Blog
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- Tell Congress to Restore Consumer Protections
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Published February 17, 2009 @ 08:32AM PT
AFFIL launched a new design and layout to our website. Check it out, and send us your feedback! Also, if you can't find your favorite page in the new navigation, please let us know. And, we're launching a new blog! We'll be updating this daily with news from around the consumer community. Stop by and subscribe to our RSS feed. Take Action! Congress has reached agreement on a huge stimulus package to boost the economy. Soon, they'll turn their attention to reforming the nation's financial regulatory system. We need to tell Congress to keep consumer protections front and center as they discuss these issues. Consumer protections can't be left to chance, or to the market, or to the whim of regulators! We need strong laws in place. AFFIL has drafted these Ten Principles to Guide Reg... Read More
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The 2009 AFFIL Agenda
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Published January 22, 2009 @ 09:05AM PT
In 2009, Congress and the President will focus on a comprehensive review of the way financial markets and products are regulated. AFFIL and other consumer advocates will work for a system that truly protects consumers. Early in the New Year, look for AFFIL’s new Principles designed to guide the re-regulation of consumer lending. We want to make sure consumer protections aren’t ignored or overlooked by lawmakers as they have been in the past. And of course we’ll also continue to focus on our specific issues: preventing foreclosures, fighting payday and car title lending, ending Binding Mandatory Arbitration (BMA), enforcing fair lending laws, reforming costly overdraft lending, protecting seniors from unscrupulous reverse mortgage lenders, fight... Read More
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Holiday Shopping Tips from AFFIL
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Published November 18, 2008 @ 08:44AM PT
Even in the midst of our nation’s current economic slump, the average consumer is projected to spend $832 during this year’s holiday season. (Source:ConsumerAffairs.com.) You might be planning to use credit or debit cards to make purchases this holiday season, or considering rent-to-own stores or layaway plans. Whatever you end up choosing, check out the tips below to avoid the post-holiday financial hangover. Credit Card Caveats Avoid Seasonal Solicitations - Beware of those attractive low introductory rates you receive before the holidays. The fine print in credit card contracts is filled with traps to catch the unwary. An introductory 0% interest rate can quickly leap to over 20% with just one slightly late payment. If you are going to us... Read More
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Remind President-elect Obama about AFFIL’s Principles
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Published November 05, 2008 @ 08:40AM PT
On September 25, 2007, Senator Barack Obama became the first major party candidate for President to endorse AFFIL's Principles of Fairness in Lending. At that time, Senator Obama said, "I am proud to support the important efforts of Americans for Fairness in Lending (AFFIL) to empower more Americans in the fight against consumer fraud and abusive lending practices." Now that Senator Obama has been elected the next president of the United States, join us in reminding him of this commitment. Our Executive Director Jim Campen released this statement today about the election's results: "In the thirteen months that transpired between Senator Obama's endorsement of the AFFIL principles and the presidential election, small steps have been taken to reform a ... Read More
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- Voter's Guide to the 2008 Presidential Election
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Published October 22, 2008 @ 01:59PM PT
Americans for Fairness in Lending is happy to provide this Voter’s Guide to the 2008 Presidential Election. We list the positions of Senators McCain and Obama on credit cards, mortgages and foreclosures, bankruptcy, and other issues. We encourage undecided voters to consider these positions in light of AFFIL’s Principles of Fairness in Lending. AFFIL supports the re-regulation of the lending industry to protect Americans’ financial assets from predators. We believe that lenders have the responsibility to offer appropriate and fairly priced credit, to disclose all loan terms fully and understandably, to end abusive and discriminatory practices, and to allow injured borrowers to have their day in court. And, we believe that governments must estab... Read More
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Enter the “Dangers of Debt” Contest!
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Published October 15, 2008 @ 07:49AM PT
The nation's financial crisis has left us awash in red ink. And while we're all getting socked, young Americans are facing mountains of debt from school loans, credit cards and spiraling interest rates on that debt. But there's a way to turn that ink into cash. If you're a young adult - or know someone between the ages of 18 and 25 - create a cartoon about the "Dangers of Debt." If it's the best, our Partner Consumers Union will give you $1,000 in cash! Sound good? Then forward this on to the young people in your life, so they can learn about debt, and have a real shot at getting out of it. The dangers of debt are more real than ever before, as we've witnessed these past few weeks. Young adults and college students are particularl... Read More
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- A must read for every college kid heading back to campus!
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Published September 04, 2008 @ 09:24AM PT
Credit Card Tips for College Students Now that you're making financial decisions for yourself, be sure to protect yourself from credit card tricks and traps. Here are some tips to consider before you break out the plastic. Adapted from "Credit Card Tips for College Students,” Consumers Union © 1998-2007. 1. Don’t get tricked, trapped or suckered into a card with bad terms. If you want a credit card, get one with a long-term low interest rate (APR). If you get a low introductory rate, chances are it’ll start at 0% and then jump to 20% with one almost-on-time-but-didn’t-quite-make-it payment. Still want a credit card? Just know what you’re in for… 2. Once you choose a card, don’t let your guard down. Cr... Read More
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- We Did It!
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Published August 18, 2008 @ 09:36AM PT
The Federal Reserve Board received an astounding 56,000 comments from the public regarding its proposal to curb credit card practices. In fact, we broke a record - this is the most comments the Fed has ever received on any of their proposals! The message is clear: we're fed up with credit card tricks and traps! Legislative Update: The Credit Cardholders' Bill of Rights was approved by the Financial Services Committee on July 31. Our Partners worked hard to get the bill through the Committee, and the full House of Representatives will vote on it in September. We'll keep you posted. Click here to read a recent New York Times editorial about credit cards. We like their bottom line: "Congress should give consumers what they need and deserve - fair and clear... Read More
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- Everything’s bigger in… Alaska?
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Published July 31, 2008 @ 08:21AM PT
Posted by Sarah Byrnes on Caveat Emptor July 30, 2008 | Permalink Or at least credit card debt is, apparently. Our Partner CFED released this data as part of their annual Assets and Opportunities Score Card, showing that Alaska has the highest median credit card debt per borrower in the nation, at $3,384. (For those of you who slept through math class back in the day, medians differ from averages. The median is the middle number in a list of numbers, so that half of all residents in a state have higher than the median amount of debt, and half have lower.) Alaska pretty much crushes all the other states, which range from $2,042 per borrower (New Hampshire) to $1,098 (Mississippi). In other words, the difference between #2 and #51 is actually less than the differe... Read More
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- Common Credit Card Tricks & Traps
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Published July 10, 2008 @ 10:49AM PT
Credit card contracts are packed with fine print tricks and traps to increase the likelihood of paying fees and penalties. As part of our summer focus on credit cards, AFFIL has compiled this list of common tricks and traps. You will be hard pressed to find a credit card without these terms - at least until our government outlaws them - but if you're informed and cautious, you have a better chance of steering clear of the traps and saving money. Fees and More Fees - On any given month, you might pay a late payment fee, overlimit fee, cash advance fee, balance transfer fee, foreign exchange fee, bill payment fee, Western Union fee, and whatever else your lender can devise. Not to mention monthly and annual fees. Tricks to Make You Pay Late - These come i... Read More
