Should You Take That Big Retail Discount … and the Credit Card That Comes …
News from DailyFinance:

We’re called consumers because we like to shop. And we’re doing plenty of it, despite the recession.

A new survey sponsored by the Consumer Federation of America and American Savings Education Council found that more of us are living beyond our means and failing to save enough for emergencies or retirement. We’re also doing less to build home equity.

Some of us are fighting that trend by using good balance transfers deals for slashing debt. But if the data is to be believed, more are answering the siren call of store-specific retail credit cards that trade initial discounts for huge interest charges.

The Lure of the Store Discount

Chances are you’ve been pitched a retail card more than once. Usually it goes something like this: “Will you be saving 10% using your [name of store] card today?” The hope is you’ll find the prospect of a discount alluring enough to sign up.

Some deals sound really good. Consider Target’s (TGT) REDcard, which promises a 5% discount on all shopping. You also get free shipping for goods purchased through Target’s website and have the option of enrolling in bonus programs that kick back payments…………… continues on DailyFinance

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Racine man charged with vehicle, credit card thefts in Racine, Mount Pleasant …
News from Journal Times:

RACINE — A 32-year-old Racine man was charged on Friday with entering several vehicles in Caledonia, Mount Pleasant, and Racine and taking cash, credit cards, medications, and other items. The state also alleges that he stole three vehicles.

The 34 charges against Charles Francis Phillips, of the 3500 block of Poe Avenue, include: operating a vehicle without the owner’s consent, felony ID theft, fraudulent use of a credit card, misdemeanor theft, theft using a credit card, resisting an officer, fleeing an officer, obstructing an officer, possession of narcotics, possession of marijuana with the intent to deliver, and felony bail jumping. If convicted on all charges, Phillips faces a maximum penalty of 268 years and six months in prion or a $ 331,000 fine, or both, based on information in the criminal complaint.

At Phillips’ initial appearance in court, the state asked for a $ 50,000 cash bond. On Wednesday there was a probable cause hearing so Phillips could be held while charges were being prepared. Although the details of those charges changed between Wednesday and Friday, said Assistant District Attorney Sharon Riek, the number of allegations warrants a high bond. 

If one assumes that Phillips committed all the crimes he is accused of, he would be a one-person crime wave, said Court Commissioner John Bjelajac. He granted the r…………… continues on Journal Times

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CFPB eyes credit reporting and debt collecting

Posted by administrator | 18/02/12 | Tagged Credit Card Debt

CFPB eyes credit reporting and debt collecting
News from Debtmerica Relief:

The new Consumer Financial Protection Bureau is once again stepping up efforts to help consumers avoid predatory practices related to credit card debt, this time by focusing on debt collections agencies and credit reporting bureaus.

The CFPB recently issued a proposal that would allow it to oversee some of the “larger participants” in the debt collections and credit reporting industries as part of its efforts to expand its regulatory efforts to nonbanks. Under the rule, the CFPB would regulate about 180 debt collections agencies, based on their collecting more than $ 10 million in receipts per year, and 30 credit reporting agencies, which have $ 7 million in annual receipts.

However, the CFPB is also required to define exactly what constitutes a “larger participant” by July 21, 2012, with an official rule, the report said. The current proposal will be opened to public comment for 60 days after it is published in the Federal Register.

Better protection from questionable lending, reporting and collections practices may help consumers to get a better handle on their debt consolidation efforts and ge…………… continues on Debtmerica Relief

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Credit card debt could result in worse recession
News from Milwaukee Journal Sentinel:

Credit card debt could result in worse recession

So President Barack Obama came to Milwaukee to tour the Master Lock factory. After three years, he is now turning to the making of jobs.

If the money that went to those banks had been loaned to businesses to expand their plants and sell overseas instead of outsourcing, there would be so many more jobs produced than lost. The industries in this country seem to think that their products produced overseas cheaply can be bought by people with no jobs.

The national credit card debt is at $ 1 trillion, so there is not much more that people can buy on credit. When there are a number of credit card users not able to meet their minimum payments, then you will see what a bad recession really is. This country has been built on good credit ratings, so if it becomes difficult or impossible to obtain credit to buy a vehicle or house, then those banks with all that money will not have any way to make loans and their money will have to go into government bonds.

So maybe the next Milwaukee Journal Sentinel forum should have the experts tell us poor mortals why these banks cannot loan money to companies who need the money to expand and produce good-paying jobs.

Carlo Santar…………… continues on Milwaukee Journal Sentinel

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