Banking and Finance : Credit Card Debt

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

Banking and Finance : Credit Card Debt
News from Are You Searching For Real Credit … – SkyNewswire.com:

(SkyNewswire.com) The most important question here is whether there are fake remedies for credit card debts in the market? The answer is a resounding YES! There are numerous service providers who claim to offer remedies to bring down credit card debts. However, opting for these services only results in increase of debt because of the high charges imposed on the individual.

Debt consolidation and credit counseling are often advertised as remedies that will help you bring down your card debts. However, all these remedies ignore that transferring the debt from one source to another or bringing down the interest payment will not result in reduction in the amount owed. It is only one when there is reduction in the principal amount owed can one say that money owed to credit card issuers has come down.

The best option available for cardholders today is debt s…………… continues on Are You Searching For Real Credit … – SkyNewswire.com
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Smart Chips Still Slow to Catch on at US CUs

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

Smart Chips Still Slow to Catch on at US CUs
News from Credit Union Times:

Despite the documented ability of smart chips to cut fraud losses, experts say some credit unions and CUSOs have not moved very quickly to start issuing credit and debit cards enabled with the higher tech chips.

Visa USA set the stage for the advance of smart card chips in the U.S. when it announced in August that it would, at long last, back the technology. The cards have steadily grown in overseas markets to the point where they are common in Europe and nearly prevalent in Asia, Visa and other card brands have reported.

The cards’ popularity with overseas issuers has arisen from their significantly increased strength against “card not present fraud,” the single largest source of card fraud in the U.S. right now, according to issuers.

Card not present fraud has been made possible by thieves who have learned how to hac…………… continues on Credit Union Times

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Cut expenses if income drops; don’t raid retirement account
News from Los Angeles Times:

Dear Liz: I was laid off in November 2009. For the first year, I took the unemployment and tried to find a job without success. So, in late 2010, I started my own business, contracting mainly for employers for whom I used to work. Unfortunately, I am making about a third of what I used to make, and even after cutting expenses, there are months that I can’t pay my bills. I have taken two withdrawals from my self-directed IRA this year. Is that the smartest thing to do? Or should I even out my cash flow by writing myself loans from my home equity line of credit?

Answer: You need to accept your new reality, rather than papering it over with ill-advised loans or raids on your retirement accounts.

That means reducing your expenses dramatically to reflect your new, lower income. If your housing expenses eat up more than a third of your current pay, for example, you need to consider your alternatives. You have equity in your home, which shoul…………… continues on Los Angeles Times
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