Consumers to use tax returns for debt relief

Posted by administrator | 23/02/12 | Tagged Credit Card

Consumers to use tax returns for debt relief
News from Debtmerica Relief:

In an effort to get a better handle on outstanding credit card debt and generally improve their financial situations, many consumers across the country are likely to be more careful about what they do with the money from their annual tax returns this year.

This year, the two most popular consumer plans for how to handle their tax returns are putting most of that money into savings or using it to find some debt relief by bringing their outstanding balances down, according to a new survey from the National Retail Federation. In all, 43.8 percent of those who expect to receive a tax refund this year say they will sock some of their money into savings, up from the 42.1 percent who responded similarly in 2011. Further, 39.4 percent of those expecting to receive refunds will use it to pay down debt.

“After a rocky few years, consumers are now more vigilant about how they spend their money and the importance of preparing for future financial stability,” said NRF president and chief executive officer Matthew Shay. “Increased consumer savings proves extremely beneficial to shoppers and businesses in the long run,…………… continues on Debtmerica Relief

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How to avoid the biggest credit card rip-offs
News from MSN Money UK:

If you’re constantly hit with an exorbitant charge, we’ll show you the best card for avoiding it.

Credit cards can be very useful financial tools if you use them the right way, but they can also be a rip-off if you’re not careful.

Here’s how to avoid the biggest credit card rip-offs.

Let’s start with exorbitant interest rates.

  • Compare balance transfer cards

1. Rip-off interest rates
Interest rates on most credit cards are ridiculously high. The average interest rate on a UK credit card is around 19% and some cards charge way more. The Vanquis Bank Visa card is one of the worst offenders and charges an astonishing 39.9% APR.

The simplest way to avoid rip-off rates is to pay your credit card bill in full every month. However, that’s not realistic for everyone, so your other options are to try to get a 0% card or a low APR card.

The trouble with 0% cards is that you have to have an excellent credit rating to get one. What’…………… continues on MSN Money UK

… Read the full article


Rise in identity fraud tied to smartphone use

Posted by administrator | 22/02/12 | Tagged Credit Card

Rise in identity fraud tied to smartphone use
News from Chicago Tribune:

Nearly 12 million Americans were victims of identity theft in 2011, an increase of 13 percent over 2010, according to a report released on Wednesday by the research firm Javelin Strategy & Research.

The rise in the use of smartphones and social media by incautious consumers fueled the increase in identity fraud, and 2011 was a year of several big data breaches too, Javelin said.

With the rise in credit card monitoring and more sophisticated policing by credit card companies, identity thieves are increasingly targeting users of smartphones and social media, where consumers have a tendency to be less cautious, experts say.

“The message is not that people should let their guard down,” Javelin founder and President Jim Van Dyke said. “The challenge that we have is that criminals often change faster than everyday consumers or businesses.”

The number of people whose information was accessed in a data breach increased by 67 percent in 2011, largely due to some very high-profile thefts, such as the attacks on Sony Corp’s

… Read the full article
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Rise in identity fraud tied to smartphone use

Posted by administrator | 22/02/12 | Tagged Credit Card

Rise in identity fraud tied to smartphone use
News from Chicago Tribune:

Nearly 12 million Americans were victims of identity theft in 2011, an increase of 13 percent over 2010, according to a report released on Wednesday by the research firm Javelin Strategy & Research.

The rise in the use of smartphones and social media by incautious consumers fueled the increase in identity fraud, and 2011 was a year of several big data breaches too, Javelin said.

With the rise in credit card monitoring and more sophisticated policing by credit card companies, identity thieves are increasingly targeting users of smartphones and social media, where consumers have a tendency to be less cautious, experts say.

“The message is not that people should let their guard down,” Javelin founder and President Jim Van Dyke said. “The challenge that we have is that criminals often change faster than everyday consumers or businesses.”

The number of people whose information was accessed in a data breach increased by 67 percent in 2011, largely due to some very high-profile thefts, such as the attacks on Sony Corp’s

… Read the full article
.

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How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line
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Rise in identity fraud tied to smartphone use

Posted by administrator | 22/02/12 | Tagged Credit Card

Rise in identity fraud tied to smartphone use
News from Chicago Tribune:

Nearly 12 million Americans were victims of identity theft in 2011, an increase of 13 percent over 2010, according to a report released on Wednesday by the research firm Javelin Strategy & Research.

The rise in the use of smartphones and social media by incautious consumers fueled the increase in identity fraud, and 2011 was a year of several big data breaches too, Javelin said.

With the rise in credit card monitoring and more sophisticated policing by credit card companies, identity thieves are increasingly targeting users of smartphones and social media, where consumers have a tendency to be less cautious, experts say.

“The message is not that people should let their guard down,” Javelin founder and President Jim Van Dyke said. “The challenge that we have is that criminals often change faster than everyday consumers or businesses.”

The number of people whose information was accessed in a data breach increased by 67 percent in 2011, largely due to some very high-profile thefts, such as the attacks on Sony Corp’s

… Read the full article
.

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Worcester Credit Card Debt Falls

Posted by administrator | 22/02/12 | Tagged Credit Card Debt

Worcester Credit Card Debt Falls
News from Worcester Business Journal:

Today


Measured by percentage of income owed to credit card companies, Worcester metropolitan-area residents saw the 12th largest decrease in credit card debt in the country during the fourth quarter of 2011, according to Atlanta-based consumer credit reporting agency Equifax.

Worcester-area borrowers reduced the percentage of income owed to credit card companies by 17.2 per…………… continues on Worcester Business Journal

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U.S. Credit Card Delinquencies May Be On The Rise
News from NASDAQ:


(RTTNews.com) – U.S. consumers may be getting back to their pre-recession habit of spending more than they can…………… continues on NASDAQ

… Read the full article


Worcester Credit Card Debt Falls

Posted by administrator | 22/02/12 | Tagged Credit Card Debt

Worcester Credit Card Debt Falls
News from Worcester Business Journal:

Today


Measured by percentage of income owed to credit card companies, Worcester metropolitan-area residents saw the 12th largest decrease in credit card debt in the country during the fourth quarter of 2011, according to Atlanta-based consumer credit reporting agency Equifax.

Worcester-area borrowers reduced the percentage of income owed to credit card companies by 17.2 per…………… continues on Worcester Business Journal

… Read the full article
.

Related News:

U.S. Credit Card Delinquencies May Be On The Rise
News from NASDAQ:


(RTTNews.com) – U.S. consumers may be getting back to their pre-recession habit of spending more than they can…………… continues on NASDAQ

… Read the full article


Worcester Credit Card Debt Falls

Posted by administrator | 22/02/12 | Tagged Credit Card Debt

Worcester Credit Card Debt Falls
News from Worcester Business Journal:

Today


Measured by percentage of income owed to credit card companies, Worcester metropolitan-area residents saw the 12th largest decrease in credit card debt in the country during the fourth quarter of 2011, according to Atlanta-based consumer credit reporting agency Equifax.

Worcester-area borrowers reduced the percentage of income owed to credit card companies by 17.2 per…………… continues on Worcester Business Journal

… Read the full article
.

Related News:

U.S. Credit Card Delinquencies May Be On The Rise
News from NASDAQ:


(RTTNews.com) – U.S. consumers may be getting back to their pre-recession habit of spending more than they can…………… continues on NASDAQ

… Read the full article


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Number of new credit card accounts jumps 14 percent in 2011 as lenders ease …
News from Washington Post:

NEW YORK — More people opened new credit card accounts last year, as the banking industry began to loosen standards it tightened during the recession.

The number of new cards issued to consumers rose 14 percent in 2011 to about 42.3 million, according to data provided by TransUnion. And about a quarter of those cards — roughly 10.7 million — went to people with less-than-stellar credit histories, TransUnion said.

The credit reporting agency said the increased lending to people with lower credit scores doesn’t mean the climate has shifted back to where it was in 2006 and 2007. Lending standards have tightened dramatically since then, said Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit.

But the combination of tight competition for top-rated consumers with improvement in the economy is encouraging banks to take a closer look at lending to consumers who made a few mistakes in the past. This is the second straight quarter that subprime consumers are getting a larger slice of the credit pie than they did during the depth of the Great Recession.

Becker noted that today’s “subprime” card holders are different from their counterparts were during the credit bubble that preceded the recession.

Most borrowers who ran up big balances that they couldn’t pay off are now out of the…………… continues on Washington Post

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Police use credit card and phone records in search for missing tourism executive
News from Greenville News:

Columbia Police Department investigators were using credit card and cellphone records and reviewing video footage from downtown security cameras Monday in their search for the missing lobbyist for the state’s hospitality industry.

Tom Sponseller, 61, was reported missing by his family Saturday night after he failed to come home from work or return phone calls.

Sponseller is chief executive officer of the South Carolina Hospitality Association, a trade group that represents the state’s hotels, restaurants and other tourism-related businesses. Sponseller is the face of the tourism and hospitality industry at the State House, where he lobbies the Legislature on behalf of those interests. He was scheduled to attend the S.C. Governor’s Conference on Tourism and Travel in Greenville, which opened Monday.

Sponseller was last seen about noon Saturday at the hospitality association’s offices on the 12th floor of a downtown office building at 1122 Lady St. It was common practice for him to drop by the office on weekends, said Columbia Police Chief Randy Scott.

After Sponseller didn’t return phone calls or text messages from his wife, his family began searching for him. Their search lasted six or seven hours, Scott said.

Sponseller’s wife called police about 8 p.m. Saturday, according to an incident report.

Sponseller’s car wa…………… continues on Greenville News

… Read the full article


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Two charged in credit card case

Posted by administrator | 21/02/12 | Tagged Credit Card

Two charged in credit card case
News from Danbury News Times:

DANBURY — It may pay to Discover, but it doesn’t pay to use someone else’s Discover card illegally, especially when the places you’re using it have video surveillance.

That was one of the lessons for two men arrested by Danbury police Friday after they were identified from surveillance photos while using the credit card that a New Fairfield woman lost at a supermarket last month.

Iuri Silveira, 20, and Justin Lenihan, 19, both of Danbury, were both charged with illegal use of a credit card, second-degree forgery and fourth-degree larceny, police said.

The victim, who last used her card at the Stop & Shop in New Fairfield, reported it missing Jan. 17 and subsequently learned it had been used to purchase more than $ 1,000 worth of merchandise, most of it at businesses in Danbury, according to Officer Matthew Casazza, who investigated the case……………. continues on Danbury News Times

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County to reconsider credit card policies
News from Topeka Capital Journal:

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Credit card concerns

Posted by administrator | 20/02/12 | Tagged Credit Card Debt

Credit card concerns
News from ABC Online:

Updated February 20, 2012 08:51:17

Newcastle accounting firm sounds warning on credit card balance transfers.

A Newcastle accounting firm is worried people are getting into more financial trouble as a result of credit card balance transfers.

Several of the big lenders offer balance transfers, allowing people to benefit from zero or low interest rates for a fixed period of time.

But Mitch Griffiths from Lawler Partners says many people do not destroy their old card, prompting fears about an increase in personal bankruptcies.

“The major driver for the personal insolvency is the credit card debt at this stage,” he said.

“What we are seeing is people having a large credit card debt doing some sort of balance transfer but they are continuing to use the old card which in turn you have two debts then.”

Mr Griffiths says increased recovery action by the Australian Taxation Office could cause more businesses to fail.

He says there were steady numbers of insolvencies last year, with the retail sector hit particularly hard due to…………… continues on ABC Online

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