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All of the effort President Obama has put into financial reforms: the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Credit CARD Act of 2009, could be in danger if Mitt Romney is elected the new President.

Mitt Romney and other high profile members of the GOP oppose the attempts to regulate the credit card industry Obama has made.

Facts and Information for cardholders on the two legislations:

The Dodd-Frank Reform signed into law by President Barack Obama on July 21, 2010

• Wall Street has deeper regulatory changes, stronger transparency of financial markets included.
• Consumer Financial Protection Bureau, introduced along with financial products with disclosures with specified standards
• Bail-outs and dissolution of bankrupt companies, coordinated by the government, at the discretion of the Federal Reserve in unusual or exigent circumstances
• Tightened regulations and improved accounting of credit rating agencies

The CARD Act signed into law by President Barack Obama on May 22, 2009

• Additional transparency to monthly statements of credit cards
• Universal Penalty and Late fee structure setup, including for first violation $25 and second $35 within the next six months.

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Tags: Credit Card, Mitt Romney, Romney

Credit card issuers are increasingly trying to lure customers back with rewards cards, reports The Chicago Tribune.

But while the cards may come with perks, they don’t come with the greatest interest rates. And as our Chicago bankruptcy lawyers point out, that can lead to trouble for Illinois consumers.

Credit card companies mailed out 37 percent more offers last year than in 2010. Most of those solicitations were sent to people with the highest credit ratings.

The Tribune article looks at the best rewards cards for Illinois students, who are typically excluded from offers because of either their lack of credit history or large amount of debt.

But maybe it’s a good thing that it’s more difficult for young people to qualify for a good rewards card.

While the cards may seem like a boon for customers, they’re really just a marketing tactic for banks, who are looking for new ways to sign up cardholders after several years of tightening credit.

Most rewards cards offer 1 percent back on purchases, while the very best cards offer 5 percent back for specific categories like gas and groceries.

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Tags: Chicago, Credit Card, Rewards Cards

The credit card issuers send their accounts receivable data to the credit reporting agencies on a monthly basis.  This information contains your credit limit, amount you owe (balance), minimum payment, date of last payment and payment date.  If you used your credit card that month, there will be a balance due on your statement.  When you pay your bill, your account is credited for that amount.  The issue is that you will always show a balance on your credit report, if you use your credit card and pay your statement when you receive it.

To avoid showing a balance, you need to pay your bill before the closing date of the current month. Don’t charge on your card between the date you pay and the end of the cycle or you will still show a balance.  For example, the closing date on your account is September 30.  Let’s say today is September 26 and you have charged $600 since you last statement. You can p

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Tags: Balance, Credit Card, Credit Report

TransUnion, a national credit reporting agency, recently released findings that show an overwhelming number of people are paying their credit card bills on time and limiting how much they are charging.

It may come as a surprise that credit card delinquencies (defined as 90 days past due—or more—on a payment) are at the lowest level observed in the last 17 years.  Given the difficult economic times and high percent of unemployment in the U.S., you may expect quite the opposite—that more people than ever would be having problems making credit card payments on time.

TransUnion also found that the average credit card debt per borrower has remained relatively flat at approximately $4,700. They f

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Tags: Card, Credit Card

Its QA time again. This one comes from babe112083 who is asking

Anyone know of any really good secured credit card deals for people who have bad credit? Im looking for one preferably with minimum annual fees.Actually I just read what the difference between secured and unsecured is and I really want an unsecured credit card. Is there any that you would suggest?

Answer: I can understand why youd what an unsecured credit card. The title itself implies you dont have to put down any of your money. This of course is very misleading.Stay away from unsecured credit cards for bad credit. Its true; in most cases you dont have to put down a dime..but when you get your 1st billyoull most likely see a very large annual fee. Ive seen unsecured credit cards with an $150 annual fee. I just think a secured credit card is better. At least if you ever close it, youll get your deposit back. With the unsecured credit card for bad credit, your annual fee just goes to the bank. Read full article…

Tags: Bad Credit, Credit, Credit Card, Secured Credit Card