Alert, Debit Card Scam At Well-Known Stores! – Are Credit Cards Safer?
News from Daily Markets:

Have you heard of the debit-card scam that targeted many customers of the Michaels Arts and Crafts store? In this case the Marquette Bank managed to notice the fraud quite early, although fraudsters managed to withdraw money from many customers of the Michaels store before this fraud was detected.

This fraud was most probably done by thieves posing as repairmen who replaced card processing machines with modified machines which are designed to capture the customers’ card information and PIN numbers. What they usually do is add a card schemer and place pin head-sized cameras on the processors, or record keystrokes by placing a membrane over key pads. Once the theives capture this information they can clone the customers’ debit cards and make withdrawals at ATMs using the captured pin. Because of the modified machines, Michaels had to replace all of its 7,200 card-processing terminals to make sure they were safe for customers.

I personally don’t use debit cards, except to…………… continues on Daily Markets
… Read the full article
.

Related News:

Is Dave Ramsey Right that Credit Cards are Evil?
News from The Dough Roller:

According to Dave Ramsey, and I quote, “Responsible use of a credit card does not exist.” He then goes on to add that there “is NO positive side to credit card use.” These quotes come from Dave’s website in an article entitled, The Truth About Credit Card Debt.

When I hear this extreme view, my mind immediately recalls saving thousands of dollars and getting out of debt faster with credit cards that offer balance transfers. I also remember all of the vacations we’ve taken for free or for substantially less than full price because of travel reward credit cards (Guatemala, London, Detroit (don’t ask)).

So I decided to dig deeper into Dave Ramsey’s view on credit cards. What I found shocked me. H…………… continues on The Dough Roller
… Read the full article


Canada’s personal debt rises

Posted by administrator | 01/06/11 | Tagged Credit Card Debt

Canada’s personal debt rises
News from CBC.ca:

Canadians rang up five per cent more in personal debt in the first three months of 2011 compared with 2010, according to a report released Wednesday.

TransUnion, a Chicago-based credit specialist, said the average Canadian had almost $ 26,000 on his or her credit card, bank lines of credit and other borrowing vehicles — excluding mortgages — during the January-to-March period. That amount represented a jump of more than $ 1,200 compared to the same three months one year earlier.

Lines of credit, which usually attract a lower interest rate than credit cards, were the weapon of choice for consumers in the first quarter, accounting for 40 cents out of every dollar borrowed in the period, Transunion said.

No panic

Even at these higher levels, however, the company said Canadians were not getting overloaded with too much debt.

“Our first quarter data shows a continued increase in the total debt per consumer, although the trend still remains modest compar…………… continues on CBC.ca
… Read the full article
.

Related News:

Prosecutors outline DiMasi’s falling income, rising debt
News from Fall River Herald News:

In the years after he became House speaker in 2004, Salvatore DiMasi’s financial liabilities, as well as his wife Deborah’s, soared to more than $ 275,000 – a combination of tens of thousands of dollars in credit card debt, home loans and lines of credit they obtained – according to a prosecution witness who testified Wednesday.

Andrea Roller, an auditor in the U.S. attorney’s office, said that from Jan. 2005 to June 2008, the DiMasis piled up tens of thousands of dollars of credit card debt for largely “recreational” purposes: restaurants, travel and clothing, along with a handful of cable bills, cell phone bills and Fast Lane charges. He made no mortgage payments with his credit card, she added. DiMasi, she said, had three credit cards, and his wife had one.

In addition to their mounting liabilities, Roller detailed charts she compiled showing that DiMasi experienced a sharp drop in income from his law practice between 2003 and 2007. The financial records, she said, cam…………… continues on Fall River Herald News
… Read the full article


Credit CARD Act Turns Two: Are Consumers Better Off?

Posted by administrator | 01/06/11 | Tagged Credit Card

Credit CARD Act Turns Two: Are Consumers Better Off?
News from TIME:

It’s been two years since the landmark Credit Card Accountability Responsibility and Disclosure Act of 2009 was signed into law, and by all accounts, it’s led to some pretty significant changes in the giant industry grinding away behind those little pieces of plastic.

“The Credit CARD Act was passed in response to unfair practices. I think it’s one of the most important and tremendous pieces of legislation for consumers,” says Ed Mierzwinski, consumer advocate at watchdog group U.S.-PIRG. “It banned the worst credit card practices. We’ve all benefited.”

Other consumer advocacy organizations echo this assessment and even the American Bankers Association came around after initially saying that the law would be harmful to consumers (and, presumably, banks). “I think there have been a lot of positive changes for consumers,” says Nessa Feddis, vice president and senior policy counsel for the ABA. But she also says interest rates are higher on average a…………… continues on TIME
… Read the full article
.

Related News:

Sharon Moms Topic: Giving Kids The Credit (Card)
News from Patch.com:

Moms Talk is a new feature on Sharon Patch that is part of a new initiative on our Patch sites to reach out to moms and families.

Sharon Patch invites you and your circle of friends to help build a community of support for mothers and their families right here in Sharon Patch.

Each week in Moms Talk, our Moms Council of experts and smart moms take your questions, give advice and share solutions.

Moms, dads, grandparents and the diverse families who make up our community will have a new resource for questions about local neighborhood schools, the best pediatricians, 24-hour pharmacies and the thousands of other issues that arise while raising children.

Moms Talk will also be the place to drop in for a talk about the latest parenting hot topic. Where can we get information on local flu shot clinics for children? How can we help our children’s schools weather their budget cutbacks?

So grab a cup of coffee and settle in as we sta…………… continues on Patch.com

… Read the full article


© 2017. Credit Card Talk