01T16:31:00.000-08:002008-12-01T18:03:53.340-08:00

The bailout total just keeps growing. If this keeps up, the Dollar will eventually be thrown into hyperinflation. Look at what is happening in Iceland this month. Watch the video on that web page featuring Glenn Beck. Here is how things are adding up so far:$29 billion for Bear Stearns$143.8 billion for AIG (thus far, it keeps growing)$100 billion for Fannie Mae$100 billion for Freddie Mac

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-18357789021309691572008-10-12T22:16:00.000-07:002008-10-12T22:20:08.952-07:00

You know we are in trouble when the debt clock runs out of numbers.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-27142260756650086442008-09-29T15:40:00.000-07:002008-09-29T15:51:06.855-07:00

A lot has changed since the Great Depression. One thing that hasn't changed is that we never learned from the mistakes that caused it. We are repeating them. What does that mean for you as an individual? How do you weather the storm? Here is my take on the answers to those questions. First, put your money in a credit union. Credit Unions generally didn't get in deep with mortgage lending

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com1tag:blogger.com,1999:blog-12138551.post-46821267187202193152008-09-19T07:43:00.000-07:002008-09-19T09:43:48.106-07:00

Let's face it. Now that our congressional leaders and the leaders of the treasury and federal reserve bank have come together to decide to borrow more money to solve a debt problem, we have put a bandaid on this serious economic problem. We are refinancing, so to speak. But the debt problem is still there. As credit tightens, we will all need to learn to live with less debt. I have already done

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-63154318794085085192008-09-18T09:43:00.000-07:002008-09-19T09:46:05.269-07:00

As we move into this idea of the Government spending a trillion dollars or more to fix our credit crisis is more of the same mistake. Hear what Ron Paul has to say about it.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-48963294511268238352008-09-16T08:48:00.000-07:002008-09-16T09:04:11.203-07:00

Food for thought...When my business started going south in January 2001, I took a paycut and did everything I could to ease the cash crunch on the corporation. It was the right thing to do. Now, I am watching bank executives walk off with multi-million dollar severence packages while their banks are taken over by the FDIC. This is equivelent to me having fired myself as CEO instead, and have

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-81715126664965574242008-09-12T10:20:00.000-07:002008-09-12T10:34:21.881-07:00

The warnings I have been posting on this blog for years starting to happen with this bailout. This is significant because these organizations are so large and are connected to the economy in such a profound way. Excessive debt destroys economies. People have been laughing at Ron Paul and his warnings. People laugh at me. They just don't listen, because our society does what everyone else

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-185542182754588492008-07-22T20:45:00.000-07:002008-07-22T21:14:04.772-07:00

There is a lot going on in the financial sector these days. People are going broke from the oversaturation of debt and the lenders are starting to pay the price. Today the Congressional Budget Office reported that Fannie Mae and Freddie Mac bailout could cost taxpayers as much as $100 billion dollars. Where is the government going to get that money? They just create it from nothing and add it

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-49191434921841599022008-07-13T15:02:00.001-07:002008-07-13T15:12:46.908-07:00

This weekend news reports indicate IndyMac bank in Pasadena California was taken over by the FDIC. NBC news reported that 90 other banks are on the watch list. With the generous and risky mortgage loans that banks have become comfortable making may be coming to an end. It may be important for you to pay close attention to the financial condition of your bank. You can usually take a look at their

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-27692896878758176642008-06-18T20:11:00.000-07:002008-06-18T20:42:23.918-07:00

A few years ago Frontline of PBS aired an investigative report on the credit card industry. It revealed some hard truths about how creditcard holders are abused. Here is a video from that report regarding efforts to get reform to protect consumers. It is now 2008 and still nothing has been done. There have been numerous congressional hearings and numerous bills proposed. The creditcard industry

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-5086359368360849912008-05-28T20:49:00.000-07:002008-05-28T20:53:18.494-07:00

There is a new movie out titled "What Would Jesus Buy". You've got to see it. Very funny. Very entertaining. And very convicting.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-82243439888782559042008-04-24T18:42:00.000-07:002008-04-24T19:11:38.317-07:00

If you have ever signed a contract where you do not have the power to negotiate (the legal term is "Adhesion Contract"), you may have seen an increasing occurance of arbitration clauses. You are waiving your constitutional right to a fair and impartial hearing when you agree to arbitration. It is supposed to be cheaper than litigation in the court system, but that is not necessarily true. Also,

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-18785950032423568972008-04-16T15:54:00.000-07:002008-04-16T16:21:20.858-07:00

In an interview, Jim Rogers, CEO of Rogers Holdings, an investment guru, tells an investment newsletter that the Federal Reserve is intentionally debasing the dollar. This means they are printing money with abandon, increasing the money supply and inviting inflation. Historically, when other central banks have done this, the currency becomes worthless. If the currency fails, the Federal Reserve

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-36785356760767663742008-04-11T08:34:00.001-07:002008-04-11T09:24:15.469-07:00

Most people think having a good credit score is necessary. This is the most successful marketing lie that exists in the financial industry. It only matters if you borrow money. Unfortunatey landlords, insurance companies, and various other companies have started using it as a guide. It is the lazy mans evaluation of a person's creditworthiness. Unfortunately, since there are so many errors on

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com4tag:blogger.com,1999:blog-12138551.post-57389505091547779232008-03-27T20:46:00.000-07:002008-03-27T21:45:30.034-07:00

With all the talk these days about how irresponsible creditcard holders are with their irresponsible spending, running up large balances and tripping the "universal default" clause, we don't often hear about how irresponsible the banks are, and how we are manipulated by the system. There is a new documentary film out you should see about this.A story confirmed on Snopes tells us about how a

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-66390052694381160152008-03-18T08:19:00.000-07:002008-03-18T09:12:57.201-07:00

You have read about the tricks creditcard issuers play, here is a list of some of them:Constantly advancing due dates each month and other due date tricks. (Bankrate.com survey found nearly half of all credit card holders missed payments in 2006, the latest info available.)Double-cycle billing, collecting interest on balances already paidimposition of repeated fees for one single credit limit

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-3204924569655918342008-03-14T09:11:00.001-07:002008-03-14T09:27:12.768-07:00

There was a recent hearing in congress about credit card abuse, to talk about a bill for additional consumer protection. It would be very educational to read Elizabeth Warren's testimony. (Adobe Reader required) This was in the House, it is just as bad in the Senate. A number of years ago Louis Freeh lied about MBNA's universal default policy in his sworn testimony before the Senators, acting

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-36000739631835821112008-02-08T23:22:00.000-08:002008-02-08T23:45:20.078-08:00

Take a look at this series of articles and watch John Hargrave prove that Citibank fails the test on fraud protection. Credit Card Criminal, Part 2, Part3, Part 4. John Hargrave is also the guy who did the Credit Card Prank which showed that no one pays attention to credit card transactions.I had a company that I do business with try to convince me that I should use a credit card for protecting

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-28092174547853858742008-01-03T10:03:00.000-08:002008-01-03T10:06:10.131-08:00

Yesterday, gold, platinum and oil made all-time highs. This morning, the London A.M. Gold Fixing posted an all-time high of $865.35. It may surprise you that gold, platinum (which is called "the white gold") and oil (called "black gold") are appreciating substantially.Most of us do not know that the increase in the broad money supply, which is called "M-3," is no longer reported by the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-62740468590463320842007-12-11T09:55:00.000-08:002007-12-11T10:09:24.723-08:00

Did you know that Bank of America collected more than 22.4 Billion in fees, which includes penalty and service fees and other non-interest income, in 2006? That is more than half of it's overall revenues! The "sweet spot", as the spokesman for the banking industry put it, is these fees. So when you open a credit card account or even a checking account at a bank, you need to realize this. You will

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-47547375383518874472007-07-29T08:10:00.000-07:002007-07-29T08:36:55.532-07:00

I've talked a lot up here about the warnings of borrowing money. It is clear that in today's world, it has become a trap. What I have come to learn over the years is that borrowing money is a symptom of wanting things before you can afford them. It is also a symptom of selfishness. We should be helping others in need, not lending money to them at high interest rates, or any interest rate at

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1175438764526781272007-04-01T07:43:00.000-07:002007-04-01T07:46:04.536-07:00

Creditcard companies are targeting children as young as 9 years old now. Look at this new game from Hasbro. This is child abuse!

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1175295430842119442007-03-30T16:55:00.000-07:002007-03-30T16:59:15.896-07:00

There is an excellent interview on Fresh Air that will give you some pretty shocking information about creditcards. Go here and listen to this interview! Elizabeth Warren is a Law professor at Harvard University, and has done extensive research on Bankruptcy and has advised those in Washington about the bankruptcy laws.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1172765863448957742007-03-01T08:07:00.000-08:002007-03-01T08:17:43.473-08:00

I have done a lot of complaining on this blog, but my purpose is to inform. There is no reason to obsess over the injustice. There will always be injustice. So what do you do? The best way to fight back is not to try to change our government policies, our government's ability to make good decisions for the people has dimished significantly due to the influence of money and power, and the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1171392448323118852007-02-13T10:35:00.000-08:002007-02-27T10:56:17.790-08:00

Still think credit cards are not abusive by intent? InsideARM.com, a website supporting the collection industry, reports that Bank of America is issuing credit cards to illegal immigrants. Here is a quote from the article: Quietly, and without much fanfare, Bank of America has implemented a programoffering credit cards to customers without a social security number. This courting of the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com2tag:blogger.com,1999:blog-12138551.post-1161893487498513302006-10-26T13:04:00.000-07:002006-10-26T13:11:27.510-07:00

Collectors seem to be able to dish it out but can't take it. Take a look at this article. The district attorney for Araphoe County in Colorado seems to have mistreated a collector. The story is that a debt collection attorney for Central Credit Corp. Jonathan Steiner alleges that he was threatened by Chambers with a grand jury investigation when he tried to recoup some bad check funds from

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1160005453543429472006-10-04T16:41:00.000-07:002006-10-04T16:45:14.806-07:00

Consumer Report’s reveals things you might want to know about your financial privacy: Data brokers are willing to sell even your most sensitive information to paying customers, some of them crooks.When credit bureau employees asked to see their own files, they received scant information. One report contained 31 errors.The federal government is a steady customer of the data collectors, but there’s

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1159889757312619002006-10-03T11:27:00.000-07:002006-10-03T08:35:57.356-07:00

Patrick Lunsford of collectionindustry.com is reporting, "Changes in the FDCPA have been approved by the U.S. Congress and sent to the President to sign into law. The amendments were part of the Financial Services Regulatory Relief bill which was passed this weekend.Some of the key changes include clarification around “mini-Miranda” disclosures and legal codification that allows agencies to

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1159889052078763082006-10-03T08:16:00.000-07:002006-10-03T08:24:56.496-07:00

"Thou shalt have no gods before me ... except for MasterCard, Visa and American Express.That's the way the United States Bankruptcy Court for the Northern District of New York is reluctantly interpreting the controversial U.S. bankruptcy reform law that went into effect last October. The court says those going through bankruptcy may not tithe to their church or make other charitable donations ...

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1155004820791909612006-08-07T19:31:00.000-07:002006-08-07T19:40:20.820-07:00

If you aren't convinced that you need to avoid creditcards and all debt, for that matter. Read this recent series in the Boston Globe.No Mercy For ConsumersDignity Faces a SteamrollerEnforcers' Might Goes UncheckedRegulators, Policy Makers Rarely InterveneIf these articles make you realize the outrageous nature of the power of lenders today, write the Boston Globe and let them know what you

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1151337186007608822006-06-26T08:50:00.000-07:002006-06-26T08:53:06.026-07:00

There is currently legislation being considered that would take away more of your consumer protection against the shennanegans of credit card companies. Take a look at this. In case I didn't tell you, creditcards are the ticket to bankruptcy, even if you are financially conservative.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1151110902081241052006-06-23T17:54:00.000-07:002006-06-23T18:14:48.670-07:00

They have a program for creditcards that offers a free computer if you open an account. They claim the computer is more valuable than it really is, and sets up holders of these creditcards to pay much more for the computer than they would have ever agreed to pay. If you have been exposed to this program or have a friend or relative who has, then you might want to talk to this law firm. They are

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150995158788285542006-06-22T09:34:00.000-07:002006-06-22T10:16:44.353-07:00

When Congress passed the bankruptcy bill in 2005, what were they thinking? Look at the large number of lawsuits!Citibank forced to make changes in its marketing practices and cease billing card holders for products never ordered, and is caught allowing mortgage fraud. Class action against MBNA certified for breach of contract, fraud, and other claims. FIRST USA settles for $84.9 million in a

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150905016020621972006-06-21T08:39:00.000-07:002006-06-21T08:56:10.153-07:00

When you make charges on your creditcards in a foreign country, there are fees hidden in the currency exchange. Exchange rates fluctuate all the time, but the charge is made to your account in U.S. Dollars. When that is done, the bank charges a 1% currency-exchange fee, then on top of that, they most likely tack on another 2% for overseas purchases. The fees are extremely difficult to find on

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150735437920591262006-06-19T09:27:00.000-07:002006-06-19T09:48:41.030-07:00

The ruthless unfair business practices of credit card companies, may come back to roost when merchants who accept creditcards fight back. A lawsuit was filed back in Sept. 2005.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150473488498378692006-06-16T08:25:00.000-07:002006-06-16T08:58:08.526-07:00

Here is an example website that could be the king of deceptive advertising. When you do, however, take a close look at the fine print. Be careful not to let yourself be tempted. Even the creditcards fine print won't give you all the information you need. Remember that there are numerous trap doors which will invalidate the deal after you have opened the account. The creditcards fine print

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150236611069170172006-06-15T15:08:00.000-07:002006-06-15T10:57:06.266-07:00

What happens when the creditcard industry writes the laws? According to judges, its called anarchy. See this article. Creditcards are the modern tool of empire building, instead of guns. The more we use our creditcards, the more power we give our creditcards.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150235184910485652006-06-14T14:42:00.000-07:002006-06-14T08:18:09.576-07:00

The banks that issue creditcards are somehow above the law, it seems. They can put tons of deceptive ads on TV, in magazines, and in our mailboxes without consequences. See what this blogger found when he analyzed one of his creditcard offers. If you don't believe creditcards are the kiss of death financially, you need to take a closer look at who you're doing business with.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150206610051783852006-06-13T06:42:00.000-07:002006-06-13T06:50:10.070-07:00

Think about it. We fret over our credit rating, and even strategize on how to make our credit rating as high as possible. When you really get into this, you discover that the credit bureaus don't work for a government agency, aren't interested in consumer protection, and in effect will ignore everything you tell them unless the law requires a response. Even then their response is nothing more

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1150123469871307162006-06-12T07:25:00.000-07:002006-06-12T07:44:29.900-07:00

Merchant fees, another way consumers who are conned out of their money, regardless of whether they use creditcards..."Credit card companies do not want merchants to charge credit card users more than they charge other customers, even though the merchant pays a fee of 2 to 3 percent (merchants negotiate an exact percentage with their banks) to process credit payments. In some countries this fee

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149892300092971452006-06-10T14:46:00.000-07:002006-06-10T14:56:22.006-07:00

As I mentioned in a previous post, Citigroup has a track record of being anti-consumer, and even has involved itself in fraudulent business practices. Unfortunately, Citigroup is not alone. American Express, and many other companies are doing the same now. It is amazing what kinds of patterns you'll find if you do a little digging. One of the groups, World Financial Group, is an outlet for many

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149863386881132252006-06-09T07:27:00.000-07:002006-06-09T16:01:54.390-07:00

Are your creditcards playing havock with your credit report? First get rid of them. Then clean up your credit report. You might even be able to get agressive with your cleanup in small claims court. See this website for details.I don't usually recommend being litigious, however, if you don't defend your legal rights and you let these companies trash your finances by trashing your credit report,

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149775084620002572006-06-08T06:54:00.000-07:002006-06-08T06:58:04.646-07:00

This website has a seminar about eliminating creditcards. Consider some of their options for eliminating creditcards from your life, if you haven't already.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149688744651618822006-06-07T06:51:00.000-07:002006-06-07T06:59:04.663-07:00

How many suicides are prompted by excessive debt? With issuers of creditcards seeking out those who are likely to default, so they can collect more fees should be held responsible. Here is an article that agrees.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149602047343363282006-06-06T06:42:00.000-07:002006-06-06T06:54:07.363-07:00

Creditcards are sold to college students, even though 24 states have passed legislation between 1999 and 2001 limiting solicitation, they are still targets. The issuers of creditcards want to get them young. If they see creditcards as part of life, they'll see creditcards as a necessity.Teach your children, starting in first grade, that creditcards are NOT money. Teach them that creditcards are

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149522205821908052006-06-05T08:42:00.000-07:002006-06-05T08:43:25.836-07:00

Consider this case where a hacker accessed millions of accounts at major creditcard companies and how these creditcard companies took a rather nonchalant attitude toward the problem. What makes this such a large number of accounts is the consolidation of the creditcard industry. It also explains their complacency toward the problem.Citigroup has been consolidating into every area of banking,

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149255553731237652006-06-02T06:27:00.000-07:002006-06-02T06:39:13.760-07:00

Just take a look at a website called Ripoff Report. The sheer volume of complaints by people is staggering. It is convenient to use creditcards, but it is also convenient for thieves to make fraudulent charges and it is easy for the issuers of creditcards to make unauthorized charges. Don't kid yourself, it is up to the issuer of creditcards to determine whether charges are fraudulent. If

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149185922994488562006-06-01T08:42:00.000-07:002006-06-01T11:18:43.056-07:00

Do you want to get back at the issuers of creditcards? Pay off your creditcards. A Wall Street Journal writer, Robin Sidel, reports that issuers of creditcards suffer when customers pay down their balances on their creditcards.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1149090737274631282006-05-31T08:45:00.000-07:002006-05-31T19:56:15.346-07:00

Issuers of creditcards obviously are above the law. Watch some of their commercials on TV. The ads have nothing to do with opening accounts for creditcards. They have everything to do with promising that you are financially smart if you open your account with the company advertising. They use premiums such as putting a 1% amount of each purpose in a savings account, but they fail to tell you

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148996307692643542006-05-30T06:18:00.000-07:002006-05-31T19:48:30.216-07:00

1. Industry Consolidation. In the 1990s there were 10 issuers of creditcards. Today, we are down to 5. The business hasn't been growing lately, so the issuers of creditcards are trying to steal business from each other. Now they are buying out competitors, and that means less competition. That is bad news for customers.2. Growth in Small Charges. To grow the outstanding balances on creditcards,

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148835443133272272006-05-28T09:46:00.000-07:002006-05-31T20:00:29.730-07:00

Here is a short film from 1960 to teach about the wise use of credit. (Windows Media File) It seems that things have changed a bit. Banks don't rely on Character, Capacity, and Capital anymore. They issue creditcards to anyone who will have them. They now target those who have just filed bankruptcy - not to help them, but because they know they can't file bankruptcy again for a long while.The

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com1tag:blogger.com,1999:blog-12138551.post-1148650436809572282006-05-27T06:05:00.000-07:002006-05-28T09:27:40.166-07:00

I'm having fun with these old films. This one is about Money (Windows Media File). When you watch this you'll hear the narrator tell you that money has to be something of value, and that our money is backed by gold and silver in the treasury. Folks, our money is simply a promissory note based on the faith in our government to redeem it for it's face value. Our fractional reserve system has

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148563596436339672006-05-26T06:11:00.000-07:002006-05-31T20:35:50.883-07:00

Not many years after the depression, the solution to addressing the problems of life's financial emergencies was to borrow as illustrated in a movie from 1935 called "Financing the American Family"(Windows Media File). Seems we didn't learn our lesson from the depression. This is our banking system is leveraging its political power, setting the problems we have today in motion. Lending to

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148485319237191722006-05-25T08:36:00.000-07:002006-05-25T06:06:11.240-07:00

Take a look at this old TV commercial. (Real Audio File) It starts out with a shady character that ends up being the hero of the commercial. Think maybe this was a Freudian slip? The shady characters of banking have convinced us that using credit cards is necessary, and that borrowing money to buy things is not only necessary, but financially savvy.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148484808060720302006-05-24T08:13:00.000-07:002006-05-24T08:33:28.110-07:00

One of the major problems we have in our financial education these days is distinguishing between needs and wants. Our banks have greatly influenced our financial education by posing as the expert source for learning money management. That is like letting the fox watch the Hen house. They are going to encourage us to borrow money, use credit cards, spend everything we make to boost the economy

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148391244385118342006-05-23T06:20:00.000-07:002006-05-23T06:34:04.400-07:00

It is pretty ironic when the place you go to get financial counseling, the very government approved agencies that become your financial guide when your in trouble, get in financial trouble themselves. That sure instills confidence doesn't it? Maybe they just don't get it. They have faith in this flawed fiat currency method of money management - it just doesn't work. What do you expect? The

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148305384666207362006-05-22T06:36:00.000-07:002006-05-22T06:43:04.703-07:00

Credit card contract formation methods should be illegal. You are asked to sign the agreement before you see it, by signing the application. What are they hiding?Here are some especially problematic terms that can be in your contract: Two-cycle billing. This uses two months of balances to come up with the average daily balance. It can be a big problem for borrowers who only rarely keep balances

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1148045639788203842006-05-19T06:27:00.000-07:002006-05-19T06:33:59.803-07:00

Often times, the reason we find ourselves deep in debt is due to a catastrophe of some type. According to research done at Harvard University, 50% of bankruptcies are due to medical bills. This means we must plan ahead for these unexpected events. One way to do this is to do some asset protection. This is especially needed if you get a judgment against you that could wipe you out.We live in a

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147877041289629942006-05-17T07:37:00.000-07:002006-05-18T06:47:47.086-07:00

Most people think student loans are a good investment. What they don't know about Sallie Mae, student loan guarantees, could be hazardous to their careers and financial future. Be sure to watch the video at the link I've provided here.To quote Elizabeth Warren, "It's a market in which the protection goes to the lender. And the students get served up like turkeys at the Thanksgiving dinner."

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147869306821021412006-05-17T05:29:00.000-07:002006-05-17T05:35:06.833-07:00

One of the things that people need to pay closer attention to is how long it would take for them to pay off their credit card balance. Of course calculating this assumes you stop charging to your account and make the same payment every month until it is paid off, which is something that would only happen in a perfect world. But this calculation does give you a sense of what that debt is costing

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147786646839026432006-05-16T06:34:00.000-07:002006-05-16T06:37:26.850-07:00

It has been awhile since I mentioned this, but it is an excellent introduction to the problems of using credit cards. Frontline really does some hard hitting journalism, since they are not as sensitive to advertisers than news on the typical commercial TV stations. This report is shocking, if you have never heard about "Universal Default."

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147732862649471692006-05-15T15:31:00.000-07:002006-05-15T15:41:02.660-07:00

For those of us in debt, sometimes it seems like we can never overcome the monster that rules our lives. It is possible though. See stories of those who have. Dave Ramsey's Financial Peace University is a way to have a support group that helps you overcome the behaviors that keep us in debt. If you don't want or need a group, he has this plan and how to make it work for you in a book.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147528252241652242006-05-13T06:45:00.000-07:002006-05-13T06:50:52.260-07:00

If you are not using credit cards, you probably still get loads of junk mail of preapproved credit cards, especially if you have just filed for bankruptcy. Go here to find out how to stop the madness, and remove the temptation to open an account "just for emergencies."

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147445029722795872006-05-12T07:36:00.000-07:002006-05-12T07:43:49.733-07:00

The Center for American Progress has just released a report that finds:Debt has expanded by 30.3 percentage points to 108.4 percent ofincome – the first time since the Federal Reserve started conductingthis survey that debt exceeded income.Despite low interest rates, debt payments surged to new highs. In2004, the typical family spent more than 18 percent of its income ondebt payments – the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147384139741436772006-05-11T14:44:00.000-07:002006-05-11T14:48:59.760-07:00

This message reached my inbox today from Downside DC, a grass roots effort to hold Congress accountable to the laws they create."Gold reached $700 an ounce on Tuesday.The media, being economically ignorant, mentions oil, Iran, and sunspots as possible causes.We're just kidding about the sunspots. But it is important to note that no one in the media knows to mention an increasing money supply as

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147354893061377382006-05-11T06:32:00.000-07:002006-05-11T06:41:33.073-07:00

When credit card companies try to collect from you by taking you to court, they rely on your signature on the application as proof that you agreed to their contractual terms. First of all you didn't see the terms before you supplied your signature, and second they can't be sure it really is your signature. They didn't make sure it was.John Hargrave at Zug.com decided to test the signature

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147233757953841462006-05-09T20:59:00.000-07:002006-05-10T07:26:01.593-07:00

There is a new movie that is probably being sold on video and/or DVD that would be good for anyone interested in this topic to see. the website is www.maxedoutmovie.com There are some interesting clips on the website. If you think credit cards are a necessary financial tool that you can't live without, you definitely need to see this.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147217828128418752006-05-09T16:24:00.000-07:002006-05-09T16:37:08.140-07:00

I haven't mentioned this in awhile, but I think it is worth mentioning again. If you think you understand what is in your credit card agreement, you are mistaken. There are a wide array of tricky twists and turns in the agreement that many attorneys have difficulty decifering. One such twist is called "Universal Default" which means that when the credit card company periodically checks your

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1147107642402462922006-05-08T09:57:00.000-07:002006-05-08T10:00:42.413-07:00

Teenagers are targeted by credit card companies. They are being taught to become dependent on having a credit card, and that it is a sign of maturity to have and use a credit card. As a result they learn to live with debt. As I mentioned before Junior Achievement is telling 1st graders that credit cards are money. We are grooming future candidates for bankruptcy.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1146839097847760162006-05-05T07:15:00.000-07:002006-05-05T07:24:57.856-07:00

According to a report from Los Angeles NBC Channel 4, credit card companies are sending credit card offers to those who have filed bankruptcy. This just goes to tshow you that they want to find people who will default. As mentioned in previous posts, they make 75% of their profit from people who default. That is probably why they pull tricks like creep the due dates on accounts so that people

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1146766115453333472006-05-04T11:03:00.000-07:002006-05-04T11:50:48.796-07:00

You likely will not find an attorney to help you get out of paying a debt - they don't do that. They'll defend you, but the first thing they'll do is negotiate a settlement, even if you don't owe the debt. That is fine, if you can afford to settle. If you can't you will have to defend yourself and force the creditor to prove you owe the debt. In the case of credit cards, they are hard pressed to

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com1tag:blogger.com,1999:blog-12138551.post-1146749808720733852006-05-04T06:25:00.000-07:002006-05-04T06:36:48.743-07:00

Most of us are fairly ignorant when it comes to making financial decisions. No one is born with the skills. Fortunately educators are responding to this in various states. However, they are letting the fox in the hen house. Here is an example of how the subtle nature of these programs teaches kids to be consumers, not savers. Banks are teaching our kids how to manage money - do you think

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1146663080679536852006-05-03T06:23:00.000-07:002006-05-03T06:31:20.696-07:00

Are you at the point where you have creditors hounding you? Not the original creditors, but its been long enough that your account has gone to collection agencies? And you can't seem to find the resources to pay up? In that case, it may be best to start enforcing your rights as a debtor, and hold them off as long as possible. Here is one of the best resources I've found to do that - better

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1146583812185005662006-05-02T08:22:00.000-07:002006-05-02T08:30:12.186-07:00

What I did to raise money to pay debts was to go through my house and find things I could sell to get the money I needed. Click here for eBay! It is free to sign up, and they have free tutorials on how to list items. If you need to raise money to pay off debts, you need to consider this easy way to turn stuff in your house into money to pay off debts.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1146539958944434502006-05-01T20:19:00.000-07:002006-05-01T20:19:19.710-07:00

Here is a sign of the times.  Utah passes a new law that bars class action suits against credit card companies.  Are you mad yet?

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1146447412923531292006-04-30T18:26:00.000-07:002006-05-04T11:40:24.706-07:00

Over the time I have had this blog, I have been ranting and raving about the banks and credit card companies and their abuses of consumers. Well, I think that goes to show that if you are going to see any change in your own finances, you have to recognize the problem, admit it is affecting you, and get mad about how you're being treated as a consumer and vote with your pocketbook.That is why I

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1139615422250114652006-02-10T15:45:00.000-08:002006-02-10T15:50:22.280-08:00

Bankrate.com has listed 10 myths about bankruptcy.Speaking of myths, what leads to bankruptcy is believing the myths about debt. So... here is my list of 10 myths about debt.1. Debt consolidation saves interest, and you have one smaller payment. The truth is debt consolidation is dangerous because you only treat the symptom of a deeper problem - addiction to a lifestyle you can't afford. You

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1136936246525067812006-01-10T15:34:00.000-08:002006-01-10T15:37:26.536-08:00

Now that the new bankruptcy law is in effect, if you are hanging on by a thread, and making minimum payments on your credit cards, you are in for another attack from the credit card companies. Minimum payments are being raised, by law. It is kind of a belated Christmas present from Credit Card companies.Good luck. I hope you aren't stretched that thin.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1132159394496880512005-11-16T08:18:00.000-08:002005-11-16T08:51:26.883-08:00

The law firm Milavetz, Gallop & Milavetz P.A. is challenging the constitutionality of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) for allegedly violating the First and Fifth Amendment rights of attorneys and consumers. The declaratory judgment petition challenges BAPCPA’s ability to limit attorneys’ advice to clients and would stop classifying attorneys as “debt

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1128911820942872592005-10-09T18:56:00.000-07:002005-11-16T08:51:05.723-08:00

The new bankruptcy law is about to take effect on the 17th of this month. This new law is going to make it more difficult to declare bankruptcy with the new "means test" and new filing requirements that will increase the expense both in time and effort as well as attorney's fees. See a report here.Attorneys are also taking on more potential liability for the accuracy of the information in the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1114904621527163522005-09-27T06:27:00.000-07:002005-09-27T06:28:52.350-07:00

I posted this before, but it has become difficult to find in the archives. Since I have recommended this to many people, here it is again.People tell me that credit cards are necessary in today's economy, for the convenience of payment. That is why many people never carry balances. These people are considered "deadbeats" by the credit card industry. Why? Because they don't provide profits to the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-1124039617571517602005-08-14T10:01:00.000-07:002005-08-14T10:13:37.580-07:00

I finally got a response from the OCC on my complaint about MBNA. If you remember, it was about reviewing the contract before applying for an account. Apparently banks and credit cards don't have to tell you what you are promising them until you are obligated.Here is the text of the letter:“The Office of the Comptroller of the Currency (OCC) is responding to your letter regarding the

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0