UNIVERSAL DEFAULT....Via Roy, the Consumerist has some entertaining liveblogging of Tuesday's Senate showdown between Carl Levin and the credit card industry: 9:34: And we're off. Levin has ...

BOSTON (MarketWatch) -- Credit-card providers appear to be moving "universal default clauses" -- where interest rate increases are based on the way customers handle other credit accounts -- deeper ...

Relying on a "universal default" clause in their card agreements, the companies raise rates if the cardholder is late or misses a payment to a third-party creditor.

Look for a card that does not include a universal-default clause. Look for a card that has a lower penalty rate if you actually do default. The 30-percent-plus rates are not in use everywhere.

I forgot to blog about this earlier, but here’s the latest news on Chris Dodd’s bill to bring a little common sense to the credit card industry: Dodd’s original bill had sought to ban all ...

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