Published October 22, 2008 @ 01:59PM PST

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

Published September 04, 2008 @ 09:24AM PST

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

Published August 18, 2008 @ 09:36AM PST

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

Published July 31, 2008 @ 08:21AM PST

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

Published July 10, 2008 @ 10:49AM PST

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

Published July 02, 2008 @ 11:02AM PST

Sick of banks and credit card companies coming up with ways to get your cash? Do you want an end to the predatory lending practice that caused the subprime mortgage mess? Check out this short article from PBS Now that lays out both Presidential Candidates' take on the issue. Then visit our Campaign Center and use our handy webform to tell the candidates why you care about predatory lending, and why they should too! Want to do more? Take Action Now! Become a Member of Americans For Fairness In Lending Tell Congress That You’re OUTRAGED by Predatory Lending Endorse the Principles of Fair Lending Read More

Published July 02, 2008 @ 10:38AM PST

Back in March, Representative Barney Frank said that the consumer movement is like a “horseless headman,” and AFFIL Campaign Manager, Sarah Byrnes elaborated on this sentiment in here blog post, Is the consumer movement a “horseless headman?”, on Caveat Emptor.  She wrote: … [T]he consumer movement has some top-notch thinkers in DC monitoring legislation and fighting for consumers. But we’re missing the powerful horse; we’re missing enough involvement by everyday American people to make real change. The problem is that Congress isn’t gonna budge until there’s a serious political cost involved in constantly doing the banks’ bidding at the expense of the American consumer. So [AFFIL is] working with the advoca... Read More