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)
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.
-
Book reviews: 'Girl on Girl: How Pop Culture Turned a Generation of Women Against Themselves' and 'Notes to John'Feature The aughts' toxic pop culture and Joan Didion's most private pages
-
The FDA plans to embrace AI agencywideIn the Spotlight Rumors are swirling about a bespoke AI chatbot being developed for the FDA by OpenAI
-
Digital consent: Law targets deepfake and revenge pornFeature The Senate has passed a new bill that will make it a crime to share explicit AI-generated images of minors and adults without consent
