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7 posts from November 2010

November 30, 2010

Just when you thought you knew something about mortgage securitizations


If you ever needed more proof of just how complicated the mortgage crisis is because of securitization, you’ve got it. Try to follow all of these transactions for one mortgage without getting a headache. It took one year to put together this flow chart.

View a higher resolution chart with an introduction at ZeroHedge.com.

Credit Card Max-and-Walk: Consumers Learn How to Game the Banks

I am mentioned today in an article published by the Huffington Post.  Possibly, my campaign, NewCreditRules.com, has empowered not only honorable consumers, but also the less scrupulous ones.

Read the article at HuffingtonPost.com.

November 25, 2010

The shocking stats of credit card debt in America

Instead of reading the esoteric reports provided by the Federal Reserve or financial analysts, check out this user-friendly chart which is an excellent overview of credit card debt in America.  View the entire chart at CreditSesame.com.


November 21, 2010

Survey: Seniors too embarrassed to ask for help, a major cause of financial trouble


One of the biggest obstacles to achieving good financial health is the lack of communication.  Put another way, a great majority of Americans does not like to talk about money.  Crippled by feelings of shame and misguided optimism, Americans with financial problems often do nothing to improve their lot, hoping for a miracle.

We all know that the first step to overcoming a problem is admitting that there is a problem. As trite as the saying is, it is true, especially when it comes to extirpating bad financial habits.  Fewer and fewer adults are willing to take that difficult first step of acknowledgement.

As evinced in a recent survey, this is increasingly the case with retirees who find themselves in dire financial straits.  Members of the so-called Greatest Generation continue to increase their credit card debt with no intention of paying it off before they die.  They ignore the warning signs of financial disaster, blaming the faltering economy or simply giving up.

An insightful article released in USA Today provides fresh data about this trend and stresses the importance of communication when fixing problems of personal finance.

November 16, 2010

David Silberman to run credit card unit of the Consumer Financial Protection Bureau

Elizabeth Warren, the special White House adviser assigned to set up the Consumer Financial Protection Bureau, has selected David Silberman of the Kessler Group to run the unit that will research and write rules for credit cards, according to…

Read more about this major appointment as reported by Bloomberg.

November 10, 2010

Kim Kardashian offers prepaid card for kids

I’m going against the grain on this one, but I’m convinced that I’m right: MasterCard’s move to use Kim Kardashian, the ultimate shopaholic with recherché tastes, as a spokesperson for its new prepaid card product is brilliant—at least from a marketing standpoint. She has tremendous influence with her audience of teens.  With that said, however, I am more interested in how this partnership exposes the hypocrisy of some consumer advocates.

Continue reading "Kim Kardashian offers prepaid card for kids" »

November 03, 2010

Fitch: Credit card write-downs to continue falling

Tighter underwriting, better customer payment habits and "a substantial cleansing" of past-due accounts helped drive improvements in bank credit card portfolios during the third quarter, Fitch Ratings said Wednesday.

In a review of quarterly results for the major credit card issuers, the agency noted that four large banks have written off 14 percent or more...

Read more about this as reported by Bloomberg Businessweek.

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About Me

Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.

My Story

Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.

Good Morning America tells my story.

The Goal

I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.


I am proud to say that this blog's unyielding demand for change led to an important amendment in the final Credit CARD Act signed by President Obama on May 22, 2009. Despite this major accomplishment, there is still more work to be done.

View video of bill hearing in Maryland

Testifying at a bill hearing in Annapolis, Maryland

Speaking Engagements

In an effort to educate as many people as possible about financial management, especially about how to manage the current credit crisis, I have begun to speak around the country at colleges, universities, corporations, chamber of commerce meetings, congressional hearings, trade organization meetings, etc. Having acquired a wealth of information that will help to empower people and to improve their financial future, I feel that sharing this information is the least I can do to make a positive impact. For information on my availability for speaking opportunities, please send an e-mail to Jennifer Silverman at jennifer@silvermanworldwide.com.

Speaking at a university


All information provided on NewCreditRules.com is provided for information purposes only and does not constitute or substitute for professional financial advice. Information on NewCreditRules.com is subject to change without prior notice. Although every reasonable effort is made to present current and accurate information, NewCreditRules.com makes no guarantees of any kind. This web site may contain information that is created and maintained by a variety of sources both internal and external. These sites are unmoderated forums containing the personal opinions and other expressions of the persons who post the entries. NewCreditRules.com does not control, monitor or guarantee the information contained in these sites or information contained in links to other external web sites, and does not endorse any views expressed or products or services offered therein. In no event shall NewCreditRules.com be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods, or services available on or through any such site or resource.

Popular Posts

  1. Credit CARD Act contains amendment inspired by this campaign

  2. Bankers Vow Revenge

  3. Republicans less likely than Democrats to have too much debt?

  4. Credit card bill won't outlaw redlining

  5. Create your own data mining strategy

  6. Top 25 subprime lenders behind the mortgage meltdown

  7. President Obama’s bad idea

  8. Bank of America gets a new chairman: my good friend

  9. Should the rich pay higher interest rates?

  10. Scam alert: Avoid debt relief and credit repair firms

  11. Do you know your medFICO score?

  12. Kevin, you're "LOOKING for discrimination"

  13. Woman denied credit due to blacklisted mortgage company: Bank of America

  14. Video of Maryland bill hearing against “blacklisting”

  15. A comprehensive list of "toxic" mortgage companies

  16. Speaking engagement brings a pleasant surprise

  17. Credit card securitization encourages fee-based profit model

  18. Everything bad about the credit card industry exposed

  19. The Credit CARD Act is great, but not strong enough

  20. Companies cancel cards of responsible customers

  21. What’s your credit score, President Obama?

  22. Fair Isaac Co. will no longer sell Experian-based credit scores

  23. Why merchants suffer just as much as consumers do (Part I)

  24. Big defeat for consumers, small victory for American Express

  25. American Express says it has changed its discriminatory policy, but don't be fooled

  26. What’s your horror story? Do you have praise for a company?

  27. Beware: These stores could harm your credit! (Part II)

  28. Beware: These stores could harm your credit! (Part I)

  29. Major banks cope with shame of being on welfare

  30. What affects your credit score

Great Resources

  1. ChangeInTerms.com

  2. Complaints.com

  3. ConsumerAffairs.com

  4. Consumerist.com

  5. CreditMattersBlog.com

  6. CreditSlips.org

  7. DefendYourDollars.org

  8. Epinions.com

  9. GotaClassAction.com

  10. My3Cents.com

  11. PlanetFeedback.com

  12. RipoffReport.com
* List provided by ChangeInTerms.com.

Selected Media Coverage

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