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ASPIRATIONS: The Birds, the Bees… and Credit?

By Michelle Thornhill NNPA Columnist Turning 18 opens up a world of opportunity for your children. How well informed they are about new opportunities can make all the difference in their ability to make smart decisions. For many teens, opening their first credit card account is exciting. The freedom of not relying on Mom and Dad for money is alluring. However, children generally lack the foresight required ...

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Discover Card Must Refund 200$ Million for ‘Deceptive’ Marketing

By Charlene Crowell NNPA Columnist For the second time this year, the Consumer Financial Protection Bureau (CFPB) has taken strong enforcement steps against deceptive marketing practices. Through CFPB’s joint enforcement action with the Federal Deposit Insurance Corporation (FDIC), more than 3.5 million consumers with Discover Card accounts will receive approximately $200 million. Restitution will be awarde ...

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The Hidden Costs of Prepaid Credit Cards

By Charlene Crowell NNPA Columnist Amid the still-unfolding effects of the deepest recession since the 1930s, one area of financial services is in a skyrocketing growth mode: prepaid credit cards. Initially appealing to consumers who lacked bank accounts to conduct personal financial transactions, this form of plastic is now commonplace. In fact, some governmental benefits are issued on prepaid cards. In 20 ...

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