Credit card debt falls alongside credit scores

Posted by administrator | 25/01/12 | Tagged Credit Card Debt

Credit card debt falls alongside credit scores
News from Fox Business:

A robust holiday shopping season apparently led some Americans to delay extra debt payments during December, but that didn’t prevent the nation from ending on a high note. Despite a slowdown in debt payments at the end of 2011, all 50 states ended the year with less credit card debt than when the year began.

According to a recent report issued by CreditKarma.com, credit card debt declined 11 percent nationwide last year. However, it wasn’t all good news. Credit scores saw a decline during that time as well.

Average credit card debt at $ 6,576

Overall, the news on debt was positive for 2011. According to the report, debt loads in four out of five categories remained steady or declined:

  • Credit card debt declined 11 percent to an average of $ 6,576
  • Student loan debt declined 9 percent to an average of $ 26,272
  • Home equity debt declined 4 percent to an average of $ 47,905
  • Home mortgage debt held steady at $ 173,876…………… continues on Fox Business

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Credit card debt: Don’t forget the lessons from financial crash
News from Tulsa World:

Credit card debt dropped in 32 of the 36 months of 2009 through 2011 as cardholders spent less and issuers lowered credit limits, tightened approval guidelines and canceled risky accounts, says Bill Hardekopf, CEO of LowCards.com.

However, the Federal Reserve’s monthly G19 report shows consumer borrowing is again increasing – by $ 7.65 billion to $ 2.46 trillion in October, the biggest increase in two years. Credit card debt rose $ 366.2 million in October, while auto, mobile home and education loans increased $ 7.28 billion.

Credit card issuers are again filling the mail with offers – mostly to those with good to excellent credit. Everyone is receiving more card solicitations with attractive rewards and balance transfer offers.

We must not forget the past three years and the hardship large credit card balances caused us, Hardekopf says. Paying off debt wasn’t easy, and some of us still have debt problems and wonder what can really be done about it.

Total: Assess exactly what you owe for all credit card debts. It was easier to pay the minimums without looking at the totals, but misleading yourself only made things worse. Write down a debt summary including creditors, monthly paymen…………… continues on Tulsa World

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Chicago Cab Driver Allegedly Pepper Sprayed Passenger For Using Credit Card …
News from Huffington Post:

A Chicago man has filed a complaint with the city over a cab driver who allegedly threatened him with a bat and attacked him with pepper spray because he said he wanted to pay his fare using a credit card.

ABC Chicago reports that Bryan Doherty and two friends were picked up by a cabbie near Wrightwood and Orchard in the city’s Lincoln Park neighborhood early Sunday.

Doherty told ABC that when they informed the cab driver that they did not have any cash and would be using a credit card, the driver got out of his cab at their stop and threatened the man and his friends with a small bat. He then allegedly proceeded to use a can of pepper spray on him, according to ABC.

Doherty also appears to have taken to Yelp to spread the word about the incident, which reportedly took place in a Flash Cab. In a review posted on Monday, “Bryan D.” writes that he asked the cab driver to take them to an ATM so they could get cash to pay their $ 6.48 fare when “the driver became erratic and insisted that we were trying to screw him out of money…………… continues on Huffington Post

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We love our debit cards, but not our banks
News from msnbc.com:

By Allison Linn

The recession served as a wake-up call for many of us to get a better handle on our finances, and for a lot of folks that meant replacing one piece of plastic, the credit card, with another, the debit card.

But now, regulatory changes have made those debit cards less of a cash cow for financial institutions. That’s left many banks scrambling to introduce new fees to make up for that lost money.

The problem: Consumers are dead set against the fees, and they don’t necessarily want to start using their credit cards again, either.

A new report from Javelin Strategy & Research finds that few have sympathy for the banks. In fact, 70 percent of the people surveyed for the report said they think banks are the ones benefiting from the new regulations.

Many expect the financial institutions to lose billions of dollars in revenue because the new rules limit how much money they can make every time a retailer swipes a debit card.

“Banks are looking kind of like bad guys lately, and I think it has a lot to do with consumers not really understanding what was going on,” said Beth Robertson, director of payments research for Javelin Research, which does research on financial…………… continues on msnbc.com

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Ellettsville Votes For Stricter Rules On Credit Card Use

Posted by administrator | 25/01/12 | Tagged Credit Card

Ellettsville Votes For Stricter Rules On Credit Card Use
News from Indiana Public Media:

In the wake of allegations over the misuse of county credit cards in Monroe County other communities may seek to re-evaluate their policies. Last night the Ellettsville Town Council unanimously voted to amend an ordinance that dictates the use of county credit cards.

Town Council Attorney Darla Brown says the amendment tightens up and makes clear the penalties for misusing credit cards.

“The policy simply states that violations of the credit card policy are subject to disciplinary action,” she says. “So it just makes it clear that they can use can only use town issued credit cards for town business, travel related expenses, workshops those types of things and not for personal use.”

Brown says there are no issues with employees misusing credit cards but that personnel updates such as these usually occur every year.

Kyle Clayton is a WFIU news producer. He is currently studying journalism at Indiana University and comes to WFIU following an internship in the fall of 2011. After serving in the U.S. Army, he returned home to Indiana in 2008 to begin his education and pursue his interests in writing.

View all posts by this author »

…………… continues on Indiana Public Media
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A new iPhone case lets you use your phone as a credit card.
News from NEWS.com.au:

A new iPhone case lets you use your phone as a credit card.

Google Vice President of Commerce Stephanie Tilenius promotes smartphones as the wallet of the future. Picture: Mary Altaffer   Source: Supplied

DON’T swipe aside the idea of smartphones as credit cards, writes Jennifer Dudley-Nicholson

We regularly shop on mobile phones, but rarely do we shop with them. That is poised to change as emerging technology transforms smartphones into makeshift credit cards that can be waved at the cash register.

The wallet-challenging additions are already trickling into Australia and more promise to arrive later this year in both phones and laptops.

But even its proponents warn that users may take time to become comfortable with new credit technology, though they insist the hi-tech transactions will be just as safe as…………… continues on NEWS.com.au

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