Credit card debt: Back to the bad old days?

Posted by administrator | 24/02/12 | Tagged Credit Card Debt

Credit card debt: Back to the bad old days?
News from Fox Business:

The Federal Reserve published its monthly G.19 statistical release of consumer credit on Feb. 7, and, as many expected, it revealed another uptick in household borrowing. In December alone, the month the figures covered, it rose at an annualized rate of 9.3 percent. At the end of 2011, we as a nation owed some $ 90 billion more than we did at the end of 2010.

Revolving credit, which is virtually all credit card debt, had fallen in 32 of the previous 37 months, but was up again in December, the third consecutive monthly rise. As with the wider consumer credit measure, after two years of successive and significant falls (9.6 percent in 2009 and 7.5 percent in 2010), credit card debt actually rose very slightly between the start and end of 2011.

Problem credit card debt returning to haunt us?

How worried should we be by rising consumer debt? Unsurprisingly, some think we should be positively petrified. Writing in The Hawai’i News Daily on Feb. 5 (before the latest Fed figures were released), Michael Snyder’s predictions were positively apocalyptic. Under the headline “The financial crisis of 2008 was just a warm-up act for the economic horror…………… continues on Fox Business

… Read the full article

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Council Candidate Selma Avdicevic: Town Is Living On Credit Card Debt
News from

Selma Avdicevic, a founder of Woolly Boo—which sells natural, chemical-free bedding for children—has announced she is running for the 2nd ward councilor position in May’s local election.

In an email Friday, she said she has not joined any slate as she “personally believes them to be beauty contests. Should there, however, be a slate with candidates that have same interests at heart for the Montclair and all its residents as myself, I will gladly join it. I am nothing if not a team player. In the mean time, I will try to bring forward the issues that have been plaguing us all, AND TRY TO FIND THE SOLUTIONS. Those issues are:

“1. Stop the tax increases!
1a—Deal with the crushing municipal debt.
1b—Create efficiencies of scale in the Municipal Office. It is time they enter the 21st Century.

“2. Help the town recruit and hire a new superintendent of schools.
2a—Create economies of scale in the main office. It is time they enter the 21st Century as well.
2b—Improve test scores.
2c—Improve graduation rates and college admissions.
2d—Close the achievement gap.
2e—Resolve Montclair Community Pre-K funding.

“3. Save things that make Montclair what it is:
3d—First Night/May in Montclair
3e—Public spaces

“4. Bring commercial tenants to the shopping areas.
4a…………… continues on

… Read the full article

Is It Safe to Swipe Your Credit Card in a Taxi?

Posted by administrator | 24/02/12 | Tagged Credit Card

Is It Safe to Swipe Your Credit Card in a Taxi?
News from ABC News:

Here’s a warning that caught our eye: A sticker in the window of a taxi warning riders in Dallas that if they try to pay by credit card, their identities may be stolen. The sticker was captured by Cory Doctorow, an editor for “WARNING,” the sticker read. “The method used to authenticate credit card transactions for approval is not secure and personal information is subject to being intercepted by unauthorized personnel.”

[Related article: Obama Unveils Privacy Bill of Rights]

Wow. That sounds really bad. But is it? That’s hard to say, according to Ondrej Krehel, information security officer at Identity Theft 911. The real answer may be the simplest, Krehel says: many taxi drivers simply prefer their fares to pay with cash instead of credit. “My first thought is whether this is just the driver trying to get people to use cash,” Krehel says.

Doctorow didn’t speak to the driver about the sticker, but the UK-based author, activist, journalist and blogger did have an interesting conversation with another cabbie during his trip to Dallas. “I noticed on the way from the airport that the driver of a different cab was rea…………… continues on ABC News

… Read the full article

Related News:

Home Furnishings Independents Association Selects TD Retail Card Services …
News from Sacramento Bee:

/PRNewswire/ — The Home Furnishings Independents Association (HFIA) has selected TD Retail Card Services’ Renovate Card private label credit program for use by its 1,100 retail members nationwide.

Under the agreement, the Mahwah, N.J-based business unit of TD Bank, N.A., will offer participating members the full range of services, custom financing options and other special benefits associated with the Renovate Card. Created specifically for the home furnishings sector, the Renovate Card is a revolving private label consumer credit card that can be used for purchases of products or services at any merchant participating in the program. Merchants opening the individual consumer’s account can have their store’s name embossed on the card.

Retailers participating in the program will be able to offer their customers a variety of special financing options, including six no-interest programs, as well as low-APR programs.

Founded in 1923, HFIA is one of the nation’s largest retail trade associations. The Dallas-based organization offers independent home furnishings dealers business tools and solutions to help them operate more efficiently and, in return, more profitably. Members in the trade organization enjoy benefits designed specifically for their businesses, helping them save…………… continues on Sacramento Bee

… Read the full article

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