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Saturday, June 25th, represents a seminal day for Bank of America credit card holders. It is Penalty Rate Increase Day. From that day forward, the penalty rate for card holders who pay their bill as little as one day late could rise to 29.99% on all future purchases. This is in addition to a late fee of up to $25 for the first time and $35 if there is a second slip within six months. Talk about a day late and a whole lot of dollars short……..

After the tumultuous past few years of the Great Recession when banks and credit card companies slashed and burned millions of cardholders by closing accounts, lowering credit limits, raising interest rates and fees to unconscionable levels, virtually without warning, this may feel like same s#%t, different day, but not this time.

The good news, if it can be considered good news, is that Bank of America’s announcement, while not welcome, was made pursuant to new, more transparent procedures mandated by the Credit Card Accountability Responsibility and Disclosure (CARD) Act.

While Bank of America cardholders might not like what they read, it wasn’t done in the same flash flood fashion of yesteryear where an unexpected notice could instantly cause an economic sea change that swamped their finances and threatened to sink their credit. Now the

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So, I heard at the last minute that my friends from college, Sam and Julie, were getting married. The Good Score Guys were saying it was the event of the season. My invitation must have gotten lost in the mail, but I was able to sneak in anyway. Julie doesn’t know it, but I’ve been lurking around Sam’s credit for quite some time now.

At the ceremony, I blended in pretty well. That’s the key to being the one bad credit score that can ruin everything – just fly under the radar. They weren’t expecting me, and I don’t think anyone even noticed I was there until I sneezed at the exact time Sam said, “I do.” What? I can’t help it if I sneeze like an elephant (and make almost as much of a mess when I do).

The reception was a little more problematic. Sam and Julie were telling some of their guests about their plans to buy a new home. That’s when Sam remembered me and looked around a little sheepishly to see if I’d shown up at the wedding. When he spotted me, he

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We all are well versed with the features and system of working of credit cards and debit cards. In case of credit cards you can make purchases on credit and the amount has to be paid on the due date. Some amount of interest in also charged on the bill amount. However, in case of debit cards the amount directly gets deducted from your account. Thus, you need to have the required amount in your account in order to make the purchase. There is a new concept which has come out these days and that is Citi credit card. The features of this card are quite different from the normal credit cards though the names seem to be similar.

Very few organizations and financial institutions provide this facility which enables online shopping and transactions. However, a Citi card can be used only in one particular city unlike a normal card which can be used in more than one place or city. This electronic system of payment has made life easier for people especially in major and big cities.

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The Defense of Marriage Act, which bars federally recognized same-sex marriage, got a surprise challenge from a California bankruptcy court last week. Here’s a look at what happened and what it might mean in the future.

• A gay couple married in California. In 2008, when gay marriage was briefly legalized in the Golden State, Gene Balas and Carlos Morales wed.
• Later that year, Proposition 8 was passed. This law amended California’s constitution to exclude the right for gay couples to marry, though the state acknowledged the legitimacy of marriages that had already occurred.
• The couple filed jointly for Chapter 13 bankruptcy protection. In February 2011, the couple was pushed by illness and unemployment to seek bankruptcy protection. They filed under Chapter 13, which allows filers to catch up on past debts with the help of a three- to five-year repayment plan.
• The U.S. Tru

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Borders Group, the country’s second largest bookseller who has struggled in the face of a tough economy and competition from other major booksellers and media companies, has hired a team of bankruptcy lawyers to address its financial situation.

The Wall Street Journal reports that part of these bankruptcy lawyers’ job will be to keep the company “out of bankruptcy court,” according to sources that are close to the situation.

Borders is attempting to get $500 million in credit as it eyes a restructuring in the face of problems. Kasowitz, Benson, Torres & Friedman are the lawyer group who Borders has hired to work with this restructuring.

Payments stopped to big publishers and distributors last month. The result has been that publishers have stopped sending their merchandise.

The bankruptcy lawyers who the company has brought on board will join a team of bankers as they work to avoid bankruptcy filing. The Wal

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If you’re living from paycheck to paycheck or your finances are feeling pinched, it’s a good indicator that it’s time to take control of your finances. One of the most important steps to doing that is to take a good hard look at the money you have coming in versus the money you have going out, so that you can establish a solid budget — and stick to it. But you shouldn’t stop there, you also need to pay yourself and build a cushion for emergencies.  Sound impossible? Try these 5 steps to get started:

1. Evaluate your income. How much money do you have coming in? Including your paycheck is a given, but don’t forget other income: A second job, alimony, child support, or any other miscellaneous cash that you might have coming in. Write it all down and add it up.

2. Calculate your expenses. One of the most difficult steps in establishing a budget is determining how much money you’re spending – how much money is going out. First make a lis

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