Get Ready: Your Credit Card Rates Are Going Up

Posted by administrator | 08/08/11 | Tagged Credit Card Debt

Get Ready: Your Credit Card Rates Are Going Up
News from TIME:

The full impact of ratings agency Standard & Poor’s downgrade of U.S. debt remains unclear. But one outcome credit analysts say is almost certain is higher consumer interest rates.

Treasury rates were fairly stable in morning trading after the S&P announcement, but even minor ripples through the yield curve will impact consumer borrowing. Credit card holders who regularly revolve a balance will be among the first to feel the pinch, says John Ulzheimer, president of consumer education for SmartCredit.com. He predicts cardholders will see increases within the next three to six months, and sooner if one of the other ratings agencies follows S&P’s lead by also downgrading U.S. debt.

(MORE: Investment Outlook: S&P Downgrade Doesn’t Change a Thing)

Of course, the worst-case scenario was averted last week. Had…………… continues on TIME
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Consumer Credit Jumps in June; Cards See Largest Gain in Years
News from InsideARM:

Total consumer credit outstanding surged in June, according to a report released late Friday by the Federal Reserve. The gains were driven by increases in both revolving and non-revolving debt.

Credit card debt, called revolving debt by the Fed’s monthly Consumer Credit report (G.19), increased at an annual rate of 7.9 percent in June, the sharpest increase in nearly four years. Consumer credit card balances grew by $ 5.2 billion in June to $ 798.3 billion.

June marked the second month in a row that credit card debt outstanding expanded after nearly three years of declines. A combination of soaring charge-off rates at large consumer banks, tightening of lending policies in the wake of the financial crisis, and consumers paying down…………… continues on InsideARM
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How to Legally Settle Your Personal and Credit Card Debt for Pennies on the Dollar: Without Filing Bankruptcy

The current economic climate is dim for many Americans it forecasts potential recession, trouble for homeowners, and increasing personal and credit card debt. According to Federal Reserve estimates, that credit card debt is already in the trillions of dollars and rising each year. So, what can you do about it without immediately resorting to bankruptcy eliminating the entirety of your finances for years to come? It s a tough question to answer and one that many are faced with regularly, but ther

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Google wants to turn your smartphone into a wallet

Posted by administrator | 08/08/11 | Tagged Credit Card

Google wants to turn your smartphone into a wallet
News from San Jose Mercury News:

In a Mountain View convenience store, Marc Freed-Finnegan carries a bottle of water up to the cashier, who scans it and announces the price. Freed-Finnegan touches his smartphone to a gray plastic sensor labeled “PayPass,” and “Information Sent” appears on his phone’s screen, with a MasterCard image and a few digits of his card number.

Freed-Finnegan, who oversees the forthcoming Google (GOOG) Wallet service that is expected to become available to the public for this first time later this month, has just paid with his phone.

Google Wallet uses a technology called Near Field Communication (NFC), short-range communication systems that can transmit secure credit card data within a range of about 1.6 inches, allowing a smartphone to become a virtual credit card or prepaid cash card.

The new Google s…………… continues on San Jose Mercury News
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