Some credit card companies are raising interest rates on good customers even if they pay down their balances on time every month. The reason they cite is that the customer's credit rating has fallen elsewhere. A Senate Homeland Security and Governmental Affairs subcommittee hearing on credit card practices heard the testimony of people who had a nasty surprise when they thought they were paying down their balances, but it turned out they were only paying off interest. Major credit card companies such as Citigroup and JPMorgan Chase & Co. have said they will discontinue the practice of raising a customer's interest rate based solely on a change in their credit score. Capital One said its policy is not to change customers' interest rates if their credit scores go down. ...more

December 5, 2007

Federal Reserve chairman Ben Bernanke on Thursday hinted that another interest rate cut may be needed to bolster the economy. The worsening credit crunch, a deepening housing slump and rising energy prices probably will create some "headwinds for the consumer in the months ahead," he said. ...more

November 30, 2007

Americans expect to spend about $900 on holiday gifts this season, according to a Gallup poll. One-third of adults plan to spend more than $1,000. If those numbers hold up, this will be biggest spending holiday season in a decade. ...more

November 18, 2007

"Buyers could hardly find a better time to buy," says Jeff Shaw, president of Century 21 Shaw Realty Group. ...more

September 16, 2007