Frank Fitton

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Banks New Cash Cow is Debit Card Fees

Frank Fitton posted an article on - Nov 23, 2009, 1:06 pm
As the new credit card laws have been passed banks have found that one of their major sources of profit is being extinguished. They’ve responded by trying to squeeze in rate increases right befo...
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Pay Raises May Be On the Horizon

Frank Fitton posted an article on - Nov 20, 2009, 1:25 pm
It seems like everything these days comes down to money. People need more of it, companies aren’t making enough of it to give people more, and the cycle just spins round and round. Fortunately, ...
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Goldman Offers up $500 Million to Small Businesses as Penance

Frank Fitton posted an article on - Nov 18, 2009, 9:41 am
The financial crisis has hit our country in many different ways. A whole lot of people’s lives have been devastated by the financial goings on of the past few years, or at the very least turned ...
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Mexicans Are Now Sending Pesos North

Frank Fitton posted an article on - Nov 16, 2009, 10:53 am
As our country slogs its way out of the recession people have had to make a whole lot of changes in the way they’ve been running their lives. It seems as if no sector of the economy or segment o...
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Feds Crack Down on Bank's Overdraft Cash Cow

Frank Fitton posted an article on - Nov 13, 2009, 10:14 am
Today the Federal Reserve announced a set of rules it was enacting in order to make it harder for banks to hit their customers with those dreaded overdraft fees. Overdraft fees have long been a major ...
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Own a Grim Reminder: Madoff Personal Items Head to Auction

Frank Fitton posted an article on - Nov 12, 2009, 12:53 pm
By now everyone has to be familiar with disgraced financier Bernie Madoff and his infamous ponzi scheme. The victims of this man’s disgraceful actions were left pretty much holding the bag with ...
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Bear Stearns Hedge Fund Managers Acquitted of Fraud

Frank Fitton posted an article on - Nov 11, 2009, 12:10 pm
On Tuesday, two former Bear Stearns hedge fund managers were acquitted of all charges in the first major criminal case spawned by the financial crisis. This case was seen as a major test of just how w...
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Obama Foreclosure Rescue Plan Has Helped Over 650,000

Frank Fitton posted an article on - Nov 10, 2009, 11:14 am
The Treasury Department reported today that over 650,000 people have been entered into the government’s trial loan modification program since its inception in February of this year. The goal of ...
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Fund Manager Chris Davis, a Good Guy in a Land of Theives

Frank Fitton posted an article on - Nov 9, 2009, 10:43 am
People on Wall Street are often times portrayed as being greedy money grubbers who are only concerned with the bottom line. While this stereotype might not necessarily be untrue, it isn’t accura...
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Unemployment Rate Hits 26 Year High

Frank Fitton posted an article on - Nov 6, 2009, 10:24 am
Today the Department of Labor released its monthly economic appraisal and while not really surprising, the news is certainly not good. For the month of October the U.S. economy lost 190,000. That mark...
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Jobless Numbers See Marked Improvement

Frank Fitton posted an article on - Nov 5, 2009, 10:32 am
The Labor Department released their report on unemployment in our country today and the news was surprisingly good. The number of new people filing for unemployment benefits last week fell by 20,000 w...
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Nice Payday Saves UFC Fighter From Financial Ruin

Frank Fitton posted an article on - Nov 4, 2009, 10:58 am
Financial troubles are not major news in these day and age as they’ve hit almost everyone to varying degrees. There are certainly a whole lot of people around this country simply managing to bar...
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Are Free Credit Report Ads Misleading?

Frank Fitton posted an article on - Nov 3, 2009, 10:22 am
Of course everyone has seen the ads advertising free credit reports, they certainly are memorable with their catchy jingles. I’m sure even a few people out there have caught themselves singing o...
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Mortgage Modifications Will No Longer Hurt Your Credit Score

Frank Fitton posted an article on - Nov 2, 2009, 11:07 am
During these troubled times a whole lot of people are having to turn to mortgage modifications in order to stay in their homes. As the recession has marched on and our financial culture has changed ma...
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U.S. Economy Grows for First Time in Over a Year

Frank Fitton posted an article on - Oct 30, 2009, 10:31 am
The recession might not be over, but at least the contraction is. In the 3rd quarter our nation’s economy expanded for the first time in over a year. The nation’s gross domestic product ex...
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Former NBA Star Antoine Walker Broke and In Trouble

Frank Fitton posted an article on - Oct 29, 2009, 10:26 am
At one point it seemed like everything was working out for Antoine Walker. At 22 he had just signed a 6 year $71 million dollar contract to play for the Boston Celtics. The city loved him and he seeme...
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New IRS Enforcement Unit Targets the Rich

Frank Fitton posted an article on - Oct 28, 2009, 11:54 am
On Monday the Internal Revenue Service announced the development of a new enforcement unit specifically designed to target the super rich. The goal of the new unit will be to help the IRS decode partn...
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Wealthy People Need Credit Scores Too

Frank Fitton posted an article on - Oct 27, 2009, 11:03 am
It seems that most of the talk about credit scores these days centers around middle and lower class people. However, wealthy people are not immune to credit score difficulties. Just because you have a...
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Partners Bank becomes Bank Failure #100

Frank Fitton posted an article on - Oct 26, 2009, 10:45 am
This past Friday the banking industry hit a milestone that they would rather have not had the honor of reaching. The 100th bank failure of the year was announced, and was then quickly followed by fail...
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Billionaire Hedge Fund Manager Raj Rajaratnam in a Bit of Trouble

Frank Fitton posted an article on - Oct 23, 2009, 10:49 am
It seems like a whole lot of the news these days is about all the common folks struggling with financial difficulties. The recession has hit most people especially hard in the pocketbook. However, som...
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IRS and California Want a Piece of Darryl Strawberry

Frank Fitton posted an article on - Oct 22, 2009, 10:36 am
Everyone knows that the recession has hit people’s finances pretty hard. Lots of people are now saddled with mortgages that are worth more than the house their paying on, and once prosperous sto...
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Bank of America Starting Credit Card Annual Fees

Frank Fitton posted an article on - Oct 21, 2009, 11:12 am
Recently Bank of America made the announcement that they were going to start testing out annual fees for their credit cards. The plan is being implemented on an estimated one percent of their current ...
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FTC Going After Credit Repair Firms

Frank Fitton posted an article on - Oct 20, 2009, 10:37 am
People across this county have seen their credit scores plummet at an incredible rate. Be it from credit card companies cutting your limits, or the more traditional manner of simply not being able to ...
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Credit Card Offer Comes With a 79.9 Percent Interest Rate

Frank Fitton posted an article on - Oct 19, 2009, 10:58 am
The recession has hit people hard all across our country. People know that in this country we basically need to have a credit score to really move forward with your life. If your credit score is in sh...
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Bank of America Loses $2.24 Billion in 3rd Quarter

Frank Fitton posted an article on - Oct 16, 2009, 10:47 am
Today Bank of America released their earnings report for the third quarter and the news was certainly not good. They reported losses of over $2.2 billion dollars for the quarter. Now that’s quit...
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Actor Jeremy London Facing Credit Card Debt and Foreclosure

Frank Fitton posted an article on - Oct 15, 2009, 10:40 am
Last week actor Jeremy London was hit with a civil suit by credit card company American Express seeking that he pay back the more than $20,000 in credit card debt that he had racked up. As we all know...
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Retail Sales Fall, but Not as Bad as Expected

Frank Fitton posted an article on - Oct 14, 2009, 10:44 am
Today the Commerce Department released their figures on retail sales for the month of September. The numbers showed a 1.5 percent decline for the month. At first glance that might seem like a bad thin...
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Hawaiian Resorts Struggling Through Recession

Frank Fitton posted an article on - Oct 13, 2009, 10:18 am
The recession has hit most industries very hard. Businesses that were booming during the glory years of consumer spending have now found it hard to cope with the changing financial climate. Those that...
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Say Goodbye to the Credit Card Democracy

Frank Fitton posted an article on - Oct 12, 2009, 11:24 am
The glory days of living high on the hog with credit are becoming a distant memory. Things have certainly changed, now people are being faced with the task of having to repay their debts from that tim...
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Aging Hispanic Population Not Preparing For Retirement

Frank Fitton posted an article on - Oct 9, 2009, 10:57 am
In a perfect world, people in this country are told to work hard over the years so that they can save enough money to retire and live out their golden years in a relaxing, peaceful environment. Part o...
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Statistics Reflect a Consumer Shift Away from Credit Cards

Frank Fitton posted an article on - Oct 8, 2009, 10:43 am
Yesterday, the Federal Reserve released their statistics on credit for the month of August, and for the 7th straight month consumer credit declined. The last time that consumer credit declined for sev...
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Bank of America Says No More Pre-CARD Hikes

Frank Fitton posted an article on - Oct 7, 2009, 10:05 am
Ever since the Credit Card Accountability, Responsibility and Disclosure (CARD) Act was passed, credit card companies have been scrambling to figure out how to respond to it. One of the biggest provis...
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Family Businesses Struggling to Survive Recession

Frank Fitton posted an article on - Oct 6, 2009, 10:22 am
The recession has hit everyone in some sort of way. Large corporations to consumers, the whole economic spectrum has suffered. One area that I think has been hit especially hard is that of family busi...
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Personal Bankruptcy Filings Soar Towards Record

Frank Fitton posted an article on - Oct 5, 2009, 10:21 am
In a perfect world any debt a consumer racks up would eventually be paid off. The whole reason for getting into debt would be because you didn’t have the money for whatever you wanted right then...
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September Job Losses Higher Than Predicted

Frank Fitton posted an article on - Oct 2, 2009, 9:30 am
As anyone who’s been paying attention for the last few months knows the job market is the sector that continues to lag behind in our country’s climb out of the recession. While other secto...
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Woman's Rant on YouTube Gets Her Interest Rate Cut

Frank Fitton posted an article on - Oct 1, 2009, 11:58 am
Like a lot of people around the country recently, Ann Minch found that the interest rate for her Bank of America credit card was being raised. Minch claimed that she had never been late on a payment a...
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Banks Have Found Ways Around CARD Act

Frank Fitton posted an article on - Sep 30, 2009, 11:39 am
Back when the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act was signed, many heralded it as a big win for consumers. Finally someone was doing something to look out for the bes...
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FDIC Gets Its Own Bailout from Banks

Frank Fitton posted an article on - Sep 29, 2009, 11:03 am
In these hard economic times even the institutions set up to help protect us from hard times have found their resources strained. The FDIC has reached the point that it simply does not have the necess...
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Job Seekers Outnumber Job Openings 6 to 1

Frank Fitton posted an article on - Sep 28, 2009, 12:24 pm
The good news is that there have been signs of an economic recovery, the bad news is that the job market continues to struggle. Right now there are simply not enough job openings around to even come c...
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Credit Card Fees Have Retailers Ready for War

Frank Fitton posted an article on - Sep 25, 2009, 10:50 am
When you go to a store these days almost all the time you pay the same amount for a product whether you use a credit card or cash. However, the store’s take of that amount is not the same for th...
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Strategic Defaulters and Personal Financial Irresponsiblity

Frank Fitton posted an article on - Sep 24, 2009, 12:13 pm
I think a major contributing factor to our country not being able to drag itself out of this recession is that people don’t want to take personal responsibility for their actions. Everyone is al...
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Banks Respond to Criticism By Easing Overdraft Fees

Frank Fitton posted an article on - Sep 23, 2009, 11:16 am
It seems like the banks are finally responding to some of the criticism being brought on by the way they go about business. Today two of the major banks plan to announce an easing of their overdraft p...
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Cleaning Up Your Credit Score Will Save You Tons

Frank Fitton posted an article on - Sep 22, 2009, 11:39 am
Everyone generally knows that their credit score is an important factor in almost all your major life decisions. At least all the ones that involve your finances, and I think all of them do in some wa...
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States Continue To Lose Jobs

Frank Fitton posted an article on - Sep 21, 2009, 11:24 am
This past Friday the Bureau of Labor Statistics released their report detailing the labor statistics for the month of August. The news was not good, but not really unexpected either. Even when Federal...
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Floyd Mayweather Fighting To Pay Off Debt?

Frank Fitton posted an article on - Sep 18, 2009, 10:24 am
On Saturday night Floyd Mayweather Jr. will make his return to the ring in Las Vegas, Nevada against Juan Manuel Marquez. The fight will be shown on PPV as always and Mayweather should be taking home ...
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New Bank of America Card Banks on Simplicity

Frank Fitton posted an article on - Sep 17, 2009, 10:17 am
People have gotten fed up with the credit card companies are there seemingly deceptive practices. Its reached such a fevered pitch that the credit card companies have now been forced to respond before...
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Federal Reserve Chairman Bernanke Says Recession Over

Frank Fitton posted an article on - Sep 16, 2009, 1:12 pm
The recession has hit everyone in this country like a ton of bricks. People’s property values have plummeted, many have lost their jobs, and their once prosperous portfolios are now not enough t...
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Retail Sales Increase in August

Frank Fitton posted an article on - Sep 15, 2009, 10:26 am
It is starting to seem like almost every day we get a sign that maybe our country is getting out of the recession, only to be followed by another sign that we continue to linger in the recession. That...
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Where You Shop Can Affect Your Credit Score

Frank Fitton posted an article on - Sep 14, 2009, 11:06 am
There are a whole lot of factors that go into your credit score. The formulas these companies use to determine your score are downright complex and sometimes baffling. The big factors like payment his...
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