US National Credit Card Debt Increases

Posted by administrator | 14/09/11 | Tagged Credit Card Debt

US National Credit Card Debt Increases
News from Beacon Equity Research:

A study report released by CardHub.com has shown that the credit card debt for the second quarter rose to $ 18.4 billion. This is an increase of 66% more than last year in the same quarter and 368% more than the same quarter in 2009.

According to predictions by the study, by the end of this year, the consumers will have $ 54 billion more in credit cad debt than they had when the year began.  The upside of the report was that the first quarter of this year ended with a net decrease in overall credit card debt, similar to the first quarter in 2010.

The study gives valid input into the American consumer. The increased spending is proof that the people are confident about the financial outlook of the nation, also the people are easily finding jobs……………. continues on Beacon Equity Research

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Strategy to pay off credit card debt
News from The South Los Angeles Report:

Each month, financial expert Shay Olivarria answers personal finance questions from readers. This month she addresses paying off credit card debt.

Reader: I’m expecting a lump sum of money. I would like to pay down my credit card debt with the money. I have several credit cards with balances ranging from $ 50 to $ 3,000. What is the best way to do this? I would like to reduce the number of payments I make each month in addition to reducing the amount of money I owe.

First of all, congratulations on coming into a tidy sum. I’m glad you’re being proactive in paying down your debt with your windfall. To know what to do, you have to know what you’re working with.

Make a list of all your debt. There should be a column for the name of the company, the amount of debt, the interest rate, and any notes about the debt. You can find a great debt worksheet in my book Money Matters: The Get It Done in 1 Minute Workbook. After you h…………… continues on The South Los Angeles Report
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Expect More Retailers To Ripoff The Target Card Model

Posted by administrator | 14/09/11 | Tagged Credit Card

Expect More Retailers To Ripoff The Target Card Model
News from Business Insider:

Unlike most retailers who outsource their credit card business, Target has been running an in-house operation since 1995 via their very own bank (Target National Bank). A nice little money maker for them, until the economy crashed and their net write-offs surged, hitting 11.2% during Q4 of ’08 and eventually climaxing at 15.0% during Q1 of 2010.

A dismal failure? Definitely. But not anymore…

How They Pulled a 180

Obviously the system was broken and it needed to be fixed. Scratch that… fixing would still be a failure. What needed to happen was a rebuild from the ground up. Fortunately, they moved swiftly to do just that.

During Q2 of 2010, they announced their plans for a completely new version of the
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