Ditch debit fees for credit card rewards

Posted by administrator | 07/10/11 | Tagged Credit Card

Ditch debit fees for credit card rewards
News from NASDAQ:

Bank of America, Wells Fargo, Chase, SunTrust and Regions Bank have all announced plans to charge a monthly fee to use a debit card, running between $ 3 and $ 5 per month. And debit rewards programs look like they’re next on the chopping block. JP Morgan Chase, Wells Fargo, SunTrust and Comerica have ended their debit rewards programs. Are there still benefits to using debit?

Many conscientious consumers switched to debit cards during the past few years in order to manage their debt. In 2009, Visa announced that spending on its debit cards had surpassed credit card spending for the first time in 2008. Debit payments were $ 206 billion versus $ 203 billion on credit cards . In 2010, American consumers made 37 billion debit card purchases compared with 19 billion credit card swipes, according to the Nilson Report.

But with new fees to use your debit card and t…………… continues on NASDAQ

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Consumer credit card balances fell in August
News from CreditCards.com:

By Jeremy M. Simon

Credit card balances fell in August, new data from the Federal Reserve show, as consumers kept their cards in their wallets for the second straight month. 

According to the Federal Reserve’s monthly G.19 consumer credit report released Friday, revolving credit — which is nearly all credit card debt — decreased 3.4 percent to $ 790.1 billion.

“Consumers are in a period of extreme lack of confidence and they aren’t spending much. And when they are spending, they prefer to use cash,” says Greg Daco, senior economist with IHS Global Insight. 

The G.19 consumer credit report also tracks other forms of borrowing and those fell as well. Nonrevolving debt, which includes auto, student, mobile home, boat and trailer loans, fell 5.2 percent to $ 1.65 trillion. The drop was m…………… continues on CreditCards.com
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Daiv Cameron, you’ll never know the misery of drowning in debt
News from Daily Mail:

By
Melanie Mcdonagh

Last updated at 1:58 AM on 7th October 2011

By far the most memorable aspect of David Cameron’s speech to the party conference this week was not what he did say — but what he nearly said.

The front pages of our newspapers on Wednesday morning were emblazoned with the words he was planning: ‘The only way out of a debt crisis is to deal with your debts. That means households — all of us — paying off the credit card bills.’

That was before the spin doctors took fright at the notion that he might — imagine! — seem out of touch. So instead he declared: ‘The only way out of a debt crisis is to deal with your debts. That’s why households are paying down their credit card bills.’

…………… continues on Daily Mail

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