Credit Cards

MANILA, Philippines – Banks’ credit card receivables as of end-June rose by 3.1 percent, indicating that the global financial turmoil continues to affect the disposable income of consumers.

Banks and other financial companies will have to follow a 12-percent cap on interest rates on credit card payments under a bill that is nearing approval by the Senate.

Sometime ago, I wrote about the predatory practices of banks and credit card establishments. Some people have told me horror stories about how these companies put on the big squeeze on customers who fail to pay on time and especially on those who have exceeded their credit limit and are considered in default. Would you…

Banks have the flexibility to reduce their lending rates further to get closer to, if not match, the aggressive policy rate reduction by Bangko Sentral.

Last week the National Bureau of Investigation filed a charge of credit fraud against a dentist who allegedly booked P1.2 million on her patient’s credit card without his knowledge. The card holder questioned six transactions which were charged to his card, claiming that he never used the card on the day the transactions were supposedly…

Do you know everything there is to know about your credit card? Are you aware of all the workarounds to get the most out of it? We’ve always been advised to read the whole contract and the fine print. But certain details are not even disclosed; these things are usually those that bend (but not…

CALIFORNIA, United States—Provident Debt Solutions reached out to the Filipino community recently at the Fiesta Filipina event in San Francisco’s Civic Center.

Recently, the United States passed a credit card law as part of its wide-ranging reforms in the finance industry. This law is to curb abuses by banks who are the major credit card issuers. Here in the Philippines, with our mass of consumers with relatively low purchasing power, the menace of credit card debt and…

Dear PAO, Good evening! I would like to ask for legal advice regarding my problem. Someone borrowed money from me three months ago and, until now, he has not paid the amount.

THE amount of unpaid bank loans issued to consumers is on the rise, based on Bangko Sentral ng Pilipinas (BSP) data.

President Barack Obama has signed into law extensive new restrictions on the ability of US credit card companies to charge fees or raise interest rates.

MANILA, Philippines – The government is eyeing to put in place an extensive credit information system by the end of the year, now that the implementing rules of the Credit Information System Act (CISA) have already been drafted, a ranking official said yesterday.

WASHINGTON, D.C.: The US House of Representatives voted overwhelmingly Thursday to rein in credit-card companies accused of duping and gouging consumers already hurt by the paralyzing global recession.

The impact of the move of US President Barack Obama in trying to clamp down on consumers’ credit card abuses can affect the Philippines. After all, we have here billions of pesos in unpaid credit card bills.

Senator Loren Legarda slammed the deceptive practices employed by certain credit card companies, including the collection of exorbitant or unreasonable punitive interest rates and unjustifiable fees from credit card holders.

WASHINGTON, D.C.: President Barack Obama met top credit card executives Thursday and vowed reforms to purge their industry of abusive rate hikes and fees and to restore “strong” protections for consumers.

Remember the good old days, way back in 2006, when the streets were paved with credit-gold as far as the eye could see and credit cards rained from the sky? Even the credit-destitute were treated like kings by the credit card companies and courted with lavish offers of unlimited credit.