What can be done to curb credit card debt?

Posted by administrator | 14/06/11 | Tagged Credit Card Debt

What can be done to curb credit card debt?
News from Korea Times:
By Kang Seung-woo

Credit card companies’ aggressive push for asset growth through loan services is feared to pose a threat to the nation’s already-high household debt.

Given that a significant portion of the fast-rising amount of loans may go sour, the financial authorities fear that they will add to already-mounting household debts.

According to the Bank of Korea (BOK), the problem can no longer be ignored as household debt surpassed 800 trillion won for the first time in the first quarter. It rose 6 trillion won from the previous quarter.

The Financial Services Commission (FSC) said that credit card debt accounted for a growing portion of the overall amount owed estimated at 24.9 trillion won last year, up 38.3 percent from a year earlier.

The amount was tallied at 8 trillion won in 2005, but since then, it has increased significantly, nearly tripling over the past five years.

The only drop in the cited period came in 2009 due to the financial crisis.

…………… continues on Korea Times
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Personal Debt Consolidation Through Credit Card Balance Transfers And Home …
News from Red, White, and Blue Press:

There are some indications that certain consumers are beginning to rely on credit less and less, but when it comes to paying off high levels of debt, the options that consumers have been using differ and, in many cases, consumers are in a position where their financial life may have taken a hit for one reason or another and affordability may be an issue. Here in the month of June, many consumers who are looking for ways to repay their debts at an affordable cost, in terms of month-to-month payments, have usually been those who have considered debt consolidation as a way to find affordable opportunities to erase what they owe, after cutting off their spending habits that are unnecessary and have led to their current debt situation.

The question that many have though, usually centers around what type of personal debt consolidation loan option is available for their particular situation. While there are personal loans that can be used to consolidate debts, some consumers have be…………… continues on Red, White, and Blue Press
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Man arrested for credit card fraud

Posted by administrator | 14/06/11 | Tagged Credit Card

Man arrested for credit card fraud
News from NorthJersey.com:

Credit card fraud

An investigation by the Millburn Police Department Detective Bureau resulted in the arrest of Louis J. Grace, 62, from Maplewood for his alleged involvement in the use of credit cards that were in a purse stolen from an office in the Paper Mill Playhouse this past August.

Millburn and Union police arrested Grace without incident June 5 at a residence in Vauxhall.

Police charged Grace with conspiracy to commit credit card fraud, credit card theft, forgery, impersonation; theft of identity and fraudulent use of credit cards.

Police also allege that Grace was involved in the use of a stolen credit card at various stores at The Mall at Short Hills on May and he faces an additional charge of conspiracy to commit credit card fraud, three counts of impersonation;…………… continues on NorthJersey.com
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What You Need to Know to Protect Yourself from Identity Theft
News from Patch.com:

We’ve all heard the horror stories.

The sudden receipt of unfamiliar bills, inexplicable rejection from creditors and negatives marks on your credit report followed by the years of frustration getting these errors of mistaken identity resolved. These are the perils of identity theft, and the Los Angeles County Sheriff’s Department is offering its advice on how you can avoid becoming a victim of the fastest growing form of consumer fraud in North America.

12 Identity Theft Prevention Tips:

1. Identity theft starts with the misuse of your personal identifying information such as your name, Social Security number, credit card numbers, or other financial account information.

2. Check your credit report from each of the three major credit bureaus every year. 

3. Open your credit card bills and bank statements right away. Review your statements and close unused accounts. Be aware if bills don’t arrive on time. It …………… continues on Patch.com

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