Banks Pushing For More Credit Card Use

Posted by administrator | 18/10/11 | Tagged Credit Card

Banks Pushing For More Credit Card Use
News from Jamestown Post Journal:

Monthly charges for using a debit card aren’t the only way banks may be trying to recoup money lost when Congress take advantage of its customers.

Bill Hardekopf, LowCards.com chief executive officer, states banks may want consumers to use their credit card instead of debit cards. This way, banks can make more money from customers who do not pay off their balances and higher interest rates can then be charged.

Consumers are charged a hefty interest rate for carrying a balance from one month to the next and that interest payment could be anywhere from 10 percent to 29 percent depending on your credit card.

Recently, Bank of America has been the focus of consumer complaints since its announcement that it will begin charging some customers $ 5 a month when they use their debit cards to make purchases.

The move by the nation’s largest bank, which is slated to take effect next year, follows Wells Fargo & Co. announcement it is test-piloting a $ 3-per-month f…………… continues on Jamestown Post Journal
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Credit Cards: Kick the Plastic Habit

Posted by administrator | 18/10/11 | Tagged Credit Card Debt

Credit Cards: Kick the Plastic Habit
News from Fox Business:

One of the only things college students love more than pizza and beer is a credit card. According to Sallie Mae, the average undergrad leaves campus with about $ 4,100 in credit card debt. Almost half own four or more cards. Plastic debt can add up fast, but these four rules will help keep your cards in check and your savings on the up and up.

Use Cash

“My strategy this year for a budget is to just take out the amount of cash I want to spend that week,” says Sarah Glass, a senior at MidAmerica Nazarene University in Olathe, Kan. “It’s hard to restrain myself when I know that I have money on my debit or credit card.”

Cash is king, especially when it comes to weaning yourself off plastic. A study conducted by researchers at New York University and the University of Maryland College Park shows consumers are willing to pay more with plastic than…………… continues on Fox Business
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Old debt leaves a scar on report
News from Columbia Daily Tribune:

Advertisement

Dear Debt Adviser,

I had a judgment against me for $ 6,600 from a credit card company. The settlement was paid in full. I received a letter from the credit card company saying the debt was “paid in full” and releasing me from any future debt. I filed the letter with the courthouse.

How does this get in my credit report that this debt has been paid in full?

— Todd

Dear Todd,

Your one credit card account that went unpaid likely has blossomed into three different notations on your credit report. All of which, unfortunately, are negative.

First, the original credit card account likely will be listed as a “charge-off.” If the original creditor had kept the account in-house for collection after the charge-off, once you paid the account it would either be listed as a “paid charge-off” or…………… continues on Columbia Daily Tribune
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