With 12.5 million Americans unemployed and many facing inevitable debt harassment, consumers are turning to online payday loans, often with obscene interest rates in excess of 500 percent, to make ends meet. To the financially strapped, worrying about today has displaced planning for tomorrow, virtually assuring future financial problems, ruinous effects to their credit report…
In a series of 2009 and 2010 transactions, Bank of America sold credit card receivables to an outfit called CACH LLC, based in Denver. Co. Each month CACH bought debts with a face value of as much as $65 million for 1.8 cents on the dollar. At least a portion of the debts were legacy…
Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners. The “Mortgage to Lease” program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the…
Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
The woman is basically saying I am going to penalize you, Bank of America for raising my interest rate again. But is she really making things more difficult for Bank of America, or for herself in the long term?
