Credit Cards | featured news

Soaring unemployment and a shrinking economy drove delinquencies on credit card debt to an all-time high in the first quarter.

Administration proposes new agency to oversee consumer finance, drawing industry resistance.

In 361-64 vote, House gives final approval to legislation, ensuring that Obama will be able to sign the bill into law by Memorial Day.

Unable to stop the tide of foreclosures and job losses, lawmakers are hoping to give voters at least some breathing room in the ...

Advanta Corp., the issuer of credit cards for small businesses, will halt new lending for its 1 million customers next month as the recession causes a surge in loan defaults. ... Advanta said ... charge-offs, or uncollectible debt, reached 20 percent on some cards as of March 31.

In his weekly radio address, the president said Americans “have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common to our credit card industry.”.

Credit cards are as much a part of the American economy as $20 bills, but a fervent subset of consumers has sworn off plastic money altogether.

The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday.

Legislation to rein in credit card practices and eliminate sudden rate hikes and late fees that have entangled millions of American consumers is getting closer to becoming law, bolstered by presidential pressure and the backdrop of economic calamity.

President Barack Obama tells US credit card firms to scrap unfair interest rates and be fairer to customers.