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Credit card laws

Do we really need a Consumer Finance Protection Agency? Toyota’s example indicates “YES”

There’s a great cartoon on the Center for Responsible Lending’s website that points out the silliness of the arguments against the creation of a Consumer Finance Protection Agency (CFPA). The gist of the cartoon is that if Toyota and the auto industry made the same arguments being used by opponents of the CFPA, there would …

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Credit card practices “explained”….in a funny and satirical way

If you weren’t already cynical about the credit card industry’s practices in the face of the Credit CARD Act of 2009 which went into effect yesterday (Feb 22, 2010), take a look at this very funny and “educational” video by Mark Fiore: [youtube=http://www.youtube.com/watch?v=NCJHi-b0rhw&feature=player_embedded] Click here to read more posts on NYBankruptcyNet about credit cards For …

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The new credit card law: What New Yorkers need to know to protect themselves

The Credit CARD Act of 2009 goes into effect TODAY, February 22, 2010. What does it mean for New Yorkers like you and me? Will it really help us? Is there anything we have to watch out for? The answers:  More protections.  Yes, to some extent.  And yes, there are things to watch out for. …

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Credit card companies increase rates as holiday season approaches

Just in case you thought things weren’t bad enough, the credit card companies are stepping up to make sure you know that things can get worse according to a recent article in the Denver Post. As holiday season approaches, credit card companies have been raising rates (sometimes double or event triple the previous rate), increasing …

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Should I max out my credit cards before I file for bankruptcy?

Q:  Since all of my debts will be discharged after I file for bankruptcy, should I go ahead and max out my credit cards before I file for bankruptcy in New York? A:  NO.  DO NOT RUN UP BIG CREDIT CARD BILLS BEFORE YOU FILE FOR BANKRUPTCY IN NEW YORK. If the bankruptcy judge believes …

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Non-bank lenders and the Consumer Financial Protection Agency

We hear a lot of terms that refer to players in the money lending industry.  Banks, mortgage lenders, credit card companies, subprime lenders, mortgage brokers, etc. One distinction we don’t hear a lot about, though, is the one between banks and non-bank lenders.  The difference is that banks are subject to much more regulation and …

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Can I rebuild my credit after bankruptcy in New York?

Yes, you can rebuild your credit within a few years if you’re careful about your finances and pay your bills on time after you’re done with your bankruptcy case. A lot of people worry about their credit history when they consider filing for bankruptcy in New York.  It’s a legitimate concern and a healthy impulse …

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New credit card laws and what they mean for you

The rules for credit cards will soon change.  The Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 (such a clever acronym) is set and ready to go into effect in 2010. How will this affect you?  Well, according to an article in today’s Washington Post, the main things are that it will: Lead …

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