Credit-card debt may threaten Brazil’s boom

Posted by administrator | 12/07/11 | Tagged Credit Card Debt

Credit-card debt may threaten Brazil’s boom
News from The Associated Press:

Credit-card debt may threaten Brazil’s boom

SAO PAULO (AP) — Silas Xavier pulls credit card bills from a pocket on the door of the taxi he drives, more from the glove box and still more from a pouch behind his seat, waving them as his voice rises in frustration and desperation.

Like many of the 40 million Brazilians who have joined the middle class since 2003, he got a taste for American-style consumption and dived headlong into the enticing world of easy credit, once available only to the wealthy.

He defaulted three times in four years. Now he’s in over his head again, struggling to provide for his wife and 4-year-old daughter.

Xavier is one more debtor adding to fears that the economic boom in Brazil may be partly built on a bubble in personal credit, even with interest rates on credit cards often topping 200 percent. Economists worry that if it pops…………… continues on The Associated Press
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Saving with CBS 12: Lowering your interest rate
News from WPEC:

PALM BEACH COUNTY, Fla. — Want to lower the interest rate on your credit card? Experts say there are some key words that you can say over the phone to make it happen and it could end up saving you big bucks.

Money Management International says the average household has about $ 8,000 of credit card debt. Even if you pack up the cards and never use them again, it can still be pretty expensive to pay that off with high interest rates.

“It’s a debt that has to be paid back. It’s got an interest rate that can change very quickly, so you do want to keep your credit card debt as low as possible,” said Consumer Credit Counselor, Crystal Gomoke.

So how can you do that?

“The best way to lower the interest rate is to call them and explain that, you know, I’ve got this debt with you. I’ve got a certain interest rate and I would like a lower interest rate in order for me to keep my business with you,” said Gomoke.

Basically, threaten to move your balance to ano…………… continues on WPEC
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Mark W. Smith: Mobile payments: Use your credit card, swipe it through a cell …
News from Detroit Free Press:

Coming soon to a garage sale near you: “All major credit cards accepted.”

Mobile payment services that turn a smartphone into a credit card terminal for easy transactions are popping up across metro Detroit in places ranging from dog food stores to farmers markets.

The services could forever change how small merchants — and even Girl Scouts — take payments.

After signing up for a mobile payment service, users get a free credit card reader, which usually plugs into the smartphone’s headphone jack. The service then takes a small cut from each transaction and sometimes a flat fee per swipe.

Christopher Gorski, 41, of Ferndale uses the mobile payment service Square to take payments for the Detroit-themed T-shirts he sells out of his 1979 step van (think ice cream truck) at local events and the new Rust Belt Market in Ferndale.

Gorski started using Square in December and says he has seen his sales increase now that he’s no longer limited to accepting …………… continues on Detroit Free Press
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Several ways to establish good credit
News from Tulsa World:

The credit card is a phenomenon of the 20th century and has more to do with who we are than who we think we are. Without one – and its numbers and magnetic strip and expiration date – we can’t prove to the financial machine that we are who we say we are. This is why, even though your daughter pays her bills and runs a successful business, the machine won’t let her rent a car because without a credit card account number it can’t determine her credit worthiness. Fair Isaac Corp. offers insights on credit cards.

Hold orders: A car rental company might accept your debit card but is likely to put a hold on your card that is much higher than the price of the car rental. This translates to less access to cash for you as the amount held will not be available to you until all charges from the rental car company have cleared your debit account. See the Federal Trade Commission’s “Credit and debit…………… continues on Tulsa World

… Read the full article

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