Credit Card Balances Decline Significantly

Posted by administrator | 09/09/11 | Tagged Credit Card Debt

Credit Card Balances Decline Significantly
News from Forbes:

The Federal Reserve Consumer Credit Report released yesterday showed credit card borrowing in July took its first decline in three months.

Revolving credit, which is made up primarily of credit card debt, dropped $ 3.4 billion to $ 792.5 billion in July. This represents an annual decline of 5.2%. This follows increases in both May (4.6%) and June (3.9%).

Revolving debt decreased for 27 consecutive months between September 2008 and November 2010.

With the economy in the state of flux, consumers are being understandably conservative in using their credit cards. Even though the Federal Reserve is keeping interest rates low to encourage borrowing and spending, consumers and banks are both taking a cautious approach.

A few weeks ago, the quarterly Senior Loan Officers Survey reported that only a small percentage of banks…………… continues on Forbes
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Related News:

Americans learn to live without debt
News from Reuters:

A piggy bank is pictured in this undated photo.

Credit: Reuters/Jill Kitchener

Fri Sep 9, 2011 4:16pm EDT

(Reuters) – As Dawn chips away at paying back her $ 18,000 debt load, the 45-year old swears she’ll never use credit again.

continues on Reuters
… Read the full article

US Gets Chance To Catch Up On Credit Card Security

Posted by administrator | 09/09/11 | Tagged Credit Card

US Gets Chance To Catch Up On Credit Card Security
News from NPR:

Associated Press

Two bank smart cards are displayed in London, Friday, Sept. 9, 2011. Smart cards with built-in chips, are the equivalent of a safe: they can hide information so it can only be unlocked with the right key. Because the important information is hidden, the cards can’t be copied. The cards are recognizable by the fingernail-sized gold contacts embedded on one side. Through the contacts, a chip inside the card can transmit information to a terminal when slid into a slot.

NEW YORK September 9, 2011, 02:50 pm ET

The next time you swipe your credit card at check-out, consider this: It’s a ritual the rest of the world deems outdated and unsafe.

The United States is the only developed country still hanging on to credit and debit cards with those black…………… continues on NPR
… Read the full article

Related News: Releases Updated Reviews of 0 Balance Transfer Credit Cards
News from Sacramento Bee:

/PRNewswire/ — ( — Many consumers continue carrying high credit card balances on accounts with higher than industry average APR’s. announces the release of fresh reviews of 0 balance transfer credit cards available from industry leading brands. In addition to no interest charges, the new offers reviewed do not charge annual fees. 

The fresh reviews posted on include a number of credit cards to build credit. The new offers range from credit opportunities suitable for students just starting to build a credit history to adults working to repair fair or limited credit histories. Many of the new offers include above industry average transfer APR periods of greater than 12 months. now allows consumers to compare cre…………… continues on Sacramento Bee
… Read the full article

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