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...Your credit-card mess?" Featherless had been despondent the last time I saw him, because Visa, MasterCard and American Express had taken away his plastic money. "I've been declared a cardless person," he had said then, pouring ashes from his backyard grill on his head. "I'm a man without a card." He had the haunted look of a traveler condemned to shuttle reservationless between Marriott and Holiday Inn, with no Magic Fingers to strum his backbone...

Author: /time Magazine | Title: Business: I'm a Cardless Person | 5/26/1980 | See Source »

...Cubans who shared those sympathies were able to sail away without opposition, as was violently demonstrated in Havana. Some 500 Cubans, mostly former political prisoners, began clamoring for U.S. visas outside the offices of the U.S. Interest Section, which represents the U.S. on the island in the absence of diplomatic relations between the two countries. Suddenly several buses pulled up, and scores of their country men jumped out. Swinging tire irons, pipes and chains, they into the throng as police stood by and watched. After 20 minutes, more police arrived and the fighting stopped, but not before a dozen were...

Author: /time Magazine | Title: CUBA: The Flotilla Grows | 5/12/1980 | See Source »

...credit, on the theory that heavy borrowing has fueled inflationary buying. The Fed immediately issued tough guidelines. Last week banks, department stores and other lenders began setting up rules to stay within the guidelines. Samples from Manhattan's Citibank, the second largest bank in the U.S.: no new Visa or Master Card credit cards; cash advances on existing cards to be limited to $300, vs. a previous maximum of $10,000; minimum monthly payment on bills charged on cards now outstanding raised to $15, from $5. All that will make it more difficult for consumers to borrow to meet...

Author: /time Magazine | Title: Nation: A Time of Wild Gyrations | 4/7/1980 | See Source »

...reason they were in trouble; another was the $1,200 that they had accumulated in medical bills. Hard pressed for cash, the couple had begun to rely heavily on credit cards late in 1978. "We'd borrow from Diners Club to meet the utility payments and from Visa to pay for groceries," recalls Lynda. Eventually, that house of cards collapsed. Buried under bills and harassed by creditors, the Hobsons turned to an attorney, who sought shelter for them under the recently overhauled federal Bankruptcy Act. The Hobsons paid a $60 filing fee, and soon afterward a judge approved...

Author: /time Magazine | Title: Law: In Search of Life After Debt | 4/7/1980 | See Source »

...credit-card purchases is 18% on an annual basis for the first $500 and 12% on everything above that. But banks are now paying as much as 19% to borrow the money they lend. Citibank, the nation's second largest financial institution, has threatened to incorporate all its Visa and MasterCard business in South Dakota, where bank cards may charge as much as 24%, unless New York raises the level of interest that can be charged. Chicago's First National Bank is instituting a $20 fee for the previously gratis Visa card. Such fees may enable banks...

Author: /time Magazine | Title: Business: The Shaky House of Cards | 3/31/1980 | See Source »

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