by Ron Daly

Ready for some good news in all this doom-and-gloom? We've turned a corner in the financial crisis!

Ready for the bad news? It's the corner of Wall Street and Main Street.

What does that mean? Not everyone had stocks. Not everyone had thousands/millions/billions tied up in the market. Not everyone has 401k's and retirement packages.

But doggone if just about everyone has a credit card.

And now, banks and credit card companies are shielding themselves against bankruptcy by calling in the tab, so to speak - massive rate hikes, lowering of credit limits, and seizure of assets.

Would you like to compare your debt against others? Go to this interactive site from the New York Times, "The Debt Trap". Failing that, at least read about the situation to come here.

Credit Unions, take note: Losses are increasing. Eastern Financial is reporting significant fourth quarter downturn. What will you do to stay afloat? Comment below.

(Editor's Note -- Special Thanks to Jeffry Pilcher of The Financial Brand for bringing these stories to our attention via Twitter!)

Labels: Credit, Credit Union News, Financial Crisis, Financial Scams, Loans, Money, Special Reports

Click Here to Read the Full Version of "They'll Be Runnin' from Collectors When They Come! The next hill to climb"

by Ron Daly

As the Financial Crisis looms and the bailout comes to life, the amount of damning evidence against finance companies continues to grow. This story, from CNN (click here for print), comes from two bankers who were pressured by Bank of America to drive cardholders deeper and deeper into debt.

Watch the video to see the story, or click the above link to read.

Labels: Credit, Credit Union News, Credit Unions, Financial Crisis, Financial News, Financial Scams, Money, Predatory Lending

Click Here to Read the Full Version of "Be Upset...Be Very Upset: Bankers come forward to CNN about predatory lending"