New Credit Card Rules
(AP)
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Read all 'credit' posts in Couric & Co.
August 20, 2009 12:10 PM New regulations are in effect which will force credit card companies to give consumers 45 days notice of any rate increases or changes, giving cardholders the option of opting out and paying their balance down at their current lower rate. Companies must now also send out statements 21 days before payment is due instead of the current 14 day requirement.
May 12, 2009 5:52 PM 
Katie's on assignment. I'm Kelly Wallace.
You know the feeling - you open a credit card bill and see a balance that looks more like the national debt.
In the past six months, an estimated 10 million Americans have seen their interest rates double or even triple, often retroactively. Others have been hit with over-the-limit penalties because the bank lowered their credit line, or paid late fees because the due date was a Sunday, and the bank was closed.
Well, a bill being debated in the Senate this week would change that. Customers who pay on time could see their rates go down, and some of those annoying fees would disappear. A similar bill has already passed the House.
Banks are in business to make a profit. Customers should expect penalties when they don't play by the rules, but banks should play fairly, too. After spending billions of taxpayer dollars bailing them out, many customers feel they deserve a little credit.
Watch CBS Videos Online
Katie Couric's Notebook: Credit Cards
(iStockphoto)
You know the feeling - you open a credit card bill and see a balance that looks more like the national debt.
In the past six months, an estimated 10 million Americans have seen their interest rates double or even triple, often retroactively. Others have been hit with over-the-limit penalties because the bank lowered their credit line, or paid late fees because the due date was a Sunday, and the bank was closed.
Well, a bill being debated in the Senate this week would change that. Customers who pay on time could see their rates go down, and some of those annoying fees would disappear. A similar bill has already passed the House.
Banks are in business to make a profit. Customers should expect penalties when they don't play by the rules, but banks should play fairly, too. After spending billions of taxpayer dollars bailing them out, many customers feel they deserve a little credit.
Watch CBS Videos Online
February 11, 2009 11:39 AM
In Case You Missed It: Fast Draw
When you swipe your credit card, your account displays your debt ... but who's really picking up the tab? In case you missed the Evening News last night, check out the Fast Draw piece below. In brief: Mitch Butler and Josh Landis examine the crisis facing credit card companies, who have faced recent difficulty trying to sell off consumer debt to investors.
And remember to check back on their blog for the latest Fast Draws.
And remember to check back on their blog for the latest Fast Draws.
October 30, 2008 5:28 PM
The research firm Moody's says the number of Americans unable to pay their credit card bill is rising faster than ever, and could hit a record 8 percent by next year, forcing banks to write off $100 billion.
This has card issuers fighting back. And while it means fewer credit card offers clogging your mailbox, it could also cost you.
Banks are hiking fees and interest rates and lowering credit lines – even for some customers with good credit. So you may not be able to charge as much, and anything you do charge will cost more if you carry a balance.
It's another reminder that what began as a housing crisis now affects us in many ways. And it couldn't come at a worse time – just before the holiday shopping season.
Katie Couric's Notebook: Credit Cards
Just as we struggle to emerge from the sub-prime housing mess, there may be another crisis lurking – in your wallet.
Video: The research firm Moody's says the number of Americans unable to pay their credit card bill is rising faster than ever, and could hit a record 8 percent by next year, forcing banks to write off $100 billion.
This has card issuers fighting back. And while it means fewer credit card offers clogging your mailbox, it could also cost you.
Banks are hiking fees and interest rates and lowering credit lines – even for some customers with good credit. So you may not be able to charge as much, and anything you do charge will cost more if you carry a balance.
It's another reminder that what began as a housing crisis now affects us in many ways. And it couldn't come at a worse time – just before the holiday shopping season.
September 16, 2008 2:05 PM 
Ben Tracy is a CBS News correspondent based in Los Angeles.
If you don’t believe the housing market is as bad as the media makes it out to be, just head to Las Vegas. It’s ground zero in the mortgage mess. In fact, one in every 35 household in the metro area received a foreclosure notice this year. That’s amazing when you think about it! Vegas is our backdrop for tonight’s “Where They Stand” piece that will explain the presidential candidate’s positions on the housing crisis – and how they propose to fix it.
As you know, when it comes to any home improvement, there is no easy fix. One of the people we met in Las Vegas was Adriana Camejo. She’s a young mother who bought her house in a Las Vegas suburb two years ago. She had a great job and even better credit. Unfortunately, she signed on for a risky adjustable-rate mortgage. She says her lender told her that her interest rate was 6 percent, but after signing her loan documents she realized it was 11 percent. When her husband lost his job, she fell behind on her payments, and is now facing foreclosure. Her credit is ruined.
So, would the housing plans of Sens. McCain and Obama help her stay in her home? I was pretty surprised by what the candidate’s agree on and how their political philosophies inform their plans. Tune in tonight at 6:30 p.m. EST and see which ideas you find most compelling. And you can click here to see our past installments of "Where They Stand."
Where They Stand: Saving Homes
(CBS)
If you don’t believe the housing market is as bad as the media makes it out to be, just head to Las Vegas. It’s ground zero in the mortgage mess. In fact, one in every 35 household in the metro area received a foreclosure notice this year. That’s amazing when you think about it! Vegas is our backdrop for tonight’s “Where They Stand” piece that will explain the presidential candidate’s positions on the housing crisis – and how they propose to fix it.
As you know, when it comes to any home improvement, there is no easy fix. One of the people we met in Las Vegas was Adriana Camejo. She’s a young mother who bought her house in a Las Vegas suburb two years ago. She had a great job and even better credit. Unfortunately, she signed on for a risky adjustable-rate mortgage. She says her lender told her that her interest rate was 6 percent, but after signing her loan documents she realized it was 11 percent. When her husband lost his job, she fell behind on her payments, and is now facing foreclosure. Her credit is ruined.
So, would the housing plans of Sens. McCain and Obama help her stay in her home? I was pretty surprised by what the candidate’s agree on and how their political philosophies inform their plans. Tune in tonight at 6:30 p.m. EST and see which ideas you find most compelling. And you can click here to see our past installments of "Where They Stand."
September 8, 2008 6:25 PM
It should be good news for the economy. It will likely force down mortgage rates over the next few weeks. That could bring out more home buyers and help prop up sagging prices.
But while it may keep things from getting worse, it does not solve the foreclosure mess – doing nothing for people who have already missed payments. Their credit is shot, and getting a new loan won't be any easier.
This is a tough economic cycle for many of us and the housing crisis is just part of it. We're also struggling with inflation, rising unemployment and weak consumer confidence. This is a good step, but it will be a while before our economy is back on both feet.
The Notebook: Taking Over Fannie And Freddie
It's an unusual move, but the government's getting into the mortgage business. It will pump as much as $100 billion into each Fannie Mae and Freddie Mac, companies that together own or guarantee half the nation's mortgage balance.
It should be good news for the economy. It will likely force down mortgage rates over the next few weeks. That could bring out more home buyers and help prop up sagging prices.
But while it may keep things from getting worse, it does not solve the foreclosure mess – doing nothing for people who have already missed payments. Their credit is shot, and getting a new loan won't be any easier.
This is a tough economic cycle for many of us and the housing crisis is just part of it. We're also struggling with inflation, rising unemployment and weak consumer confidence. This is a good step, but it will be a while before our economy is back on both feet.
June 25, 2008 2:29 PM 
This post was written by Guy Campanile, a producer for the CBS Evening News.
The impact of the credit crunch on Wall Street, the real estate industry and corporate America is well documented. What's been given less attention is how severely small business has been affected in the past 12 months by the tightening of credit.
Florida small business has been hit especially hard in the wake of the real estate market collapse there. Regional and local banks burned by bad mortgages have become totally adverse to risk. Entrepreneurs eager to start their own business are finding it nearly impossible to secure loans of any size.
If you question the effect on the economy, take this statistic into consideration: small business represents 70 percent of the job growth in the United States. Without small business there are no new jobs. And if people aren't working, they aren't paying their mortgages – or buying homes. Many small businesses need loans to meet payroll or inventory. They too are being denied.
An Untold Story Of The Credit Crunch
(iStockphoto)
The impact of the credit crunch on Wall Street, the real estate industry and corporate America is well documented. What's been given less attention is how severely small business has been affected in the past 12 months by the tightening of credit.
Florida small business has been hit especially hard in the wake of the real estate market collapse there. Regional and local banks burned by bad mortgages have become totally adverse to risk. Entrepreneurs eager to start their own business are finding it nearly impossible to secure loans of any size.
If you question the effect on the economy, take this statistic into consideration: small business represents 70 percent of the job growth in the United States. Without small business there are no new jobs. And if people aren't working, they aren't paying their mortgages – or buying homes. Many small businesses need loans to meet payroll or inventory. They too are being denied.
May 17, 2007 2:56 PM
First Look: Hooked On Plastic
Nancy Cordes does the First Look honors today, with a preview of her story on the Evening News about kids who are getting addicted to credit cards. It's part of our series "Gotta Have It."
To find out why they gotta have it, click on the monitor.
To find out why they gotta have it, click on the monitor.
March 7, 2007 4:37 PM
Just click the monitor to watch.
First Look: A Story Of Great Interest
Executive Producer Rome Hartman has today's First Look, which includes more on the unfolding Walter Reed scandal, and important news about credit cards that will generate a lot of - ahem - interest.
Just click the monitor to watch.
