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Credit cards

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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Annie Leibovitz avoids mandatory credit counseling in New York

ABC News reports that Annie Leibovitz reached an agreement with her creditors that, at least for now, staves off the need for a bankruptcy filing. What if Annie Leibovitz had filed for bankruptcy in New York? Would she have to go through mandatory credit counseling (cost:  $50) as required by the 2005 Bankruptcy Abuse Prevention …

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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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BAPCPA Man #2 – Automatic Stay Forcefield

With permission from Bankruptcy Bill himself, here’s BAPCPA Man’s latest heroics, this time in connection with the automatic stay which he appropriately likens to a forcefield. The cartoon also illustrates a good point about electronic filing, namely that bankruptcy lawyers don’t physically go to the courthouse, but instead usually file cases electronically from the computer …

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New York personal bankruptcy rate likely to continue to increase

New York’s unemployment rate has increased to 8.7% from 8.2%, the worst it’s been since October 1992.  (FYI, the national rate just moved from 9.4% up to 9.5%, so New York is doing relatively well, but still…) On healthcare, our government is facing an uphill battle in creating some sort of national healthcare option that …

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Understanding your credit score in the new economy

A recent Washington Post article on credit scores (“Credit Score Shell Game“) is very illuminating.  It’s one more example of how the world of credit cards is getting less warm and fuzzy and how struggling Americans can get scammed in the process. The gist of it is that: Credit scores are becoming more important as …

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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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