Enough lyrical digressions for now, let’s get down to business. Federal regulators are planning to impose new rules and regulations for the credit card industry. The new rules are supposed to protect credit card users from lenders’ unfair practices. The two most significant changes on the agenda are banning of interest rates increase on the existing balances and allocating all payments to outstanding balances on the cards with lower APRs.
The rules are to come into effect in July 2010. If this happens, credit card companies will no longer have a legal right to raise interest rates on a consumer’s existing balances. The change of interest will be applied to new credit card deals, future purchases and cash advances. Another restriction … (more) December 22, 2008

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To tell the truth, I am so fed up with these sickening two words “credit crisis”. I turn on TV and hear these words. I step outside and passing-by people feel it their imperative duty to pronounce these crunching cr… cr… I get into a cab and the driver would talk to me about the economy slowdown all the way…
I believe all of us are sick and tired of this hype about the financial recession in the country. We know that our economy is strong enough to get through it. We survived Great Depression, after all. I hope you will forgive me if I write about something else but the financial downturn. Let’s make a few next passages a getaway … (more) December 15, 2008

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Seems like the current economy problems are here to stay for good. Well, for some months, at least. And it is not just credit card companies and bank that suffer enormous losses due to delinquencies. Many American households in these trying times are struggling to make ends meets. A stream of easy credit that millions of American families came to depend on, now barely exists. Lots of households just lost a sufficient source of financing.
There’s a friend of mine, Dylan. He is an engineer in Silicon Valley. He seems to have it all – a beautiful wife Emily, who is a top manager at a big company, two cute kids, a house they bought, 2 cars and a dog. The … (more) December 3, 2008

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