Rate Survey: Credit Card Interest Rates Dip Slightly

Posted by administrator | 23/03/12 | Tagged Credit Card

Rate Survey: Credit Card Interest Rates Dip Slightly
News from Fox Business:

Credit card interest rates dipped slightly this week, according to the CreditCards.com Weekly Rate Report. However, consumers hoping for a break on their next credit card may be disappointed, since rates are still near record highs.   

The national average annual percentage rate (APR) on new credit card offers dropped to 15% Wednesday, just one week after rising above 15% for the second time this year. However, consumers who are planning to apply for a new credit card in the near future have little reason to celebrate. This week’s decline — by two hundredths of a percentage point — was tiny and won’t make much difference to new cardholders’ balances.

Citi spurred this week’s rate change by widening the APR range on the Citi Forward card. The bank lowered the bottom end of the card’s APR range from 14.24% to 12.99%, prompting the national average to decline. The bank left the top end of the card’s range alone at 22.99%. Citi did not respond to a request for comment on the change.

New cardholders stuck with higher rates

It’s been a tough six months for new cardholders. Average interest rates hit 15% on Oct. 12 for the first time since C…………… continues on Fox Business

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Man accused of going on $ 5300 spree using dad’s credit card
News from ABC 4:

SALT LAKE CITY (ABC 4 News) – Prosecutors say a 26-year-old Sandy man used his father’s credit card to go on a spending spree because he “needed an escape.”

Charles Chase Iorg was charged in Salt Lake’s Third District Court with one count of Unlawful Use of a credit card (a second degree felony) and 2 counts of Unlawful Purchase using a credit card (third degree felonies).

According to court documents, Iorg took his father’s Mountain America Credit Union Visa card from a drawer at his father’s Sandy home where he’d been living on January 27.

The documents say Iorg called a limousine service and charged $ 450 to his dad’s card as the limo took him to a liquor store.

Once he arrived at the liquor store, court documents say Iorg bought $ 62 worth of booze, then had the limo driver take him to an Apple Computer store, where he bought more than $ 4,100 in electronics.

Prosecutors say Iorg then had the limo driver take him to the Grand America Hotel in downtown Salt Lake City, where he checked in using the same card.

Prosecutors say Iorg charged more than $ 720 at the hotel, including room service, spa services,and pay-per-view movies.

The documents also say that Iorg left behind his own Utah Horizon (food stamp) card at the hotel.

Court documents also show that Iorg admitted to taking his father’s card, using it for the spree, and returni…………… continues on ABC 4

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Nation’s college debt exceeds credit card debt

Posted by administrator | 23/03/12 | Tagged Credit Card Debt

Nation’s college debt exceeds credit card debt
News from msnbc.com:

>> there’s a staggering new number out tonight from the federal government . student loan dent in the country has reached $ 1 trillion. that’s a record. it’s also more than americans owe on credit cards . and the implications here, like the numbers, are enormous. our report from our chief education respondent, rehema ellis.

>> maria recently got a masters in education to improve her job prospects, but at 31, married with one child and another on the way, she said the cost of her degree is a burden.

>> it’s a terrible way to start a marriage with someone, to have those extra stresses on you.

>> with $ 50,000 in student loans , a stack of other bills, and a teacher’s salary of $ 35,000, she said she barely makes ends meet.

>> it’s scary.

>> two thirds of the class of 2010 graduating lowing an average of $ 25,000 in stu…………… continues on msnbc.com

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Student-Loan Debt Reaches Record $ 1 Trillion, Report Says
News from Bloomberg:

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Student-Loan Debt Reaches Record $ 1 Trillion, U.S. Report Says

Jewel Samad/AFP/Getty Images

A “Bail Out Schools, Not Banks” protest as President Barack Obama spoke about college affordability at Colorado University in Denver on October 26, 2011.

A “Bail Out Schools, Not Banks” protest as President Barack Obama spoke about college affordability at Colorado University in Denver on October 26, 2011. Photographer: Jewel Samad/AFP/Getty Images

Feb. 7 (Bloomberg) — Parents are borrowing record amounts to put their kids through college, jeopardizing their retirements. With the housing crisis, many families can no longer take out a second mortgage, one popular option for financi…………… continues on Bloomberg

… Read the full article


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