Bidding adieu to credit card debt using an RRSP strategy
News from Oye! Times:

We are just about 3 weeks away from the RRSP deadline of Feb 29, 2012 for the 2011 tax year, and we wish to outline an RRSP strategy for our readers that they can use to rid oneself of credit card debt.

Let us suppose that you are an average person in Canada earning a salary in the 31.15% tax bracket and have an average perennial credit card debt of say $ 10,000 which, no matter how hard you try, you are unable to get rid of. Some months it may jack up to $ 12,000 and other months it may be at $ 8,000, but on the average it is always around $ 10,000.The minimum payment on this debt is usually about 3% of the total or $ 300.What follows is an outline of the strategy to bid adieu to this ‘bad’ debt and to build your assets by taking on a ‘good’ debt. A ‘good’ de…………… continues on Oye! Times

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Credit card debt and fraud has fallen
News from Compare Pre Paid:

Credit card debt and fraud levels have fallen according to the UK Cards Association.

Less debt

Outstanding debt on credit cards accounts for less than 4% of the total amount borrowed by UK consumers, the industry watchdog said.  The annual report highlighted that 62% of credit card holders pay off their balance in full each month and a further 9% do so most months.

Brits are enjoying low interest rates at the moment as a third of credit card debt is not attracting interest at all. This is because it is either being paid off in full each month or a number of people are borrowing at 0% interest.

Less fraud

Card fraud has rapidly…………… continues on Compare Pre Paid

… Read the full article


Credit card lenders express concern over CFPB

Posted by administrator | 07/02/12 | Tagged Credit Card Debt

Credit card lenders express concern over CFPB
News from Debtmerica Relief:

The federal agency tasked with helping to protect consumers from misleading or confusing lending practices is now looking into a service credit card issuers provide ostensibly to help avoid fraudulent credit card debt.

The new federal Consumer Financial Protection Bureau, with the help of the Federal Deposit Insurance Corporation, is looking into a plan offered by Discover Financial Services that says it will protect consumers in the event of misuse of their credit card account, according to a report from American Banker. Lenders have expressed concerns that heavier regulation of these plans will only lead to more

… Read the full article
.

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Nashville area’s consumer debt level ticks higher
News from The Tennessean:

Geoff Butterworth “was in a decent place” five years ago.

He had a good-paying job as a music teacher at a Smyrna private school. He was making progress toward paying off his debts, including student loans, and was preparing to buy his first house.

Then the recession struck. The school closed its music program and laid off Butterworth, who taught private lessons and took odd jobs to get by. He also went deeper into debt, taking out $ 7,000 in personal loans to help pay his mortgage and other bills.

“I had to,” Butterworth said. “I don’t think I would have made it without it.”

Americans, including consumers in Middle Tennessee, had managed to trim their personal debt levels right after the recession. But a lot of those gains slipped away in 2011, especially in the Nashville area, where average debt loads have just about caught up with the national average once more.

The average Tennessee consumer owed $ 24,043 in credit cards, auto and personal loans in 2011, almost $ 500 more than the previous year, based on an analysis by Experian, the credit reporting agency. Middle Tennesseans’ average debt load rose $ 419 to $ 24,152, excluding mortgages, in the same period.

Are consumers slipping back into bad habits, buying what they cannot afford? Or does rising debt mean people are more confident about the economy and can handle…………… continues on The Tennessean

… Read the full article


How to Legally Settle Your Personal and Credit Card Debt for Pennies on the Dollar: Without Filing Bankruptcy
The current economic climate is dim for many Americans it forecasts potential recession, trouble for homeowners, and increasing pe…
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: *(Based on the Proven Principles and Techniques of Debtors Anonymous)
A simple, proven-effective formula for freeing yourself from debt—and staying that way • Revised and updated, with a new Prefa…

Credit card lenders express concern over CFPB

Posted by administrator | 07/02/12 | Tagged Credit Card Debt

Credit card lenders express concern over CFPB
News from Debtmerica Relief:

The federal agency tasked with helping to protect consumers from misleading or confusing lending practices is now looking into a service credit card issuers provide ostensibly to help avoid fraudulent credit card debt.

The new federal Consumer Financial Protection Bureau, with the help of the Federal Deposit Insurance Corporation, is looking into a plan offered by Discover Financial Services that says it will protect consumers in the event of misuse of their credit card account, according to a report from American Banker. Lenders have expressed concerns that heavier regulation of these plans will only lead to more

… Read the full article
.

Related News:

Nashville area’s consumer debt level ticks higher
News from The Tennessean:

Geoff Butterworth “was in a decent place” five years ago.

He had a good-paying job as a music teacher at a Smyrna private school. He was making progress toward paying off his debts, including student loans, and was preparing to buy his first house.

Then the recession struck. The school closed its music program and laid off Butterworth, who taught private lessons and took odd jobs to get by. He also went deeper into debt, taking out $ 7,000 in personal loans to help pay his mortgage and other bills.

“I had to,” Butterworth said. “I don’t think I would have made it without it.”

Americans, including consumers in Middle Tennessee, had managed to trim their personal debt levels right after the recession. But a lot of those gains slipped away in 2011, especially in the Nashville area, where average debt loads have just about caught up with the national average once more.

The average Tennessee consumer owed $ 24,043 in credit cards, auto and personal loans in 2011, almost $ 500 more than the previous year, based on an analysis by Experian, the credit reporting agency. Middle Tennesseans’ average debt load rose $ 419 to $ 24,152, excluding mortgages, in the same period.

Are consumers slipping back into bad habits, buying what they cannot afford? Or does rising debt mean people are more confident about the economy and can handle…………… continues on The Tennessean

… Read the full article


Credit card use on the wane

Posted by administrator | 07/02/12 | Tagged Credit Card

Credit card use on the wane
News from moneyfacts.co.uk:

Category: Credit cards
Date: 06/02/2012

Credit card use dropped off last year, as more people found alternative ways to access finance.

Although the spectre of the credit crisis has prompted many people to pay down their unsecured debts, credit card borrowing has declined at an even faster rate, according to PricewaterhouseCoopers (PwC).

Total outstanding credit card debt fell by 5% last year, leaving the average card balance at around £1,000.

It continues a trend of credit cards losing market share to other payment types, especially debit cards which grew by 10% last year and became the most used payment method over cash last year.

PwC said that credit card use has also been hit by scrutiny from regulators in recent years, while consumers who do want to borrow are often rejected because of harsher criteria.

Simon Westcott, director of PwC, said that 45 years after first being introduced, credit cards are suffering a ‘midlife crisis.’

“Consumers discarded nearly one million cards in 2011, taking the number of credit cards in circulation down to levels not seen for almost…………… continues on moneyfacts.co.uk

… Read the full article
.

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Credit Cards For Kids
News from San Francisco Chronicle:

Should you give your child a credit card? Maybe. Credit cards are an increasingly common payment method in today’s world, so the sooner your child learns to manage credit responsibly, the better. Can you teach your child to manage credit responsibly, and can your child be trusted to put those lessons into action? By understanding the pros and cons of handing over the plastic, you can decide when and how to take this step.

Teach Credit Management
Some parents give their kids credit cards to help them learn to manage credit while they can still be supervised, says Brette Sember, author of “The Complete Credit Repair Kit.”

“You can help your child learn how to use credit and teach them to use it only as a convenience, not as a license to spend. You’re there to help them do all this in a controlled environment,” she says. “The negatives are that if you don’t do this in the right way, you can set your child down a long path of misusing credit and thinking you can just swipe and buy anything you want,” she adds.

Sember says it makes sense to give teenagers a credit card once they are driving independently so they will always have money for gas. By adding the child as an authorized user, parents will be able to monitor all spending. She also suggests that children be required to provide receipts for all of their purchases…………… continues on San Francisco Chronicle

… Read the full article


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