Word: credit-card
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...credit-card companies, it's not sufficient that customers pay their bills on time every month; they must also avoid a daunting array of borrowing habits that lenders deem risky. Like borrowing. Katie Groves, 42, learned this firsthand when the annual interest rate on her Chase Visa bill jumped to 29.99%?from the previous 12%. Although she had never missed a payment and owed only $500, she was told that her rate had increased because Chase had checked her credit report...
...ending universal default is only the start of sweeping changes to the lightly regulated, $160 billion credit-card industry that are being demanded by consumers and lawmakers alike. Both Hillary Clinton and Barack Obama are campaigning for credit-card reform. On Feb. 7, Representatives Carolyn Maloney and Barney Frank introduced a credit-card bill of rights that would make it harder for issuers to add fees and hike rates. Senator Carl Levin is also sponsoring a bill that would cap rate increases, rein in fees and require clearer disclosures of all costs...
...happy ending to the fable of the subprime-mortgage market, for BofA it is really the climax of a 30-year saga of grand ambition. What next? "The only way to really succeed," Lewis says, "is to find beauty and excitement in organic growth." For BofA, that means getting credit-card holders to open checking accounts and turning mortgage borrowers into private-banking clients. It's the same strategy that Citi has pursued without much success, but Lewis says his bank is focused on just one country, the U.S. "That's a big advantage and a big difference," he says...
American Express sued MasterCard and Visa in 2004, alleging that you tried to keep it out of the credit-card business. Visa settled for up to $2.25 billion. Does that put more pressure...
...August about Fed Chairman Ben Bernanke became a YouTube favorite. So it's hardly surprising that this book makes Cramer-sized claims about who can become wealthy: "I don't care if you don't have two cents to your name or if you owe thousands of dollars in credit-card debt." But he displays surprising earnestness in showing readers how to beat the market by saving steadily and studying...