Resources for Dissatisfied Consumers
Businesses rely on our purchasing decisions for their own success, which gives us, the consumer, the power to determine whether a company stays in business or not. But what if you have already made a purchase or received your service and are dissatisfied with it? What types of actions can you take to rectify a disappointing situation? Continue reading “Resources for Dissatisfied Consumers” »
Overdraft Options
Starting in mid-August financial institutions were unable assess any overdraft fee unless the consumer has not opted in to the financial institution’s overdraft program. At an average of $30 a pop, we’re not really going to miss those fees much, are we?
With billions of dollars of revenue on the line for banks and credit unions (over $38 Billion in 2009 just for banks), it’s no wonder that we here at Debt Reduction Services Inc have seen some pretty fancy and creative marketing materials designed to entice consumers into opting in to the bank’s or credit union’s overdraft program. Continue reading “Overdraft Options” »
Yahoo Reports High Risk FICO Scores on the Rise
A Yahoo report of July 12, 2010 indicates that a growing number of US consumers have the ranks of high risk borrowers (FICO score of 599 or less). Following increasing foreclosures and delinquent debts due to the high unemployment and underemployment rates of the down economy, this segment of credit scores has grown from the typical 15% of consumers to over 25% as of April 2010. Continue reading “Yahoo Reports High Risk FICO Scores on the Rise” »
Understanding the New Credit Card Rules
Last week brought us changes to the way Credit Card issuing companies can operate in an effort to further protect consumers from abusive or deceptive practices.
The CARD (Credit Card Accountability, Responsibility and Disclosure Act) now prohibits credit card issuing companies from increasing interest rates for one full year from the date the card was first issued. Continue reading “Understanding the New Credit Card Rules” »
Debt Settlement Crackdown – New FTC Restrictions Coming Soon
If you’ve read a few of our recent posts regarding the Debt Settlement industry you know that those services have been under severe scrutiny as of late.
It was announced recently that the FTC will begin imposing new restrictions on the Debt Settlement practice due to widespread abuse against consumers who were struggling during our recent economic downturn. Continue reading “Debt Settlement Crackdown – New FTC Restrictions Coming Soon” »
Government Debt Bailout? Not so Fast!
There is no Government Debt Bailout when it comes to consumer credit card debt! There are many ads from various Debt Settlement and other companies that mention to take advantage of such debt bailout programs by calling their number.
Remember that it wasn’t too long ago that the Government released its warning about the debt settlement industry…take a look at this past blog post warning of debt settlement: Continue reading “Government Debt Bailout? Not so Fast!” »
Government Warnings about Debt Settlement Industry
Warnings about Debt Settlement Companies
When the Government Accountability Office (GAO) testified before the US Senate last month about their undercover investigation of 20 of the debt settlement companies that advertise the most across the country, it came as no surprise to credit counselors—as well as other nonprofit organizations trying to help consumers recover from financial challenges—that they found “fraudulent, abusive and deceptive practices” prevailed in the industry. For details, see www.gao.gov/products/GAO-10-593T. Continue reading “Government Warnings about Debt Settlement Industry” »