maryanne

Credit Cards: Higher Loan Losses Mean Higher Interest Rates

Whatever happened to PERSONAL RESPONSIBILITY ? Don't charge more than what you can afford! Those who are irresponsible should pay higher interest rates NOT make the responsible cover those deadbeats by being hit with annual fees.

Credit Card Crunch: Creating a New Generation of Subprime

Excellent article and fully relevant to the financial crisis and investing. Chase and Citibank closed over 5 of my idle credit cards with NO warning last November-December. I quickly inventoried all the remaining cards and made small purchases (ie, supermarket and EBAY) to keep them "live". Did not seem to dent too much, my FICO score last week is 767. I'm going to refinance an Option ARM to fixed (Unlike many of those borrowers, I was fully aware of the risks and how it works, besides my mortgage is backed up by 4X the assets)