Personal Finance Advice and Commentary

A husband and wife in Orange County, Calif., is sentenced to prison in connection with a $4.7 million federal bank fraud.

Four years and $6 million. That was the prison sentence and restitution demand recently imposed on a man who pleaded guilty to federal bank fraud charges. Kwong Hung Lam, a.k.a. “Eric Lam,” was the president and sole owner of New Century Enterprise, an importer and distributor of casual clothing headquartered in Farmingdale, N.Y., according to

The Consumer Financial Protection Bureau, or CFPB, wants consumers to know the specifics of a credit card’s cost before applying for the card, according to an article by The Associated Press. The CFPB, a new consumer watchdog agency set to open this summer, would like consumers to know the exact interest rate and credit line

It’s a new year, and it’s a good time to turn over a new leaf when it comes to managing your credit cards. First, get a handle on your credit card debt. Now is the time to tally up all those credit card balances. How much additional damage did you do with all your holiday

Reduced credit card limits could keep you from refinancing your mortgage, according to a Dec. 14 article in The Wall Street Journal. The WSJ cited slashed consumer credit card lines and subsequent plummets in consumer credit scores as factors impeding homeowners from refinancing their mortgages. Banks charge high closing costs on customers with less than

Have credit card debt? Be sure to monitor your credit limits from month to month. The Credit CARD Act does not require issuers to give 45 days’ advance notification for credit limit decreases. So it’s a good idea to check the credit limit on each of your credit cards each month, especially if you carry credit