HP Cuts and Credit Cards

Mostly because  of dropping PC sales, HP is cutting 2% of its workforce, or roughly 6400 jobs. It also lowered its outlook. Last quarter, total net revenue fell 3%, and although HP was still able to hit its forecast, it’s not taking any chances on the next quarter. Again, this is mostly because of stagnating PC and printer sales–HP’s bread and butter.

In other news, the U.S. Senate voted 95-5 in favor of a bill that would rein in credit card companies. These companies have been on the forefront of people’s minds since the recession, and while their somewhat dubious practices go back further than that, they’ve become much more common since the 2008 credit crisis began. Known as the Credit Card Holder’s Bill of Rights, the bill will go to the House later today, where it is expected to pass, making it more difficult for banks to raise interest rates, unless a balance is more than 60 days overdue (the bank would then have to return the previous interest rate after six months of on-time payments). The bill would also make it more difficult for anyone under the age 0f 21 to get a credit card.

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