The
Wall Street Journal, in an article published today entitled ”The New
Credit-Card Tricks”, confirms my 2009 premonition:
If the Credit CARD Act is passed, credit card companies immediately will find ways
to recoup their loses with new fees and tricks.
Read
about some of these new fees and tricks that have consumers and advocates ruffled.
As a small business owner, I feel the pain of the credit
crunch caused by the recession. Despite great credit, my company has lost financing
options; they have either dried up or become much more expensive. First, American Express decommissioned my
company’s business line. Second, Capitol
One increased my company’s credit card interest rate by seven points. Third,
Chase recently sent a letter notifying me that it, too, may decommission my
company’s business line and raise minimum payments. Considering these circumstances, it is
increasingly challenging to operate a business, let alone grow.
As a result of traditional banks refusing to lend, more small
businesses are seeking alternative sources of funding. Two reasonable options are accounts
receivable financing and purchase-order financing.
Continue reading "Small business ideas for financing during a credit crunch" »
As many of you know, I am a business owner, and maintaining my business credit is just as important as maintaining my personal credit. In the business world, a company does not have a FICO score; instead, it has a PAYDEX score, a rating maintained and calculated by Dunn & Bradstreet.
Continue reading "Business owners: Do you know your PAYDEX score? " »
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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.
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.
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.
Testifying at a bill hearing in Annapolis, Maryland
Speaking at a university
