One might why are credit card companies being allowed to raise interest rates to an enormous 20% when the economy is in this trouble? It seems that something is moving in the right direction when it comes to cracking down on abusive credit card practices. Today President's economic advise Lawrence Summers tells that Obama is going to target credit card companies that are taking advantage of unsuspecting consumers by charging high interest rates.

The government of Australia will release legislation later this month for new national laws to curb predatory and irresponsible lending. The proposed new laws will apply to every form of financial service in Australia, including banks, credit unions and pay-day lenders.

With the national debt levels reaching high points each day and the loss of jobs that is occurring across the country, Americans are finding it harder and harder to pay their debt obligations. There are many offered options to the debt issues that plague so many. These include credit counseling, consolidation, and debt management programs. All have their pluses and minuses but may leave many with a new program that is also unaffordable.

Credit card companies are lowering the limits of credit debt to minimize their exposure to risk. This in turn enforces new rules of how you need to manage your credit card debt and control spending.

Debt reduction and management is a serious commitment. It's not achieved in one day and your finances are not improved in a day. By only dreaming about how to reducing your debt will not help, one needs to take what may feel painful steps to lead to brighter future and financial stability.

Redstone, bankers restructure mogul's $1.46-billion debt: Threat to his media empire, which includes CBS and Viacom.

The Financial Times is reporting US banks scramble to refinance maturing debt.

The New York Post is reporting that a large sovereign wealth fund is angling to buy up US property on the cheap. With a weak dollar and REO piling up, these foreign funds are looking for 50-cents on the dollar discounts in American residential and multi-family property.

I don't know who the clueless people are who write these lists. Mother's Day is not about getting expensive gifts. The whole holiday, along with Valentine's Day, has turned into an excuse to get into more debt for millions of American families without knowing how to mange it, instead of enjoying the beauty of the holiday.

The five-year-old Iraq conflict is America’s first “credit card war.” And like anyone who has run up a huge credit card bill knows, a credit card debt can turn into a crushing burden with long-term consequences. This, too, will be a legacy of the Iraq War.

Old credit card debt, real or otherwise, might be making a detour. Here comes a new term in relation to debt: Zombie Debt. Have you heard about it before?

Today many home owners have past due mortgage payments on their credit report making refinancing all but impossible. Many of these late payments are linked directly to an adjustable mortgage rate that has increased to a point of impossibility for homeowners to pay.