CARD Act Provision Triggers Relatively Few Calls For Credit Counseling
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‘Business’ credit cards offer consumers few safeguards
News from WXYZ:

Households receiving offers for “business” credit cards would be wise to throw them away, a nonprofit research group is warning consumers.

Business credit cards are marketed to corporations, small business owners, sole proprietors and individuals who may want to use the cards to keep track of work-related expenses. The cards generally offer enhanced bookkeeping services to help categorize and monitor transactions.

Trouble is, business cards aren’t covered by consumer protections under the credit card reform act, which took effect in 2009 and 2010.

Practices that federal regulators consider unfair and deceptive that are banned by the card act “remain widespread in business credit cards that are regularly offered to American households,” according to a report released last month by The Pew Charitable Trusts in Washington, D.C.

For example, nothing prohibits interest rates on business cards from shooting up — even retroactively on existing balances — with …………… continues on WXYZ
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Beware of firms promising to get your debt reduced

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

Beware of firms promising to get your debt reduced
News from Philadelphia Inquirer:

Posted on Mon, Jun. 6, 2011

Dear Harry: Almost every day, I receive an email from a company that insists that it can reduce or eliminate the interest on my credit-card debt. My first thought was: Why would anyone want to reduce part of my debt that I myself was responsible for? My wife and I are on Social Security. We have maxed out one credit card to the tune of $ 30,000 and another at $ 6,000. We have heavy co-pay on drug and dental bills, and we’re just barely making it. We have just enough SS to keep us off assistance from food stamps, etc. Would our applying for this interest reduction affect our credit rating? It’s always been very good. What do you suggest?

What Harry says: Any efforts (successful or not) to reduce a creditor’s balance could be sent to the credit-reporting agencies. This would have an effect on your score. However, many of these companies that promise the sky are first-class scammer…………… continues on Philadelphia Inquirer

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Popping ballooning debt
News from Bangkok Post:

Prompted by a new government scheme, thousands of credit cardholders are now thinking of refinancing to reduce their financial burden, but bankers warn they should carefully consider the conditions before applying.

Only existing customers with good credit backgrounds are eligible for the government’s 10-billion-baht refinancing programme, and applicants will be restricted from obtaining any new credit cards for one year after being accepted.

As well, the combined amount of credit card debt must not be more than five times the debtor’s monthly salary or 300,000 baht, whichever is less.

The three participating state-owned banks _ Krung Thai Bank, the Government Savings Bank and the Islamic Bank of Thailand _ will charge annual interest of only 10% to refinance the debt, half the maximum 20% normally charged for credit-card loans.

The deadline for applications is Aug 31.

Customers holding multiple cards and having a combined balan…………… continues on Bangkok Post
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