Should you pay credit card debt with a P2P loan?

Posted by administrator | 31/10/11 | Tagged Credit Card

Should you pay credit card debt with a P2P loan?
News from Fox Business:

Although interest rates are at historically low levels, even the best credit card rates remain in the double digits. So if you’re grappling with credit card bills, it can sometimes seem insurmountable to dig out of debt.

To slash borrowing costs and more quickly eliminate debt, consumers are increasingly using alternative repayment strategies, including peer-to-peer lending.

Peer-to-peer or P2P lending – also called social lending and person-to-person lending – involves one individual, or “peer,” loaning money to another person, without a bank acting as the middleman.

Peer-to-peer lending is a $ 1 billion industry, experts say, with loan volume in 2012 expected to triple as banks continue to tighten their credit policies and make it tougher for Americans to obtain traditional loans.

But should you use a peer-to-peer loan to pay off your
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Gloucester Township couple charged in credit card theft, use of card in Deptford
News from Gloucester County Times – NJ.com:

GLOUCESTER TWP. — A YouTube video posted by police, allegedly showing a man using stolen credit card, has led to the arrest of two people in the case.

The incident occurred on Oct. 17, when a wallet was stolen at the Gloucester Township Library, said police. A man then used a credit card from that wallet at a Walmart store in Deptford Township, police said.

The security video from the store was posted on YouTube on Oct. 26, with a request from police for help identifying the man.

An anonymous tip was received on Oct. 28 and that led detectives to the Scenic Falls Apartments in Blackwood and David Council.

Gloucester and Deptford detectives determined that Council allegedly stole the wallet and used the stolen credit card at Walmart and nearby Dick’s Sporting Goods in Deptford, police said.

A woman, identified as Amber Council, was also seen in the video. It turned out she has an outstanding warrant for her arrest, police said.

…………… continues on Gloucester County Times – NJ.com
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Government inflated the college loan bubble, but Obama isn’t fixing it
News from New York Post:

It’s officially a crisis. Student loan debt has hit the $ 1 trillion mark, exceeding Americans’ total credit card indebtedness. Unemployed graduates with huge loan balances are camping out in “Occupy” camps — the Hoovervilles of our age — around the nation. And President Obama, perhaps afraid those camps will be dubbed “Obamavilles,” as indeed they have already been by some, has unveiled a new proposal that promises to help graduates who are drowning in debt.

Unfortunately, “promises” is the correct word. Though unveiled with much fanfare, the Obama proposal doesn’t really do much. First, as the Chronicle of Higher Education pointed out in an article characterizing it as mostly political, “The benefit is available only to current students. Those jobless college graduates who are protesting on Wall Street and at similar events elsewhere won’t qualify.”

Second, even for those who do qualify, the benefit doesn’t amount to much. Daniel Indiviglio of The…………… continues on New York Post
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Credit Card Debt:
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The Best Credit Cards For Successful People

Posted by administrator | 29/10/11 | Tagged Credit Card

The Best Credit Cards For Successful People
News from Business Insider:

Outlaw‘s recent “Best Credit Cards For Successful People” campaign in October was, well, successful. For that particular review round-up, we focused on high-end credit cards for affluent business travelers, executives, and those who just want (or need) a more feature-rich cardholder experience.

It goes without saying that each of these cards require excellent credit in order to be approved.

Here were a few of our top picks:

  • American Express Premier Rewards Gold: Yes, it’s a status card, but we also like the current promotion where you receive 15,000 bonus Membership Rewards points after spending $ 1K within the first three months. 3X points on airfare and 2X points on gas and groceries makes this one a tempting choice for frequent road warriors and leisure travelers alike. See more details, compare, and apply online

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Consumers Can Now Reduce and Manage Credit Card Debt, Mortgage, Student and …
News from Zimbabwe Guardian:

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SAN FRANCISCO, Oct. 27, 2011 /PRNewswire/ — Today, ReadyForZero (www.readyforzero.com), th&#1077 leading online platform f&#959r managing &#1072n&#1281 reducing personal debt, expands &#1110t&#1109 thriving software program beyond credit card debt t&#959 include mortgage, student loans &#1072n&#1281 auto loans. Th&#1077 expanded ReadyForZero platform helps consumers manage &#1072&#406&#406 &#959f th&#1077&#1110r consumer debts &#1110n one &#1088&#406&#1072&#1089&#1077 online.

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Debt on the Rise, but is it Good Debt or Bad Debt?
News from South Source:

Almost everyone has some debt. Whether it’s from student loans, car payments, a mortgage, furniture payments, medical bills, or  credit cards, debt is a fact of life for almost all Americans.

And while experts will argue about the virtues of “good debt” versus “bad debt,” the fact of the matter is the average credit card debt and the average college debt are on the rise, and can take their toll on American wallets.

Above-Average College Debt

When the economy started to turn for the worse in 2007, many professionals turned to education as a way to get an upper hand in the job market, but with higher education, can come higher monthly debt payments.

According to The Project on Student Debt, in 2008, the average college student graduated with around $ 24,000 in student loan debt. In 2004, this numbers was roughly $ 18,500.  

This increased debt can make it harder for households to keep the…………… continues on South Source
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Talk Your Way Out of Credit Card Debt!: Phone Calls to Banks That Saved More Than $ 43,000 in Interest Charges and Fees
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Here’s Why You Should Use Your Credit Card To Pay For The Holidays
News from Business Insider:

Image: the idealist / Flickr

Sure, hiding your credit card is one way to keep yourself from falling into debt, but consumers with a solid credit history shouldn’t necessarily put away the plastic until January.

In fact, there are several reasons a credit card should be your payment method of choice this holiday shopping season. We looked at the ways your credit cards can help you save on gifts this year.

1. You can earn ample rewards.
Credit cards generally offer consumers anywhere from 1% to 5% cash back on purchases, and thanks to the nation’s credit crunch and the Fed’s new cap on debit card swipe fees,
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Visa 4Q profit rises 14 percent on heavy card use

Posted by administrator | 26/10/11 | Tagged Credit Card

Visa 4Q profit rises 14 percent on heavy card use
News from The Associated Press:

Visa 4Q profit rises 14 percent on heavy card use

NEW YORK (AP) — Increased use of debit and credit cards throughout the world pushed Visa Inc.’s fiscal fourth-quarter profit up 14 percent.

But its quarterly revenue came in shy of Wall Street expectations, in part because because the company has been cutting deals with merchants to hold onto or attract business as it tries to cope with new regulations.

The San Francisco-based company said Wednesday that it earned $ 880 million, or $ 1.27 per share, for the three months that ended Sept. 30. That compared with $ 774 million, or $ 1.06 per share, in the year-earlier period.

Revenue rose 13 percent to $ 2.38 billion, up from $ 2.12 billion last year.

After the company repurchased shares, there were 5 percent fewer outstanding, which also boosted earnings per share.

A…………… continues on The Associated Press
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Why banks want to wean you off debit cards
News from msnbc.com:

updated 2 hours 30 minutes ago 2011-10-27T00:01:01

Debit cards are no longer the darling of the banking industry. That’s because new federal rules limit the “swipe fee” big banks are paid when you use their card. This could lower industrywide revenue from debit cards by billions of dollars a year.

One way some banks hope to get that money back is to charge their debit card customers a monthly fee. Another is to boost credit card use.

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U.S. Consumer Credit Card Debt Levels on the Rise

Posted by administrator | 26/10/11 | Tagged Credit Card Debt

U.S. Consumer Credit Card Debt Levels on the Rise
News from Zimbabwe Guardian:

It’s like a rollercoaster that will not stop. The credit card debt pay down that comes in first fiscal quarter of each year is inevitably followed by a three-quarter stretch where these pay downs are systematically erased and new debt is often incurred. But why are things getting worse? Why are the pay downs now smaller and the new debt more burdensome? And what does this say about our citizenry?

The second quarter of 2011 saw U.S. consumers garner almost $ 18.5 billion in new debt, according to a Card Hub debt study, erasing a nearly $ 33 billion first-quarter pay down and overshadowing the Q1 debt increase by 66% and the 2009 version by 368%.

What seems to be happening is that too few people are taking the lessons of the housing bubble to heart. Things simply aren’t going back to the pre-recession idea of no…………… continues on Zimbabwe Guardian
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Excess Spending at Halloween is a Scary Proposition for Those in Debt
News from Sacramento Bee:

Ideas that can avoid the frightening prospects of even more credit card debt on October 31st

ORLANDO, Fla., Oct. 26, 2011  /PRNewswire-USNewswire/ — The ghastly cost of Halloween costumes, decorations and “treats” can be a spooky reality for consumers suffering with high credit card debt.  The National Retail Federation (NRF) says it expects total spending on Halloween in the U.S. to reach $ 6.9 billion in 2011, up 18% from last year.  With consumers already struggling with high credit card debt in the United States, this trend could be a scary signal for Americans tempted to add to those totals this Halloween season.

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“70 percent of those asked in the NRF survey said they plan to celebrate Halloween in some way, and the average person will spend…………… continues on Sacramento Bee
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10 tips for wise credit card use

Posted by administrator | 26/10/11 | Tagged Credit Card

10 tips for wise credit card use
News from CBC.ca:

Following are 10 tips for wise credit card use, from the Financial Consumer Agency of Canada:

1. Know what you’re getting into. Read the terms and conditions of the legally binding contract carefully to understand how they apply and your responsibilities. Having a credit card doesn’t increase the amount of money you have available to spend. Continue to live within your means and your budget.

2. Set the goal to pay off your balance in full by the due date every month. Carrying a balance means that everything you charge to your credit card actually costs you more than the purchase price, because you are paying interest. And the longer you carry a balance, the higher the cost.

3. If you can’t pay your monthly balance in full and the outstanding balance is growing, you are spending more than you can afford and going further into debt. If you find y…………… continues on CBC.ca
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5 Steps to Prep Your Credit for Holiday Shopping

Posted by administrator | 25/10/11 | Tagged Credit Card

5 Steps to Prep Your Credit for Holiday Shopping
News from Forbes:

Image by AFP/Getty Images via @daylife

Never mind store sales, coupon clipping and daily deals; savvier spending this holiday season starts with protecting your credit, and it starts right now.

With the recent controversy over debit card fees, more consumers may turn to payment alternatives like credit cards for the holiday shopping frenzy. However, relying on credit for major purchases may also make you vulnerable to overspending and credit health damage. Your New Year won’t be off to such a happy start when saddled with debt and a poor credit score.

If you plan to shop with…………… continues on Forbes
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Police seek info on car smash-and-grab, stolen credit card use
News from Oshkosh Northwestern:

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Police seek info on car smash-and-grab, stolen credit card use

Oshkosh Police are asking for help identifying a man who stole a purse from a vehicle at Winnebago County Park and later used a credit card.

A link to this page will be included in your message

…………… continues on Oshkosh Northwestern
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Credit card thief wins lottery, plus jail time

Posted by administrator | 24/10/11 | Tagged Credit Card

Credit card thief wins lottery, plus jail time
News from Fox Business:

If there’s a theme in our latest look at credit card crime, it’s probably luck. Maybe we’re stretching things with our tales of karma, but still, for the most part with these stories, either the thief had some bad fortune, or the victim likely feels lucky to be alive. In any case, some mostly happy endings are ahead.

What are the odds, really?

Talk about good luck. Waiel “Wally” Mohamad Shihadeh, 39, of Bossier City, La. won $ 700,000 in the Louisiana Lottery.

Talk about bad luck. The day after he picked up his winnings, he was arrested for credit card fraud.

As it turns out, Shihadeh had allegedly been at his fraud before winning the lottery. It was just, well, luck, that made him a lottery winner one day, a possible felon the next. He owns a truck shop in Minden, La., and he got into a scheme with a truck driver, in whic…………… continues on Fox Business
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