New federal limits on debit card fees have banks scrambling
for ways to recoup lost revenue this year. Back in October, Bank of America came under a firestorm of criticism for implementing a $5 monthly fee (just for using a debit card) to make up for the losses. While most institutions have backpedaled and abandoned the monthly fees that were initiated on the heels of the new regulations, many banks have revisited the issue and are quietly introducing new or increased banking fees. Read More →

Whether by choice or by necessity, Americans have ‘battened down the hatches’ when it comes to their personal finances this year. Consumer credit card debt continues to fall and default rates have been drastically reduced since the economic downturn began. As a result, many expect it to be easier to get approved for a credit card in 2012. While it’s not likely that credit card companies will open the floodgates and hand out credit cards like they did several years ago, consumers with decent credit should find it easier to obtain a new credit card in the coming year. Read More →

The newly established Consumer Financial Protection Bureau (CFPB) was setup to enforce federal financial laws, but it
also accepts consumer complaints regarding credit cards. A recent summary by the agency shows complaints received from July through October. Approximately 5,000 complaints were filed during that period, with most being turned over to credit card issuers. Half were resolved, and when necessary, some were turned over to law enforcement officials. Read More →

A ruling by the U.S. Supreme Court in 1978 effectually rendered states powerless to impose restrictions against any lending institution based in a different state. The decision benefited larger lenders who moved their headquarters to states with weak or nonexistent consumer lending laws. But with the frustrations of Americans growing, reflected in the Occupy Walls Street protesters mass demonstrations against financial greed and corruption, a bill was introduced last month to address some of the concerns. Read More →

It’s safe to say that many American’s are dependent on their credit cards. Even though consumer credit card debt has fallen for the last two years, 609.8 million credit cards are held by U.S. consumers with an average of 3.5 credit cards per individual. Luckily, many Americans have reduced their credit card spending due to the recent economic downturn. But for others, it continues to be impossible to resist the temptation of purchasing things they can’t afford. The euphoria associated with making a credit card purchase can be like a drug for many consumers, and a study by the Journal of Consumer Research supports this phenomenon. Read More →

A surprisingly little known line item to improve tax compliance was included in a housing reform bill (HERA) passed way back in 2008 and took effect in January in time for the filing of 2011 tax returns. Although consumers are not required to provide information to comply with the new credit reporting reforms, certain credit card and third party network payments, such as eBay, are asked to ‘voluntarily’ submit a 1099-K from to help “improve voluntary tax compliance by business taxpayers and help the IRS determine whether their tax returns are correct and complete.” Read More →