Credit card use down, now up?

Posted by administrator | 19/01/12 | Tagged Credit Card

Credit card use down, now up?
News from Richmond County Daily Journal:

by Kelli Easterling Richmond County Daily Journal

1 day 17 hrs ago | 587 views | 0  | 2  |  | 

After knocking down credit card debt by 11 percent last year, are consumers finally ready to spend a…………… continues on Richmond County Daily Journal

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Suspect tried to use stolen credit card, deputies say
News from Tbo.com:

Hillsborough County deputies need help locating a suspect who tried to make a purchase with a credit card from a stolen purse.

About 5 p.m. Jan. 10, a man tried to use a victim’s credit card at a CVS at 8603 W. Hillsborough Ave., deputies said. He was accompanied by a young boy, aged 3 to 5.

The suspect is described as a black male, 6 feet tall, 200 pounds, with black hair and a partial beard.

The victim’s purse was stolen from the Bilmar Station Bar, 8501 W. Hillsborough Ave., on Jan. 9

Anyone with any information is asked to call the sheriff’s office at (813) 247-8200. To be eligible for a reward, call Crime Stoppers at 1-800-873-TIPS (8477) or report information anonymously online at www.crimestopperstb.com or text “CSTB” with your tip to CRIMES (274637).

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Arizonans among quickest in US to get out of credit card debt
News from KTAR.com:

by Taylor Summers/KTAR (January 18th, 2012 @ 1:22pm)

According to report from the consumer advocate group Credit Karma, Arizonans are getting out of credit card debt faster than the national average.

Credit card debt fell 12 percent when comparing 2010 to 2011. The national average was 11 percent.

The amount of debt has been falling nationwide for the past three yeasr. However, it might not be because of consumers spending less.

“Credit card companies are making it more difficult to get credit, they are decreasing the amount of credit that credit-worthy people can get, and they are simply keeping the amount that’s owed to them lower so they have less risk,” said Mike Sullivan, the education director of Take Charge America, a credit counseling company.

Sullivan said much of the trend we’ve seen with lower amounts of debt is not because consumer behaviors have changed. It’s more because banks and credit card companies are playing it safer than before.

“People who still have credit still feel like they need to use credit to maintain their standard of living,” said Sullivan. “People aren’t getting raises and making more than they used to. It’s only when they run of credit, or run out of money to make the pa…………… continues on KTAR.com

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Credit Card Debt and Emotions Can Be a Bad Mix
News from Credit Card Guide News:

What’s the best way to pay off credit card debt?

The traditional formula generally goes something like this: pay down the debt with the highest interest rate first. Once that is paid off, proceed to the debt with the next highest interest rate and so on. However, that’s not the way most people go about paying off debt.

Picking battles
According to a recent study headed by Israeli marketing professor Moty Amar and Duke University’s Dan Ariely, when it comes to paying down debt, we often don’t act logically. If we are saddled with multiple debts, we tend to prioritize paring back the total number of loans, rather than reducing the total debt. In other words, we’ll tackle smaller debts first so that we have the peace of mind that comes with checking them off the list — even if it means paying more in interest charges in the long run.

The study’s researchers use the term “debt account aversion” to describe the phenomenon of doing what makes the most the most sense emotionally rather than opting for the lowest-cost strategy.

“When it comes to paying off debt, 90 percent of people pay off on emotion,” says Chad Gentry, executive director of the Colorado-based Community Credit Counseling Services. “There are so many emoti…………… continues on Credit Card Guide News

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