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Tuesday, August 23rd, 2011
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11:53 am - Can you get a higher credit limit now?
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Boy, if the federal government could get a grip on its debt like U.S. credit card users have, the economy would be humming in no time.
According to credit rating agency TransUnion, consumers made $72 million more in card payments than they did in card purchases from the first quarter of 2009 through the first quarter of 2010.
Sure, charge-offs are a factor (debt that card companies write off as uncollectible), but
Americans are clearly doing a better job handling their credit card debt.
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| Tuesday, August 16th, 2011
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1:33 pm - Consumers missed credit card debt payments in July
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The rate at which consumers paid off their seriously delinquent credit card debt improved during the month of July for one of the nation's largest credit card lenders, even as it saw more customers fall behind for the first time.
The latest regulatory filing from Capital One Financial revealed that the company saw the rate at which it charged off seriously delinquent accounts as being uncollectable slip in July, but its early-stage delinquencies increased, according to a report from Dow Jones Newswires. The lender's charge off rate - the total proportion of its balances that are so far behind on payments they must be written off as uncollectable - slipped considerably, to 3.77 percent from June's 4.41 percent.
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| Monday, August 8th, 2011
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11:30 am - World will react today to U.S. credit woes
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Does continued angst about the debt crisis in Europe and this weekend’s unprecedented downgrade of the United States’ creditworthiness unleash a torrent of financial woe?
Or do global stock and bond markets, nations that hold U.S. debt and our fellow citizens simply shrug off Europe’s financial failures and the unprecedented dent to what is essentially America’s credit score?
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RESOURCES
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| Wednesday, June 1st, 2011
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11:16 am - Mistakes in your credit report could be costing you
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JONESBORO, AR (KAIT) – Whether you are buying a house or buying a cell phone the type of credit you have can make a difference in getting what you want. Many credit counselors say your credit score is sort of like your grownup report card. Your report shows how well you handle your money but that report could have the wrong grade.
There is a new report out this month by the policy and economic research counsel that looks into how correct credit reports are. The study finds that more than 70 million people have wrong information in their credit reports.
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| Tuesday, May 10th, 2011
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6:46 am - Credit Card Chips Can Pose Security Risk
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If you don't already have a credit card with a radio frequency chip, you probably will within a couple of years.
The chips make cards easier to use -- you can wave them at a scanner instead of swiping them.
But security experts said while the new cards are convenient, they put consumers at serious risk.
Financial security expert Walt Augustinowicz said by using a special scanning device, he can read some credit card numbers without ever seeing them. He picks up the information from the RF chips in the cards.
Eyewitness News went to uptown Charlotte with Augustinowicz to test it out.
Amanda Ross was shocked after Augustinowicz scanned the numbers from her American Express card.
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Bad Credit Credit Cards
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| Monday, May 9th, 2011
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9:23 am - Graduates should be vigilant about credit
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Spring college graduates armed with freshly minted diplomas are facing a competitive job market. It could get even tougher for those who have not kept a good handle on their finances.
Prospective employers have the legal right to check a job applicant's credit history with the applicant's permission. Having late payments or default loans noted on a credit report could be problematic.
Graduates should make sure their credit reports are accurate and error free. Mistakes do happen, and they will remain on the record unless steps are made to correct them. The three largest credit bureaus in the country offer one free credit report a year. They are worth reviewing.
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| Friday, May 6th, 2011
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7:52 am - Sony Victims Face Identity Fraud In Months To Come
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SAN DIEGO — Cyber-criminals got access to passwords, names, birthdates, addresses, phone numbers and credit card data from the Sony Online Entertainment Network—known around the world for it’s PlayStation gaming.
A Sony data center based in San Diego discovered an unusual surge or pattern of Internet activity in mid-April.
It took Sony two days to report the security breech to police and another six days before they notified the FBI and their online customers and shut down the site.
The company apologized on May 1.
But, it was too late for online users like Natasha Maksimovic. The Canadian college student filed a billion-dollar class action lawsuit against Sony.
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| Thursday, May 5th, 2011
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12:00 pm - Is your credit score the real deal?
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HOUSTON (KTRK) -- Your credit score is an important factor in getting loans, good interest rates and even a job, so it's no surprise companies are offering to sell you a score. But are you getting a score that is the real deal?
There are a lot of different credit scores out there. One company, Experian, sells consumers their own version of a credit score, but a lawsuit claims it's not the same thing lenders use.
When it comes to credit scores, people know they matter.
Consumer Glenna Duke said, "I think any time you mess with it you are setting yourself up for some more risk."
While Duke has never bought a credit score, Sean Walsh has.
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| Thursday, April 28th, 2011
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11:00 am - Credit Card Cos: Who’s Doing What in Mobile Payments?
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Visa is making a strategic investment in mobile payment provider Square, providing the start-up with an undisclosed sum of money as well as a new advisory board member. It’s a nice boost for Square, which is on a roll as it tries to ramp up payments via a smartphone. But it also highlights the growing role of credit card companies as they try to prepare for the growing mobile payments boom.
As more and more transactions flow through a mobile phone, Visa, Mastercard and American Express have been making moves to position themselves in different ways to take advantage of this trend. It’s not just a passing interest for these companies. In many ways, they need to be actively involved in the rise of mobile payments, which can threaten to cut them and their cards out of the process. Here’s a look at what some of the biggest players are doing in the field:
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| Wednesday, April 27th, 2011
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1:57 pm - Get Out Of Bad Debt in 2011…
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(ThyBlackMan.com) Are you stuck in a bad debt situation? If yes, don’t feel hopeless. As long as you know the right steps toward credit repair, you can get yourself out of bad debt. This article shows you what to do to get out of debt starting today.
Know your debts. You need to know the exact status of your debts. Begin by ordering a copy of your credit report from the three major credit bureaus. If you haven’t received your free report for this year, you can request for it from http://Annualcreditreport.com.
Once you have credit report, examine it closely. See to it that all information and charges in all your accounts are correct. In case of errors, send a dispute letter to the credit bureau that issued your report. Upon receipt of your letter, the bureau will conduct a 30-day investigation and if your dispute is valid, you will also receive updated copy of your report for free.
Read more Get Out Of Bad Debt in 2011…
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| Tuesday, April 26th, 2011
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9:05 am - Choosing the Best Credit Card
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| Monday, April 25th, 2011
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2:10 pm - Money tip: A quick lesson in financial literacy
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Money is continually coming into our lives and leaving it, but that doesn't mean practice makes perfect.
Surveys show that Americans still have a relatively poor understanding of basic money concepts, what experts call financial literacy.
To heighten awareness, for the past two years President Obama has proclaimed that April is National Financial Literacy Month.
Our lack of money knowledge is not because we're a bunch of dummies. The financial world has grown increasingly complex — try shopping for a cellphone plan or choosing a mutual fund or understanding a variable annuity.
Credit Cards for Bad Credit
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| Wednesday, April 20th, 2011
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8:57 am - 5 Smart Ways to Spend Your Tax Refund
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Roughly three quarters of Americans will get a tax refund this year averaging about $3,000. Not a bad payday for most of us!If you’re going to receive a refund this year, spend it wisely. If visions of shopping sprees have been dancing in your head, I strongly suggest you put those fantasies on hold until you’ve answered the following questions: 1) Have you paid off the balances on your credit card(s)? If you answered no, I can’t emphasize this enough: use your refund to pay off as much of that debt as possible; this is by far the best financial investment you can make. If your card interest rate is 12%, you are in essence guaranteeing a 12% return on your investment. As lame and boring as it might seem to use your refund for this, do it. Now. You’ll be much better off financially. 2) Do you have at least three months of living expenses tucked away?Experts recommend having three to six months worth of living expenses in liquid savings to cover “just-in-case” issues like a major car repair, a medical problem or an unexpected job loss. This “emergency” or “rainy day” fund will protect you from unexpected financial issues. So if you answered no, dump that refund into your savings or money-market account and build up your emergency fund--the peace of mind is worth missing out on the shopping spree. Read more: 5 Smart Ways to Spend Your Tax Refund
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| Tuesday, April 19th, 2011
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11:17 am - Credit Cards: How to gain cash back to help pay the bills!
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The high cost of living is making cashback credit cards a popular way of making money to reduce the hit on consumers’ squeezed budgets.
Certain credit card providers offer incentives to use their credit cards to spend, and as a reward to spending over a certain amount, the card holder will often receive either cashback or points which can go towards other expenses.
Different credit card providers offer different rewards, and often they will offer different types of credit cards depending on the particular reward, or spending habits the consumer is likely to benefit from the most.
Read more Credit Cards: How to gain cash back to help pay the bills!
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| Monday, April 18th, 2011
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6:22 pm - Top Credit Card Mistakes
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Top credit card mistakes? Capital One Financial Corp reports customers continued to improve their credit card payment habits in March, reveals Business Week.
However "thirty-three states showed an increase in average credit-card borrower debt from the previous quarter," according to TransUnion's quarterly analysis of trends in the credit-card industry.
That has Michelle Singletary of the Washington Post concerned and she makes several points in a column titled: "Bad credit card habits could make a comeback." Read more Top Credit Card Mistakes
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| Friday, April 15th, 2011
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9:00 am - How Many Credit Cards Is Too Many?
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With all kinds of special promotions available, rewards programs offered, and different store and brand affiliations, it's no wonder people are tempted to add more credit cards to their wallets. From Visa to MasterCard, Discover, and American Express, the choices for credit card issuers and offers go on and on. It can be challenging to select the perfect card for your needs, so sometimes accepting more than one credit card offer gives an easy solution. But when it comes down to it, how many credit cards is too many?
"There are two ways to look at this, depending on your objective," says Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. "A person really only needs two general purpose credit cards. One is the card where they charge their everyday purchases and pay off the balance in full at the end of the month. This card could be a rewards type card, but the APR doesn't really matter since they will never carry a balance from month-to-month.
Read more How Many Credit Cards Is Too Many?
Bad Credit Credit Cards
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| Thursday, April 14th, 2011
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11:25 am - The Truth About Credit Cards & Car Rentals
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Most of us have been told it’s a waste of money to buy the optional insurance coverage when we rent a car. At up to $25 or more per day, it’s definitely not cheap! Furthermore, it has been instilled in us that our credit card or personal auto insurance will have our back if something happens. But can we really count on them?
Not too long ago, through my site Credit Card Forum, I received an email from a man named Harry. He wrote, “I rented a car in Madrid, Spain. In a tight parking garage I scraped the side—net damage about 649 euros." His rental company assured him that his credit card would cover all of the expenses, but then, after he filed the claim, it was denied. The card issuer told him that coverage applies only in the United States.
Read more The Truth About Credit Cards & Car Rentals
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| Wednesday, April 13th, 2011
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8:55 am - What's the best way to spend your credit card reward points?
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Millions of people who use credit cards earn reward points for every charge they make. In addition to airline tickets, you can get merchandise, hotels , even tickets to the rodeo! What's the best way to spend your points? Consumer Reports Money Adviser says that the best value by far is to get an airline ticket. Consumer Reports Money Adviser calculated the value by comparing the miles you spend to the actual cost of the item.
For instance, the average price of a domestic flight is about $350. That divided by the 25,000 miles it can take to get a ticket, and each mile is worth about 1.4 cents. Even if you have to use 35,000 miles, the value of the mile is still a penny. Resources: Bad Credit Credit Cards
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| Tuesday, April 12th, 2011
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7:16 pm - Card Debtors Study Cites 'Economic Shocks'
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A study released by Demos, a research and advocacy organization, may shed light on why some working families have credit card debt and others don't.
The study, "Understanding the Debt Difference," is based on survey research of 2,248 low- and middle-income adults between April 2008 and August 2008, and contrasts the demographics, financial habits and economic circumstances of those with credit card debt and those without it.
For survey respondents who met the criteria for the "indebted" group, the average amount owed was $9,799, and 52% said they had the same or more debt than three years before. More than half of the indebted households said they had been late or had missed a credit card payment, and 37% were still paying off a credit card they had cancelled.
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| Monday, April 11th, 2011
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2:29 pm - Riding the Plastic: How to Use Credit Cards
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Credit cards can unlock worlds of opportunity, allowing people to buy things they want with just a swipe of plastic.
But convenience can come at a steep price, especially when careless cardholders spend more than they earn and find themselves deep in debt.
The issue took a more sinister turn last week when a politician died inside a Citibank office in Jakarta while being confronted by debt collectors reportedly hired by the lender.
Irzen Octa, 50, the secretary general of the National Unifying Party (PPB), reportedly racked up credit-card debts worth Rp 68 million ($7,900) and was unable to pay back a loan of Rp 100 million.
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