Woolworths’ contactless credit card use to boost confidence
News from Mozo.com.au:

The introduction of contactless credit cards at Woolworths outlets is set to have a major impact on consumer confidence in the technology, it has been claimed.

Customers using the swipe-only system will be able to pay for goods valued at up to $ 100 without entering a PIN or signing.

David Lindberg, cards general manager of the Commonwealth Bank, told the Australian Associated Press that the introduction of the payment method is a similar situation seen during the introduction of online banking.

“One of the big announcements is Woolworths using it in their stores and that is moving the market to a tipping point,” he asserted.

Mr Lindberg noted that any fraud that does occur will be covered by financial institutions, which should prompt greater confidence among consumers considering u…………… continues on Mozo.com.au

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Some merchants stop taking credit cards because of high fees
News from Los Angeles Times:
Are high credit card fees pricing plastic out of the market?

Some businesses are putting the kibosh on credit cards to avoid paying processing fees that run about 2% of the transaction amount. In other words, every time you buy something for $ 100 with plastic, it costs the merchant nearly $ 2 in processing fees.

Multiply that by hundreds or even thousands of daily transactions, and that can add up to some serious coin. Typically, those costs are passed along to customers in the form of higher prices.

The financial services giant John Hancock is the latest to slam the door on credit cards, telling customers it will no longer accept payments via plastic for long-term-care insurance premiums.

“The decision to discontinue this option is due to the high fees associated with this billing method,” the company said in a recent letter…………… continues on Los Angeles Times
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Geithner Warns Johnson On Debt Ceiling

Posted by administrator | 29/06/11 | Tagged Credit Card Debt

Geithner Warns Johnson On Debt Ceiling
News from Huffington Post:

HuffPost’s QuickRead…

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Study: Credit Card Issuers Can Do More on Safety

Posted by administrator | 29/06/11 | Tagged Credit Card

Study: Credit Card Issuers Can Do More on Safety
News from ABC News:

Credit card companies could make customers’ accounts and identities more secure with a few simple steps.

That’s what consulting firm Javelin Strategy & Research said in a study released Tuesday that looks at the policies banks use to protect customer data.

Javelin gave Bank of America Corp. its highest score for safety among the top U.S. card issuers, 87 out of 100 points. Bank of America is the third largest U.S. card issuer, based on how much is spent on their cards.

The biggest card issuer, American Express, was ranked seventh for safety with 66 points. The second largest, JPMorgan Chase, was ranked sixth with 67 points.

The study gave a maximum 45 points for prevention efforts, 35 points for detecting fraud and 20 for resolving problems once they were discovered. The average score for the 23 card issuers examined was 59.

The study found that card companies do a good job resolving fraud problems once they occur — averaging 18 out of 20 point…………… continues on ABC News
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Dynamics raises $ 35M round for computerized smartcards and payment systems
News from VentureBeat:

Dynamics, the big winner in the 2010 DEMOfall conference, has raised $ 35 million in funding to accelerate its business of making computerized smartcards and payment systems.

The funding led by Bain Capital Ventures is the largest second funding round in the payments business this year and is the largest round in the history of Pittsburgh, Pa., where the company is based. That says a lot about the potential of Dynamics, which is seeking to bring old-fashioned credit cards into the modern computer age.

In the U.S., most credit cards use magnetic stripes that are read by 1970s-era card readers. Dynamics uses those same magnetic-stripe readers, but it has features built into the plastic of its Card 2.0 credit cards that enable more innovative features without requiring a multibillion-dollar upgrade in the payments infrastructure.


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First step to get credit card debt under control: lose the ‘I want it now …
News from Boston Globe:

A. I think you should leave that retirement money alone. Here’s why, based on your own words:

■ “I don’t want to take two years to pay them off.’’

■ “I want the debt gone now!’’

■ “I know about the 10 percent penalty … but I want a fresh start financially.’’

It’s your wants that got you into debt. I know you said some of the charges were for child care. Anyway, you didn’t get into debt overnight, so take the painful time to slug your way out. Then you will hopefully remember the pain and won’t do it again.

You have only $ 80,000 in retirement funds between the two of you. That’s a lot of money and it isn’t. So leave it alone. You say you’re expecting to get an inheritance, but what if that doesn’t happen?

Don’t settle for being in decent shape for retirement. Practice some good financial habits now such as not withdrawing money from a 401(k) and incurring a penalty. You are just giving the government an extra 10 percent of …………… continues on Boston Globe
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How to teach your kids about the dangers of debt
News from KPTV Portland:

By Andrew Housser

Do you talk to your children about money and debt? Many parents never do. In fact, according to one survey, fewer than 40 percent of parents talk to their children about debt, credit cards, bills and money. Some parents might have good intentions, but many just don’t get around to teaching their children about money, or don’t know how to approach the subject. Others think kids don’t need to know about their parents’ finances.

While children do not need to be the household money managers, they learn how to plan for their financial futures primarily from watching what their parents do. Bringing children into the conversation about money can help make their financial futures stronger. Here are some suggestions on how to talk to kids about money — and how to teach them through your actions.

1) Model responsible choices.

Consider what your choices teach your children. If you overspend a…………… continues on KPTV Portland
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How To Eliminate Credit Card Debt
How to eliminate credit card debt….

Credit card use fell sharply in 2010, report shows

Posted by administrator | 27/06/11 | Tagged Credit Card

Credit card use fell sharply in 2010, report shows
News from MyFinances.co.uk:

Credit card use fell sharply last year

Monday, June 27, 2011 10:49 AM

UK consumers’ credit card use dipped sharply in 2010 as they thought “harder” about whether they wanted to get into debt, according to a new report.

The latest British Retail Consortium (BRC) payments survey revealed the proportion of transactions using credit cards fell by 12.9 per cent over the course of last year compared with 2009.

Meanwhile, the proportion involving debit cards rose by 15.8 per cent and the average amount spent in cash transactions increased by 13 per cent to £12.93.

The survey analysed results from nearly eight billion transactions in-store and online, accounting for 60 per cent of total retail sales i…………… continues on MyFinances.co.uk
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Five questions to ask before applying for a new credit card
News from e-wisdom.com:

Consumer-focused changes to credit card regulations can help clarify your account agreement and eliminate some formerly troubling fees and practices. But, these changes should not strongly motivate you to apply for one or more new credit cards.

CARD Act Changes

Signed into law in 2009, but implemented in early 2010, the CARD (Credit Card Accountability, Responsibility and Disclosure) Act helps card holders save some money and better understand the terms of their account agreements. When you compare credit cards, you’ll see that issuers are now prohibited from increasing interest rates on old balances, charging “unreasonable” late or other fees, and mandated to disclose key terms in your account agreement in large, bold fonts.

Credit card offers are now easier to understand and evaluate. However, credit card deals still require that you read and comprehend the offers. For example, looking for good
… Read the full article


How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line
 “This book is a must-read for credit card holders of all ages. Curtis Arnold offers insights into how consumers can not only p…
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Credit card use falls 13% in year

Posted by administrator | 26/06/11 | Tagged Credit Card

Credit card use falls 13% in year
News from BBC News:

Card transactions take longer and cost shops more to process than does cash

Credit card use fell last year as people turned to cash and debit cards to avoid borrowing, shopkeepers say.

The British Retail Consortium (BRC) which represents 90% of the UK’s stores, say transactions involving credit cards dropped 12.9%.

The number of transactions involving cash also fell, although the average amount spent rose by 13% to £12.93. Debit card use jumped by 15.8%.

The BRC criticised the level of bank charges associated with credit cards.

It pointed out they are the most expensive payments they have to process.

On average in 2010, each retailer paid 1.7p per cash transaction to have the money trans…………… continues on BBC News
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Higher card use, better payments lift Discover 2Q
News from The Associated Press:

Higher card use, better payments lift Discover 2Q

NEW YORK (AP) — Discover Financial Services on Thursday said its profit more than tripled in its fiscal second quarter as it added new customers, while existing customers used their cards more and got better about making payments on time.

For the three months ended May 31, the Riverwoods, Ill.-based credit card company said net income available to common shareholders rose to $ 593 million, or $ 1.09 per share, compared with $ 185 million, or 33 cents per share, in the year-ago quarter.

That far outpaced the average analyst expectation for earnings of 75 cents per share, according to data provided by FactSet.

Its shares rose 35 cents, or 1.5 percent, to $ 23.94 in afternoon trading. The stock has changed hands between $ 13.33 and $ 25.76 in the past 52 weeks, and is now up almost 30 percent since t…………… continues on The Associated Press
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Credit Card Collections to Continue

Posted by administrator | 25/06/11 | Tagged Credit Card Debt

Credit Card Collections to Continue
News from TheStreet.com:

NEW YORK (TheStreet) — A recent decision by JPMorgan Chase(JPM) to drop more than a thousand credit card debt collection cases has thrown a spotlight on another area of potential trouble for the banking industry.

Despite the move by JPMorgan, other banks will plough ahead on existing collection cases. JPMorgan would not confirm or deny the dismissals, reported by The Wall Street Journal on Friday, though the newspaper quoted Thomas Donnelly, an Illinois state-court judge in Chicago, who said he allowed the bank to withdraw all the pending collection cases in his courtroom this month, though they will b…………… continues on TheStreet.com
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JP Morgan Drops More Than 1000 Credit Card Debt-Collection Lawsuits
News from National Journal:

J.P. Morgan Chase & Co. dropped more than 1,000 credit card debt-collection lawsuits in a handul of states, The Wall Street Journal reports.

Though the bank would not say how many cases were dismissed or why, state judges told The Journal that cases were dropped in California, Florida, Illinois, New Jersey, and New York. The bank was owed $ 45.9 billion on outstanding credit cards—both for current and delinquent accounts—in those states, as of March 31. The average amount sought in credit-card lawsuits is around $ 1,000, according to the Journal.

Although the bank declined to give a reason for the dismissal, it may have been related to “irregularities” in the paperwork used to file the lawsuits, which could indicate sloppy or fraudulent documentation of debt, The Journal reports. The bank is being scrutinized for possible use of s…………… continues on National Journal
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How to Instantly Eliminate Credit Card Debt (Without Bankruptcy or Credit Counseling)
How to Eliminate Credit Card Debt (Without Bankruptcy or Credit Counseling) contains a simple, proven, step-by-step plan to get cr…

Higher card use, better payments lift Discover 2Q

Posted by administrator | 24/06/11 | Tagged Credit Card

Higher card use, better payments lift Discover 2Q
News from BusinessWeek:

Discover Financial Services says its second-quarter profit more than tripled as customers used their cards more and got better about making payments on time.

The Riverwoods, Ill., credit card company says net income leaped to $ 593 million, or $ 1.09 per share. That is well above Wall Street’s expectation for profit of 75 cents per share.

More use of Discover cards pushed sales volume up 9 percent and boosted the number of transactions the company’s networks processed.

Customers also got much better paying their bills, so late payments and write offs of uncollected balances both dropped sharply from last year. That let Discover r…………… continues on BusinessWeek
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New Hartford man found not guilty of illegal credit card purchase of chain saw
News from Torrington Register Citizen:

Note: All listings are paid advertisements.

Baptist

Bethlehem Baptist Fellowship

Meeting at the First Church of Bethlehem

21 Main Street, South Bethlehem, CT 06750

Saturday Evening Service @ 6:00 PM

Tuesday Bible Stidy @ 7:00 PM

Pastor Duane Crossman @ 860-459-8452

www.bethlehembf.com

Friendship Baptist Church

441 Torrington Rd, Litchfield Ct 06759

860-567-3389 www.friendshipbc.com

Sunday Morning classes 9.00am

Sunday Morning Worship 10:30am

Sunday Classes & Children’s Choir 6:00pm

Wednesday Classes (youth group, royal Ambassadors, Girls Action, Mission Friends) 6:30

Cable 5: Sunday Service 6:00pm

Unity

Unity in the Foo…………… continues on Torrington Register Citizen

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New Leather Credit Card Holder Wallet ID Window Black
Italian Leather Equivalent Credit card Holder Wallet.It has 1 card slot on the front and 2 large slots fro extra cards with one Id…
How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line
 “This book is a must-read for credit card holders of all ages. Curtis Arnold offers insights into how consumers can not only p…

Discover Financial Services 2nd-qtr profit leaps as unpaid bills decline, card …
News from Washington Post:

NEW YORK — HIGHER CARD USE: Discover Financial Services said its profit more than tripled in its second quarter as card sales volume rose 9 percent and transactions processed by Discover-owned networks rose 18 percent.

LOWER WRITE-OFFS: The company wrote off $ 577 million, or 4.42 percent of credit card and loan balances, as uncollectible. That was down from $ 1 billion, or 7.97 percent of balances, last year.

HIGHER EXPENSES: Costs for marketing and advertising, labor, debt collection, fraud and expenses related to its newly-acquired Student Loan Corp. drove up expenses by 25 percent.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

…………… continues on Washington Post
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Bad Credit Repair For Businesses Through Credit Card Use–Secured Credit Cards …
News from Red, White, and Blue Press:

Aspects of bad credit repair are often topics that consumers will explore as this issue can be one that has a great deal of depth and various pieces of an overall debt relief and credit repair puzzle that consumers must analyze before they begin the process or can successfully complete their goals to reestablishing their credit. Yet, bad credit repair is also necessary for many businesses, and for those who have seen their financial position at their business deteriorate over the past two years or months, there are credit cards that can be beneficial for the bad credit repair process as even secured credit cards or unsecured lines of credit, as well as, an alternative credit lines can help establish a more beneficial credit score for a particular company.

In terms of secured credit cards available specifically for businesses, they do work in a similar fashion to a consumer secured credit card, as any type of secured credit will require collateral and, in many cases, will nece…………… continues on Red, White, and Blue Press
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Center Flap Credit Card Holder style – 74

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Holds many credit cards only. You can leave the important ones in the center flaps and others on the side! Perfect for the people who just don’t like to carry cash.

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Data Hints at $ 20 Billion Credit Card Debt Increase in 2011
News from Technorati:

The first quarter consumer credit card debt pay down that we witnessed the past couple of years slowed dramatically this year, with Americans decreasing the money they owe by only about $ 32.3 billion, or 26% less than during the same period last year. This, according to a Card Hub study, foreshadows a significant impending debt build up that will result in consumers adding a net of $ 20 billion in new credit card debt during 2011.

It’s fairly normal for U.S. consumers to decrease their overall debt during the first quarter of each year, as this is typically the time when holiday bonuses and tax returns are received and many people put their noses to the grindstone in order to pay off holiday expenses. However, as first-quarter decreases have been followed by large debt additions the past two years, the same is expected in 2011, and given the apparent inverse relationship between first quarter pa…………… continues on Technorati
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Tips for effectively managing your debt crisis
News from Chicago Sun-Times:

How you can pick Terry’s brain

In this column, I’ll respond to your most frequently asked questions regularly. Of course, you always can submit individual questions on my Sun-Times blog, reached on the home page at www.TerrySavage.com.

Updated: June 23, 2011 2:12AM

Q. Because I was out of work for nearly a year, I have so much credit card debt that I can never repay it. What’s better — credit counseling, debt negotiation, or bankruptcy?

It’s important to know the difference between these alternatives and choose the one that best solves your pr…………… continues on Chicago Sun-Times
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Dave Ramsey’s Financial Peace University DVD 3-Pack: The Great Misunderstanding, Cash Flow Planning, and Dumping Debt [DVD
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Whether readers are overwhelmed by credit card debt or trying to prevent it altogether, this book has the answers. The author's basic three step program provides the information readers need to reduce interest rates, eliminate fees, and negotiate with credit card companies to keep their credit report clean.
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