27th

November, 2014

Feds Study Credit Card Industry’s Arbitration Policy

Although most cardholders are not aware of it, credit card companies require that you voluntarily give up some of your legal options as part of your card membership. By accepting the terms and conditions of virtually any credit card issued in the U.S., you automatically accept the use of 3rd-party arbitration of legal disputes. The policy is highly controversial, which is why the Federal Office of Management and Budget just approved a request from the Consumer Financial Protection Bureau (CFPB) to conduct a national telephone survey of 1,000 credit card holders. The approval for the survey to go forward was…

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26th

November, 2014

The Ultimate Shopper’s Guide to Maximize Your Gift Budget

With the holidays among us, it can be a bit overwhelming finding out how to make the most of your money and figure out a way to find and afford everything on your list without going over your budget. We’ve created the ultimate shopper’s guide that will help you learn how to maximize your gift budget, take advantage of sales and help eliminate some of that holiday stress! Our infographic, Black Friday Countdown: Doorbuster Deals Without the Debt is packed with tips and tricks for shopping, avoiding debt, and creative ways to save money during the holidays and still spread…

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25th

November, 2014

Feds File Lawsuits in Scheme Related to Payday Loans

Anyone who reads my blogs knows that I am a huge fan of consumer protection, and that I am also an avid critic of the so-called “payday loans.” Don’t get me wrong; I have nothing against someone taking out a short-term loan to get their hands on some emergency cash. I fully support the legal and ethical lending community, and I depend on it all the time as a consumer. The axe I have to grind is with payday lenders. They often engage in what amounts to predatory lending practices by charging exorbitantly high rates of interest or tack on…

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21st

November, 2014

Credit Cards in the News: November 15-21, 2014

Credit card news pops up every week and it’s not always easy to keep track of each story, especially all the stories about credit card fraud. That’s why we provide you with a summary of the top stories on CompareWallet so you can read what matters the most and not have to worry about all the other stuff. Here are the highlights for November 15-21, 2014. FICO Score 9 Available to TransUnion TransUnion announced this week that FICO Score 9 is available for lenders and other businesses, which is good news for borrowers. The program is designed to improve how…

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20th

November, 2014

EMV Credit Card Fraud Already Present

Three U.S. financial institutions recently reported that they were flooded with fraudulent credit and debit card transactions. What was particularly strange was that this happened despite the fact that the charges were attributed to the newer, more innovative, and much more secure, chip-enabled cards. Although the charges showed up as coming from credit cards with the newly embedded chip technology, the transactions were dated before these banks had even issued any chip-enabled plastic. Before you get too worried, I can reassure you that your chip-enabled cards are not flawed or vulnerable. In this case, the primary victims involved were the…

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