Correction!
August 27, 2009 by Marcy Einhorn, Esq.
Got Creditors! One-hour Free Seminar! 535 5th Street NOT 5th Ave.Between Ave. A and B Perseverence HouseHosted by GOLES Send article as PDF Read More →
Tonight's LocationCorrection!
August 27, 2009 by Marcy Einhorn, Esq.
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Free Seminar!
August 25, 2009 by Marcy Einhorn, Esq.
Got Creditors? Learn the 3 things to do first if you have to go to court! Date: August 27, 2009 Time: 6:30-7:30 pm Place: Perseverence House 535 5th Ave. NYC Discount copies of my ebook available after the program. Send article as PDF Read More →
They Took My Money!
August 13, 2009 by Marcy Einhorn, Esq.
Yes, they can! Did you know that creditors who get a judgment against you in court can legally take money out of your paycheck to pay off the judgment? Fortunately, the amount they can take out is closely regulated by statute. In the next few days I’ll be talking about how much creditors can “garnish” from your wages, and how to challenge the amount if you think you’re being “taken.” Send article as PDF Read More →
Card Companies Drop Fees
August 12, 2009 by Marcy Einhorn, Esq.
The New York Times reports that American Express and Discover are dropping fees for going over the limit on credit card charges.
These transactions, once free, became fee-based as a “service” to consumers, so their transactions wouldn’t be bounced, embarrassing them in front of friends, say at a restaurant. Originally the fees were $10.00.
But the card companies soon realized they could make more money on these fees, and eventually the fees reached the $30 mark, and higher.
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Demos – Ideas
August 11, 2009 by Marcy Einhorn, Esq.
Demos – Ideas & Action Posted using ShareThis Send article as PDF Read More →
Oversight of Credit Card Industry Practices
August 7, 2009 by Marcy Einhorn, Esq.
With the enactment of the Credit Card Bill of Rights in May 2009, the federal government takes on responsibility for greater oversight of credit cards:
* credit card agreements must be posted on the internet and on the Federal Reserve Board websites
* The Federal Reserve Board reviews credit card agreements now, terms, practices and the cost and availability of credit to consumers
* Federal Trade Commission oversees marketing of free credit reports.
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Penalties and Protections under the Credit Cardholders Bill of Rights
August 7, 2009 by Marcy Einhorn, Esq.
Penalties against credit card companies for violations of the Truth in Lending Act have been increased (more about this in a future blog).
All gift cards must have a 5-year life span. No more declining values or hidden fees for cards used within a reasonable time.
Small business tech security needs to be addressed by a Small Business Information Task Force.
Study of Financial Literacy education needs and development of a strategic plan underway.
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Credit Cards and Young People
August 6, 2009 by Marcy Einhorn, Esq.
Now, people under 21 must have a responsible adult sign an application for a credit card, or give proof that they have an independent means of repaying any credit.
Prescreened offers to young consumers are limited.
Jointly liable adults must agree to an increase in the credit limit.
More protections for students against aggressive credit card marketing. Transparency when it comes to relationships between card companies and universities.
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More Disclosure Required
August 5, 2009 by Marcy Einhorn, Esq.
Known as “The Card Act of 2009,” the new legislation requires more information to credit card holders:
* At least 45 days notice of interest rate, fee and finance charge increases
* Disclosure to card holders on renewal, when terms have changed
* Disclosure of the time it will take to pay off a card if only the minimum payments are made
* Full disclosure of payment due dates and late payment penalties in the billing statement
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