Consumer Law

Credit card eliminations spike

Posted on June 08, 2009
The credit card industry is purging accounts, shutting down just over 19% of their accounts in the past year. As you can see, that is a huge increase over past rates. And this is on top of all the credit limit reductions (not to mention lines of credit)...

New contributor: Randall Ryder, consumer rights law clerk

Posted on June 08, 2009
Randall Ryder just graduated from the University of Minnesota Law School. During his third year, he was my student teacher in the Maynard Pirsig Moot Court program. He is studying for the Minnesota bar exam, helping me represent consumers, and trying to salvage a bit of summer vacation, I imagine...

Caveat Emptor gets a facelift

Posted on June 07, 2009
It has been a little over a year since Caveat Emptor’s last redesign, but I was feeling like it was time for a change. Hope you like the new look; it makes things easier for me on the back end. I am sure it will change over the next few weeks while I tweak the [...

Scammers getting more sophisticated

Posted on June 05, 2009
Watch this video for a scary look at how sophisticated modern scammers and phishers have become. Related posts:Identity theft at the ATM Related posts:Identity theft at the ATM

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Judge Slaps Ameriquest Hard For Selling Mortgage, Then Pretending To Still Own It

Posted on June 01, 2009
My monthly column for Consumerist: Judge Slaps Ameriquest Hard For Selling Mortgage, Then Pretending To Still Own It | Consumerist Related posts:Former Countywide Employee Arrested For Stealing, Selling Customer IdentitiesJudge Rules That Early Termination Fees Are ILLEGAL In CaliforniaHow short selling works Related posts:Former Countywide Employee Arrested For Stealing, Selling Customer IdentitiesJudge Rules That Early Termination Fees Are ILLEGAL In CaliforniaHow short selling works

Subscribe to Caveat Emptor

Posted on June 01, 2009
Don’t forget to subscribe to Caveat Emptor. You can have posts emailed to you, add our RSS feed to your reader, or follow us on Twitter. Related posts:Subscribe to Caveat EmptorSubscribe to Caveat EmptorSubscribe to Caveat Emptor Related posts:Subscribe to Caveat EmptorSubscribe to Caveat EmptorSubscribe to Caveat Emptor

Credit card companies: they?re finally getting f***ed back

Posted on May 29, 2009
Happy Friday! New Credit Card Laws - watch more funny videos Related posts:Credit card companies hike rates and cut credit lines10 Aggressive Tactics to Turn the Tables on Credit Card CompaniesCredit card companies’ data mining tricks Related posts:Credit card companies hike rates and cut credit lines10 Aggressive Tactics to Turn the Tables on Credit Card CompaniesCredit card companies’ data mining tricks

Credit CARD Act Goes Far Beyond the Fed?s Credit Card Regs

Posted on May 28, 2009
According to an editorial in last Friday?s Washington Post,  the credit card bill that the President signed into law that afternoon ?isn?t really needed? because it is ?awfully similar? to the regulations on credit cards that were issued by the Federal Reserve last December...

Congress calls out FreeCreditReport.com

Posted on May 27, 2009
FreeCreditReport.com is sort of an “honest” scam. “Hey, we’re FreeCreditReport.com! Nah, you have to pay for your free credit report. Yeah, but the name is FREECreditReport.com!!! But you totally have to pay. For your FREE FREE FREE credit report...

Seth Green on financial security and living with less

Posted on May 22, 2009
Un-Broke: The Seth Green Cribs Edition - watch more funny videos Related posts:Green Mountain Coffee apparently unaware people use “computers” to buy things on “the internet” Related posts:Green Mountain Coffee apparently unaware people use “computers” to buy things on “the internet”

Beware false charities

Posted on May 20, 2009
Some scammers have no shame, and will take advantage of your kind and giving nature for their own personal gain. Numerous shysters have seen the advantage of pretending to be a charity in order to get their grubby hands on your sympathetic cash. But today the FTC is cracking down...

Credit card agreements must use 12-point font

Posted on May 20, 2009
As someone who reads dozens of credit card agreements every month, this may be the most-welcome part of the new credit card legislation: (d) Minimum type-size and font requirement for credit card applications and disclosures. -All written information, provisions, and terms in or on any application, solicitation, contract, or agreement for any credit card account under [...

Senate Passes Bill to Restrict Credit Card Practices

Posted on May 20, 2009
Senate Passes Bill to Restrict Credit Card Practices | New York Times Related posts:House passes the Credit Cardholders’ Bill of RightsSenate Passes Bailout Plan; House May Vote by FridayCredit Cardholders Bill of Rights Passes Out of Full Committee Related posts:House passes the Credit Cardholders’ Bill of RightsSenate Passes Bailout Plan; House May Vote by FridayCredit Cardholders Bill of Rights Passes Out of Full Committee

Why is Obama silent on bankruptcy reform?

Posted on May 19, 2009
The Red Tape Chronicles asks whether Obama is “backing the wrong horse” by championing credit card reform while ignoring bankruptcy reform that would allow bankruptcy judges to reduce mortgage loans in bankruptcy?just like they can do for all other debts...

Austan Goolsbee (Obama?s credit card advisor) interviewed by Consumerist

Posted on May 18, 2009
(This is part 1 of a 4-part series.) Related posts:Credit Card Skimming: How thieves can steal your card info without you knowing itObama Losing Voters Over FISA SupportObama violating copyright laws right and left Related posts:Credit Card Skimming: How thieves can steal your card info without you knowing itObama Losing Voters Over FISA SupportObama violating copyright laws right and left

Subscribe to Caveat Emptor

Posted on May 15, 2009
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Midnight hour at the Capitol

Posted on May 15, 2009
A summary of legal legislation, with a focus on consumer bills. Midnight hour at the Capitol | Minnesota Lawyer No related posts. No related posts.

Link roundup

Posted on May 14, 2009
Time to clean out my Google Reader queue. How to complain about: credit report errors | The Red Tape Chronicles Does it make sense to pay “points” upfront to lower your interest rate? Decoding the Mysterious Mortgage Points Game | Alpha Consumer What’s The New Credit Card Reform Bill All About? | Consumerist Stop fighting bankruptcy...

Rebalancing justice scales: New attention to old law helps consumers fight unfair debt-collection practices

Posted on May 14, 2009
Rebalancing justice scales: New attention to old law helps consumers fight unfair debt-collection practices | MinnPost Related posts:Fake Debt Collectors Terrify ConsumersDebt collectors think consumers knowing their rights is “ominous”ABC News: National Arbitration Forum is selling justice Related posts:Fake Debt Collectors Terrify ConsumersDebt collectors think consumers knowing their rights is “ominous”ABC News: National Arbitration Forum is selling justice

Stephen Colbert takes on credit card reform

Posted on May 13, 2009
The Colbert Report Mon - Thurs 11:30pm / 10:30c Credit Check colbertnation.com Colbert Report Full Episodes Political Humor Gay Marriage Related posts:Credit Card Skimming: How thieves can steal your card info without you knowing itCredit card companies hike rates and cut credit lines10 Things You Might Not Know About Your Credit Card Related posts:Credit Card Skimming: How thieves can steal your card info without you knowing itCredit card companies hike rates and cut credit lines10 Things You Might Not Know About Your Credit Card

?I can?t believe we nearly bought this!?

Posted on May 13, 2009
No related posts. No related posts.

Deal with your debt: file bankruptcy

Posted on May 11, 2009
Bankruptcy is sometimes called a “financial weapon of mass destruction.” I think of bankruptcy more as a financial Project Genesis, because after the bomb goes off, you get a fresh start. Whether to file bankruptcy is a business decision, not a moral one...

Re-regulation on the Squawk Box

Posted on May 11, 2009
This weekend I got embroiled in a discussion with someone who insisted that government regulation caused the economic meltdown. This person is not alone in believing that regulation is always a bad thing, and can only cause harm. At some point I realized that this was a silly debate to be having, sort of like whether or [...

Steps to Prevent Identity Theft, and What to Do if It Happens

Posted on May 08, 2009
Steps to Prevent Identity Theft, and What to Do if It Happens | NYT Related posts:Identity theft at the ATMHow Outsourced Call Centers Are Costing Millions In Identity TheftCommentary: How to prevent the next Wall Street crisis Related posts:Identity theft at the ATMHow Outsourced Call Centers Are Costing Millions In Identity TheftCommentary: How to prevent the next Wall Street crisis

Rebuilding credit after bankruptcy

Posted on May 08, 2009
According to Alex from Queercents, rebuilding credit is a seven-step process: Clean up your credit report Learn from your mistakes; do not repeat them (Carefully) apply for a secured credit card Or become an authorized user on your partner’s credit card Pay your bills on time Do not be in a hurry to incur more debt Be patient and research your options Alex [...

Deal with your debt: negotiate a settlement

Posted on May 07, 2009
Once a debt is in default?meaning you stopped paying it?one option is to attempt to negotiate a settlement with the creditor. (You can try this before you go into default, but creditors are rarely willing to play ball until you prove your poverty?and before they rack up some more fees...

Banks spent $42.4 million to kill the cramdown

Posted on May 06, 2009
Last week, the Senate put the proposed “cramdown” legislation to rest. That legislation would have saved 1.7 million homes, and $300 billion wasted on the foreclosure process. The banking industry was apparently not interested in $300 billion, though...

Deal with your debt; do not ignore it

Posted on May 05, 2009
Nobody likes to talk about their debt. Not me, not you, not anybody. But your debts do not like to be ignored. As I wrote in my column for Consumerist yesterday  , if you let your debts go into default and do nothing, it could end up hurting. Credit card companies in particular want you to [...

Forced Arbitration: You Can?t Sue Us For Discrimination

Posted on May 01, 2009
Why you should support the Arbitration Fairness Act. Forced Arbitration: You Can’t Sue Us For Discrimination | Consumerist Related posts:Today Is Arbitration Fairness Day!Mandatory Binding Arbitration: The Worst Choose Your Own Adventure EverMandatory binding arbitration sucks (say 81% of Americans) Related posts:Today Is Arbitration Fairness Day!Mandatory Binding Arbitration: The Worst Choose Your Own Adventure EverMandatory binding arbitration sucks (say 81% of Americans)

Subscribe to Caveat Emptor

Posted on May 01, 2009
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