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New Credit Card Rules…

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I was watching the news last night and was amazed by a story about a guy whose credit limit was reduced because of his new spending habits – more specifically, where he shopped. Changes in habits, like shopping at high end stores similar to Macy’s and Niemen Marcus then suddenly shopping only at dollar stores and Walmart, can influence your credit – or so the story goes.

Rather than let the issue drop, the man has turned into an activist for consumers. His website, though not updated regularly, gives some good information on important issues such as the Credit Card Bill of Rights and consumer lending laws.

If you’re having a slow day, check it out:

www.newcreditrules.com

On a side note, I think he has a good idea and his dedication is admirable but wouldn’t it be easier to not be taken advantage of if you get rid of the credit cards entirely? It seems like the site should read, ‘You are all VICTIMS’ at the top. Activism on consumer protection is necessary BUT so is consumer responsibility.

*Warning* I can’t verify the validity of his claims but he has been all over our local news stations and on Good Morning America and they are far better at fact checking than I am.


Insight on the Cash for Clunkers…

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I’ve missed three days of work and counting thanks to the flu. Rather than feeling better, I feel worse. My sister lovingly said, ‘I think that’s a sign of the swine flu.’

Thanks. Now I’ve got THAT to worry about.

In all my sitting at home time – most of which is spent in complete misery – I am able to squint open my eyes and read some of the daily news. I stumbled upon this headlining article at AOL…

http://autos.aol.com/article/cash-for-clunkers-greenwash

I found two quotes particularly eye opening…

‘Three revealing line items in a separate CNW survey noted that the drain on the family coffers would be offset by reducing the pay-down of credit card debt, deferring home improvement and removing money from non-targeted savings.’

and

‘Other critics groused that Cars for Clunkers took $2.8 billion from the general roster of 300 million citizens and handed it tax-free to a small group of 700,000 citizens.’

What are your thoughts?


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