Summary: The Frank J. Battisti Memorial Lecture

Banking deregulation has profoundly changed the financial services offered to consumers and the institutions that offer them. How has the dramatic erosion of federal and state regulation affected consumer usury laws, marketing policies, and consumer education? What are the factors that have shifted the focus of banks from corporate to consumer lending? How has the profitability of the industry changed and what does it mean to local banks? What factors are responsible to diluted loan underwriting standards? What role have credit cards played in this “revolution”? How have these changes influenced attitudes toward credit and debt now that America has a negative savings rate (first time since 1933)?

The financial services industry argued that consumer defaults on loans cost the average American over $400 simply because people are exploiting the bankruptcy law to avoid paying their debts. What are the economic realities to the industry? Can consumers expect lower cost products now that the bill was enacted? What are the most important changes in the law for consumers? What impact has the law had on bankruptcy filings? Who is responsible for soaring consumer bankruptcy rates? What role does homeownership play in the process of consumer bankruptcy?

Finally, how do we explain the dramatic change in social attitudes toward saving and consumer debt? When and why are Americans assuming record levels of debt? What are the implications of rising consumer debt to the future of American society? What are the near term consequences of consumer debt on retirement and social inequality? Is inheritance or rising property values the solution to the debt problem?

Dr. Manning’s lecture will explore all of these questions and conclude with a prediction that American society has about 10-15 years to reverse the consumer debt crisis or the U.S. will face a sharp decline in its standard of living and serious financial crises in 20-25 years — independent of the financial pressures of the retiring baby boomer “bulge.” Also, the failure to rapidly reverse the consumer debt crisis has enormous implications to the future global economic power of the U.S. as our dependence on cheap credit dwarfs our dependence on cheap energy.

Duration : 1:17:25

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Duration : 0:1:9

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Has the economic downturn affected Americans’ credit card use? Is credit card debt more harmful than other types of debt? Can we protect consumers from falling too deeply into credit card debt? Tim Westrich of the Center for American Progress weighs these questions in the latest installment of CAP’s ASK THE EXPERT series.

Duration : 0:2:42

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Duration : 0:5:21

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Duration : 0:3:7

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A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to ‘revolve’ their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1. This is defined as 85.60 × 53.98 mm in size.

Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.

When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates consent to pay by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a ‘Card/Cardholder Not Present’ (CNP) transaction.

Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant’s acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.

Other variations of verification systems are used by eCommerce merchants to determine if the user’s account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.

Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit issuer charges interest on the amount owed if the balance is not paid in full (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user’s bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.

Duration : 0:9:42

Technorati Tags: banks, cash advance, consumer, Credit Card, Credit Union, electronic verification, line of credit, payment, PIN, receipt

Duration : 0:1:16

Technorati Tags: balance, card, consumer, credit, debt, finance, invest, investing, money, news, Personal, save, savin, talks

IT IS NOT AGAINST THE LAW TO OWE MONEY!

Do not allow yourself to be lied to (example: “You’re going to go to jail if you don’t pay this” is one of their favorites!) or treated without the dignity you deserve.

KNOW YOUR RIGHTS UNDER THE FDCPA:

Collectors can NOT call you before 8 am or after 9 pm

Collectors can NOT threaten to have you arrested or charged with a crime if you dont pay

Collectors can NOT continue to call after you have indicated you want them to stop (record your conversation with them, tell them you ARE recording it, write the date and time down in a journal, and follow up with a certified letter stating they may no longer call.)

Collectors can NOT call friends, family members or colleagues repeatedly in order to get you to pay (they may call your acquaintances ONCE in order to track you down and may NOT mention that you owe money or give ANY information that would lead someone to believe that they are attempting to collect a debt.)

For more information on your rights under the FDCPA, please visit my website at www.myarrp.com (click on the “Help With Credit” link at the top.)

To the scum debt collectors reading this: We’re mad as and we’re not going to take this any more! We the People are being educated as to your tactics, garnering strength and numbers, and proposing legislation. We’ll be in touch with you…

Duration : 0:5:56

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Duration : 0:4:8

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Duration : 0:2:7

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