Oregon Court of Appeals says consumers with unpaid credit-card debt aren’t off …
News from OregonLive.com:

A man who was taking part in a ring of thieves that was ‘skimming’ credit card numbers at gas stations was sentenced in Portland today.

Oregonians with old credit-card debt may have thought the coast was clear when years passed and the lawyers didn’t come knocking, but the Oregon Court of Appeals says not so fast.

In three rulings this month, the higher court said that debt collectors can sue delinquent credit-card holders for up to six years after the credit-card charges are racked up. In doing so, the higher court overturned rulings by a pair of Clackamas and Washington county judges who said collectors had no more than three years to sue consumers for unpaid credit-card debt.

The Court of Appeals’ rulings don’t affect every consumer with aging debt, but the rulings could affect wide swaths of Oregonians who have agreements with banks, such as Chase, that are based in Delaware, New Hampshire or other states with three-year statute of limitations. Oregon’s statute of limitations is six years, and that — and not statute of limitations in the states where th…………… continues on OregonLive.com

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Kylie wants to cut her credit card debts once and for all
News from Winnipeg Free Press:

Kylie is throwing down the gauntlet, challenging herself to pay off her credit card debt by the end of the year.

The 25-year-old clerical worker has about $ 3,300 in credit card debt, accumulated over about a year-and-a-half.

One card’s balance is about $ 2,300 at 3.9 per cent. She has nine months remaining until the introductory rate ends and increases to the usual 18.5 per cent.

Her other credit card carries a 19 per cent interest rate.

But Kylie also has a consolidation loan of about $ 14,500 at four per cent interest, co-signed by her parents.

She pays $ 477 a month on the loan, debt accumulated from buying a car, student loans and previous credit card balances.

“My new debts are from spending too much money,” she says.

“I think I have a spending problem, which I’m trying to curb.”

Kylie earns $ 30,000 a year and takes home $ 1,772 a month. She rents a place with roommates and rarely goes out on the town. She says she’s stopped using the credit cards and only uses her debit card for expenses.

“I want to wipe my debt out,” she says. “Once I can get rid of that, I can start putting money away and pay off my loan faster, too, but it’s those cards that are standing in my way.”

Yvonne Neu, a debt counsellor with Community Financial Counselling Services, says Kylie has little wiggle room in her budget, so sh…………… continues on Winnipeg Free Press

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‘Massive’ credit card data breach involves all major brands
News from Fox 31 KDVR.com:

Posted on: 5:33 pm, March 30, 2012, by Tammy Vigil, updated on: 10:37pm, March 30, 2012

DENVER — Millions of customers of Visa, MasterCard, American Express and Discover may have been exposed to fraud.

Hackers accessed the payment-processing system of a third-party vendor called Global Payments in Atlanta.

That company processes customer credit and debit card transactions.

More than 10 million card numbers may have been exposed between Jan. 21 and Feb. 25.

The company says it discovered the breach in early March 2012. But the information was just leaked Friday, March 30.

But customers won’t know for days or weeks if Global Payments processed their cards.

“I use a credit card every single day,” says Carol Heinisch, shopping along the 16th St. Mall in downtown Friday.

“Because we get points, we use our credit card for everything,” says shopper Don Dudley.

Credit and debit cards can earn you rewards.

And they’re easy to use.

“I can just have it in my back pocket. I don’t have to carry change,” says Don’s wife, Sheri.

But plastic carries real dangers.

“It looks pretty big when you’re talking about the data from millions and millions of credit card accounts,” says computer security ex…………… continues on Fox 31 KDVR.com

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Two sought in stolen credit card case
News from Lehigh Acres Citizen:

The Lee County Sheriff’s Office said that on February 13, a victim met with deputies at Lee County Sheriff’s Office Headquarters, 14750 Six Mile Cypress Parkway, Fort Myers to report the fraudulent use of her credit card.

The victim told deputies she last used her card at the Wells Fargo ATM, 5765 Lee Boulevard, Lehigh Acres on Feb. 11, 2012. When she discovered the card missing on Feb. 13, it had been fraudulently used 20 times for purchases exceeding $ 3,500 Transactions had been made at the CVS and Walmart stores in Lehigh Acres. They included purchases for diapers, baby clothes, a Lego Batcave, Two Nintendo 3DS game players and other toys and games.

The case was assigned to a detective with the Lee County Sheriff’s Office Economic Crimes Unit who was able to locate video of the suspects using the card.

Photos of two females involved in the fraudulent use of the credit card usage are accompanied to this article. One of the females has long dark hair and is wearing a light colored dress with a white sweater. She may have a tattoo on her right chest. The second female has long dark hair and is wearing a purple shirt and a grey or white hooded sweatshirt, sheriff’s investigators said.

Anyone who has any information on the identities of these women is asked to call the Lee County Sheriff’s Office at 239-477-1000, or to remain an…………… continues on Lehigh Acres Citizen

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Borrowers scaling back credit card debt as use continues to rise
News from Debtmerica Relief:

Americans are still being more cautious about carrying credit card debt from one month to the next, even as they continue to expand their credit card use.

Over the last two years, the purchase volume on consumer credit cards issued by the nation’s seven largest lenders has expanded 7.6 percent and 9.7 percent, respectively, but at the same time, the balances carried on those accounts has fallen, according to a report from Fitch Ratings. In 2010, consumers’ credit card balances slipped 8 percent, and another 1.6 percent in 2011.

This change comes because consumers, eager to reduce debt and get their accounts under control, are now focused more on becoming what are known as “transactors,” those who use credit cards in their everyday lives but pay off the balance every month, the report said. In the past, many had been known as “revolver…………… continues on Debtmerica Relief

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How to Teach Kids to Handle Credit Cards
News from NASDAQ:

One of the questions I’m often asked is how to teach kids to handle credit cards and other kinds of plastic. And I’ve always recommended a four-step sequence. First, children should learn to manage cold, hard cash in the form of an allowance. Then they can move on to making deposits into and withdrawals from a bank account using a basic ATM card. Next comes a debit card attached to a checking account, which lets them make purchases and teaches them how to balance their account. Finally, they can apply for a credit card on their own when they have the experience and maturity to handle it.

But there’s been an upheaval in the financial-services industry over the past few years: credit card legislation, new rules (and fees) for debit cards, a flurry of celebrity-endorsed prepaid cards, and the advent of digital wallets, which let you pay with a swipe of your smart phone and require no plastic at all. So I thought this would be a good time to take stock of my advice and see if it’s still valid.

After reevaluating my strategy, I’m sticking to it — with a few updates. I repeat my mantra: When dealing with children and their finances, we adults have to think like kids . Changes in the financial-services industry are generally aimed at adults, who value cost and convenienc…………… continues on NASDAQ

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How To Keep Your Debit Card Transactions Safe

Posted by administrator | 29/03/12 | Tagged Credit Card

How To Keep Your Debit Card Transactions Safe
News from San Francisco Chronicle:

Americans made $ 1.15 trillion in purchases with their debit cards in 2011, according to CreditCards.com. By 2013, the Nilson report expects more than 67% of all purchases will be made by debit cards. While many consumers choose to use a debit card in order to avoid accumulating credit card debt, they may not be aware that they could lose more of their hard-earned cash through debit card fraud than if they had used a credit card for a purchase.

As you probably know, when you make a purchase with a debit card, the money is taken instantly from your checking account. If someone fraudulently uses your debit card number, you could be responsible for some or all of their charges. According to SmartMoney.com, “If a consumer’s debit card has not been lost or stolen but there are unauthorized charges on their account, they will be protected if they report those charges within 60 days of when the statement was sent. When a physical card goes missing or is stolen, consumers have just two business days after learning about the loss to notify the card issuer; those who do will limit their losses to $ 50. O…………… continues on San Francisco Chronicle

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You Can Swipe Your Card, Fuel Up Again
News from LoanSafe:

DUBAI ( Source: Issac John Khaleej Times, Dubai, United Arab Emirates (MCT)- – After a gap of almost five years, motorists in the UAE will be able to use credit cards to pay for fuel at filling stations. But there will be surcharge of Dh2 for every such card transaction.

The long-awaited move to permit the use of credit cards at fuel stations was announced by the UAE Ministry of Economy on Wednesday. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy, said the Supreme Committee for Consumer Protection has approved the request of fuel retailers to allow the resumption of credit card use for an extra charge of Dh2 as commission for every transaction.

Al Shehhi said the committee has revoked its earlier decision that prevented fuel retailers from imposing surcharges on credit card use. The earlier decision was taken at the second meeting of the Supreme Committee for Consumer Protection in 2011.

Al Shehhi emphasised the significance of several such “strategic decisions” made by the Ministry and the Supreme Committee for Consumer Protection recently to protect consumer rights and help boost economic competitiveness and growth in the UAE.

A ministry statement said the committee…………… continues on LoanSafe

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What to Know About Credit-Card Debt Collection

Posted by administrator | 29/03/12 | Tagged Credit Card Debt

What to Know About Credit-Card Debt Collection
News from NASDAQ:

Posted 3/29/2012 9:07 AM by Cameron Huddleston, Contributing Editor from Kiplinger in Personal Finance, Credit and Debt

| Like itDon’t like it

Year af…………… continues on NASDAQ

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7 Final Lies About Credit Scores That Can Cost You
News from Huffington Post:

Since there are so many misconceptions about credit reports and credit scores, I broke the topic into three parts, each with seven lies (and this is the final post).

If you missed the two previous articles, click here for Lies #1-7 and click here for Lies #8-14.

You’ll find out whether you should pay off really old debt, cancel a credit card that you don’t use anymore, and pay someone to raise your credit score, just for starters.

Here are the final seven lies about credit scores that can hurt you — plus a fun way to put your credit knowledge to the test:

Lie #15: Marrying someone with poor credit hurts your credit score.

If you’re having pre-wedding jitters, don’t blame it on their credit! Getting hitched has no effect on your credit score because your credit history can never be merged with someone else’s. However, if one spouse has poor credit, that can diminish your ability to get credit together.

If you apply jointly or co-sign for a credit account, the creditor will consider bot…………… continues on Huffington Post

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Using a credit or debit card while travelling can save you

Posted by administrator | 28/03/12 | Tagged Credit Card

Using a credit or debit card while travelling can save you
News from NEWS.com.au:

Customers using a debit card or credit card can be better off. Picture: Getty Source: Getty Images

  • Savings from prepaid travel cards in the spotlight
  • Most travellers save more with regular bank cards
  • Prepaid card fees often outweigh ATM charges

MOST travellers who buy prepaid travel money cards hoping to save on overseas fees are actually slugged more than those who use their regular bank accounts, a study has found.

The warning emerged from a comparison of pre-paid travel cards with debit and credit cards for the Choice Awards 2012.

It found most overseas tourists spending $ 3000 or less would be better off sticking with their usual debit or credit card and copping those transaction fees than buying a pre-paid travel money card.

Choice spokeswoman Ingrid Just said the fees on more travel cards often outweigh the ATM charges incurred by those using their existing bank cards.

Ms Just said travellers should have a debit or credit card they can use overseas as well as a pre-paid card, and to watch out for the extra transac…………… continues on NEWS.com.au

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Get a Deal and a Reward, Just by Using Your Card
News from New York Times:

GIVEN that the market for daily deals is saturated with offers from Web sites like Groupon, flash sale sites like Gilt.com and credit card companies offering cash back and airline miles, it might appear that small businesses are raking in profits from customers seduced by such great deals.

Not so, says Tom Beecher, president and chief executive of Cartera Commerce, a company that specializes in what are known as card-linked offers — part daily deal, part card reward program.

The company will announce a new service for small businesses on Wednesday called OfferLink Local, allowing those businesses to connect a customer’s credit or debit card to a merchant’s own discounts. Customers who use their cards at participating local businesses can then earn rewards on those cards in the form of airline miles, cash back or points.

The service will help give local businesses a larger marketing platform though Cartera’s bank and airline partners, which include American Airlines, United Airlines, Wells Fargo, CitiBank and Barclays. “Its very much a chicken-and-egg business,” Mr. Beecher said. “It’s hard to get retailers interested if you don’t have th…………… continues on New York Times

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Lenders continue to beef up introductory credit card offers
News from Debtmerica Relief:

In the last several months, many consumers, including those who have tried to reduce debt due to past financial problems, may have found themselves receiving a larger number of credit card offers.

The nation’s top credit card issuers are now aggressively broadening their lending standards in an effort to expand their customer base, according to a report from TIME Moneyland. And one of the primary ways they’re doing so is not by targeting those with troubled credit histories, but rather sending extremely valuable introductory offers to consumers with the best credit scores. And in the last few months, as lender competition for th…………… continues on Debtmerica Relief

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Many consumers pay credit card debt instead of home loans
News from Debtmerica Relief:

While many consumers made efforts to reduce debt during and after the recent recession, some have been tempted to start borrowing on credit cards again, and experts believe this may be leading to significant financial difficulties for some.

The final quarter of 2011 saw an increase in the amount of credit risk consumers faced, and much of that was the result of borrowers falling behind on their mortgage payments, according to a report from Your Money Matters. Some experts believe this is a consequence of subprime borrowers once again having access to credit cards that they had been locked out of in the past, as lenders have made an effort to extend credit to riskier consumers once again.

As a result, many may see credit cards as something they cannot afford to miss out on again, and are therefore prioritizing their card payments ahead of their mortgages, the report said.

Consumers have generally been very good about making efforts to cut their credit card debt since the recession, and all of the nation’s top lenders have seen delinquencies and defaults plunge as a result.


…………… continues on Debtmerica Relief
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Swipely Beefs Up Its Credit Card-Based Loyalty Programs

Posted by administrator | 27/03/12 | Tagged Credit Card

Swipely Beefs Up Its Credit Card-Based Loyalty Programs
News from Mashable:

Once a service for simply sharing purchases, Swipely is contining its evolution into a credit-card based loyalty program for small businesses with a set of new merchant tools it announced Tuesday.

The tools allow Swipely’s 350 merchants in Boston, San Francisco and New York to target their customers with deals based on recent purchase interactions with their small businesses. Merchants can, for instance, send a “we miss you” offer to customers who haven’t made purchases within a certain time period or a “thank you note” offer to those who have visited recently.

Using a new dashboard called the Main Street Marketing Manager, business owners can divide and target customers by metrics such as days since last visit, average purchase amount and whether or not they’re connected with the business on Twitter and Facebook.

Swipely argues its especially well positioned to deliver these metrics to small businesses because it bases loyalty programs on credit card history. Rather than burdening customers with separate cards or coupons that may not be forgotten at home, businesses that use Swipely encourage their customers to sign up for loyalty programs through a credit card they already use. They then receive rewards automatically as they spend…………… continues on Mashable

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Swipely Beefs Up Its Credit Card-Based Loyalty Programs

Posted by administrator | 27/03/12 | Tagged Credit Card

Swipely Beefs Up Its Credit Card-Based Loyalty Programs
News from Mashable:

Once a service for simply sharing purchases, Swipely is contining its evolution into a credit-card based loyalty program for small businesses with a set of new merchant tools it announced Tuesday.

The tools allow Swipely’s 350 merchants in Boston, San Francisco and New York to target their customers with deals based on recent purchase interactions with their small businesses. Merchants can, for instance, send a “we miss you” offer to customers who haven’t made purchases within a certain time period or a “thank you note” offer to those who have visited recently.

Using a new dashboard called the Main Street Marketing Manager, business owners can divide and target customers by metrics such as days since last visit, average purchase amount and whether or not they’re connected with the business on Twitter and Facebook.

Swipely argues its especially well positioned to deliver these metrics to small businesses because it bases loyalty programs on credit card history. Rather than burdening customers with separate cards or coupons that may not be forgotten at home, businesses that use Swipely encourage their customers to sign up for loyalty programs through a credit card they already use. They then receive rewards automatically as they spend…………… continues on Mashable

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Why Consumers are Choosing to Pay Credit Card Bills Before Mortgage
News from Fox Business:

Based on recent headlines warning about a jump in consumers’ credit card use, you might think we have completely forgotten the painful lessons of the recession and have relapsed to our spending spree roots.  Thankfully, you’d be wrong.  In fact, according to Charlie Wise, research director at credit reporting firm TransUnion, there’s been a radical shift in our society’s credit priorities.

At the end of last year, TransUnion’s Credit Risk Index (CRI), which measures the amount of credit risk consumers have taken on, registered an uptick for the first time since peaking in 2009.

According to Wise, mortgage delinquencies were a key factor for the rise.  The number of homeowners at least 60 days late in making their mortgage payment rose slightly in the second half of last year.  In addition, he says credit card issuers have returned to reaching out to non-prime consumers, offering to open new accounts, albeit at premium interest rates.  “That’s affecting the risk profile of the overall group.”  And, of course, we were in “holiday” mode, a time when folks traditionally ramp up their credit card use.

But Wise cautions that three months don’t make a trend.  What’s most significant is that when mortgage delinquencies began to skyrocket back in 2008, credit card delinquencies moved in the opposite direction.  “That’s the reverse of the traditional payment…………… continues on Fox Business

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Pay taxes with credit card? Fees may eat rewards
News from USA TODAY:

Like extreme couponers who dive into dumpsters in search of newspaper circulars, credit card rewards chasers will go to great lengths to earn points. A $ 100 gas fill-up? Whoo-hoo, double points! An emergency appendectomy? Doctor, do you accept American Express?

Your Money

By Sandra Block

Damian Dovarganes, AP

Many consumers use credit cards to maximize the benefits of rewards.

The last few months have been particularly lucrative for rewards chasers. Credit card issuers have sweetened their offers, showering big spenders with airline miles and cash. Perhaps you’re wondering if the upcoming tax deadline presents an opportunity to add to your stash. The

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