Word: credititis
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...turning a profit in the process. These days, nearly 1 in 10 nongovernmental employees works for a private equity-owned company, and that, says longtime industry reporter Josh Kosman, is a big problem. In his new book, The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis, Kosman argues that private-equity firms not only pillage the companies they buy, but also put the broader economy at risk by making those companies take on copious amounts of debt. TIME's Barbara Kiviat spoke with Kosman about where he thinks the industry is headed...
...twice as powerful (and there's often more than one), the TV is flat and gets 900 channels, and we expect the grocery store to have strawberries year-round and about 50 flavors of mustard. Small wonder we started charging our life-insurance premiums on our credit cards; we only expected to pay when we died...
...Banks, credit-card companies and other financial firms are doing everything they can to wean us off paper. Tracking our accounts online is better for the environment, they say, more convenient and safer too, since we won't have sensitive data sitting in our mailboxes. (The fact that firms save about $1 per statement tends not to make it into the pitch...
Companies are asking, cajoling, even paying people to ditch paper--and it's working. Two years ago, 13% of us got credit-card statements online only; today, 24% do. But as we stop holding that information in our hands once a month in favor of glancing at account balances on our computers or cell phones moments before we buy, could we be losing the big picture of where all the money goes...
Some Americans, and certainly the banks, don’t see a need for tighter regulation of credit and/or debit cards. If people can’t stop themselves from spending money at the mall, they should have to suffer the consequences, even if the shape those consequences might take is never entirely clear. That’s one theory. Another line of reasoning: Much of what governs people’s behavior when it comes to credit and debit cards are poorly designed rules, which allow things like overdraft services to systematically take advantage of people?...