Good Day, Bad Day
Burning plastic, owning up
GOOD DAY FOR: Burning plastic, after Bank of America started notifying credit card holders with good credit and no late payments that their interest rates will more than double, to as high as 28 percent, for no apparent reason. “Either Bank of America has more financial troubles than it is willing to admit or it has a level of institutional arrogance that is unacceptable,” said Credit-dot-com CEO Adam Levin. (BusinessWeek.com)
BAD DAY FOR: Owning up, as an increasing number of homeowners, facing rising mortgages, falling house values, and little equity invested, are choosing to walk away from their homes and mortgages. The biggest consequence is a huge hit to their credit score, but even credit score firms say it makes financial sense for some borrowers to default, especially if the alternative is bankruptcy. (CNNMoney.com)
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
What is cloud seeding and did it cause Dubai's severe rainfall?
The Explainer The future is flooded
By Devika Rao, The Week US Published
-
American Airlines pilots are warning of a 'significant spike' in safety issues
In the Spotlight The pilot's union listed 'problematic trends' they say are affecting the airline's fleet
By Justin Klawans, The Week US Published
-
6 star-spangled presidential libraries to visit
The Week Recommends These institutions provide insight into American leaders
By Catherine Garcia, The Week US Published