Consumer Credit, Credit Cards | featured news

Also: What to do when credit limits suddenly drop, and whether IRAs offer protection from legal claims.

Dear Liz: My question is whether I should file for bankruptcy or try to settle my debts.

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

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.

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.”.

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 curb credit card fees and limit consumer penalties cleared a congressional panel on Wednesday, a day ahead of a meeting between industry executives and President Barack Obama at the White House.