Seven Worst Credit Card Habits

Posted by administrator | 11/04/12 | Tagged Credit Card

Seven Worst Credit Card Habits
News from Fox Business:

Likely you’ve done it — lost your credit card bill under a pile of papers and by the time the bill surfaces, it’s past due. Guess what: You’ve just committed one of the seven deadly sins of credit card use – and the costs will add up.

Yes, the best credit cards are a convenient way to pay. Compare the time and hassle saved swiping your gas credit card at the pump to going inside a cramped, noisy convenience store to hand over cash. You can rack up credit card rewards too. But committing any of these credit card no-nos can ding your credit score, cost you money and even eat up some of that time you thought you’d saved.

Paying late

“The no. 1 deadly mistake is paying your bill late,” says Manisha Thakor, author of Get Financially Naked. “People say, ‘It’s just a day late — it’s not a big deal.’ But a lot of people don’t realize that being an hour or a day late is as bad as being five days late.”

The consequences are short-term and long-term. Short-term, a late credit card payment can cost you up to $ 25 in late fees, plus interest.

…………… continues on Fox Business

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Prepaid Card Use Up 18% as Consumers Drop Debit: Study
News from BusinessWeek:

Prepaid card use rose by about 18 percent in 2011 as consumers dropped traditional banking products such as checking accounts with higher fees, according to a study released today.

About 13 percent of U.S. adults had prepaid cards in 2011 compared with 11 percent in 2010, according to the study by Pleasanton, California-based Javelin Strategy & Research, a market-research firm.

“People used to think of them as cards for people who didn’t have a lot of money, whereas today they’re becoming much more common for a variety of uses and a variety of demographics,” said Beth Robertson, director of payments research for Javelin.

Regulations that have increased the cost of checking and debit products may be partly driving the shift, in addition to consumers choosing prepaid as a budgeting tool, Robertson said.

About 88 percent of consumers had a checking account in 2011, down from 92 percent in 2010, the study found. Consumers with credit cards fell to 67 percent from 74 percent, and those with debit cards dropped to 66 percent from 78 percent.

At the same time, those who hold credit and debit cards are using them more. Consumers spent about 5.7 percent more on their credit cards in March than they did the year before, according to a report from payment processor First Data Corp. Spending on debit transactions in which cons…………… continues on BusinessWeek

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Florida credit scores down, debt increases

Posted by administrator | 11/04/12 | Tagged Credit Card Debt

Florida credit scores down, debt increases
News from Orlando Business Journal:

Date: Wednesday, April 11, 2012, 8:15am EDT

The average Florida credit score in March was 654, down from 657 a year ago.

The average Florida credit score decreased in the first quarter as consumers saw their debt increase in most categories, according to a report by CreditKarma.com.

The San Francisco-based company, which tracks credit scores and debt nationwide, said the average Florida credit score in March was 654. That’s down from 657 a year ago.

The national average credit score was 660, which is down from 665 a year ago.

Florida ranked 30th in highest credit score. New Jersey residents led the nation with an average credit sco…………… continues on Orlando Business Journal

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Consumers continued to slash credit card debt in February
News from Debtmerica Relief:

While consumers continue to feel better about their finances and the economy in general, many seem to still be cautious about once again dealing with credit card debt.

The amount of money being borrowed on credit cards nationwide slipped once again in February, this time falling to a total of $ 798.6 billion from January’s total of $ 800.8 billion, according to the latest monthly statistics issued by the Federal Reserve Board. That’s a decrease of 3.3 percent, following January’s slightly larger drop of 4.4 percent from December’s total.

But at the same time, borrowing increased overall once again, as consumers continued to tap lenders for financing on nonrevolving credit – that is, installment loans for things like auto financing and education costs, but not including mortgages, the report said. In all, this type of borrowing rose 7.7 percent in February, to a total of more than $ 1.72 trillion.

Experts had noted that increases in consumers’ borrowing on credit cards seen at the end of last year bucked recent trends, but also cautioned that it was likely the result of many using their cards to finance their holiday shopping.


…………… continues on Debtmerica Relief
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Prepaid Card Use Up 18% as Consumers Drop Debit: Study

Posted by administrator | 11/04/12 | Tagged Credit Card

Prepaid Card Use Up 18% as Consumers Drop Debit: Study
News from Bloomberg:

Enlarge image

Free Checking Falls to 45% of Customer Accounts

Free checking has dropped to about 45 percent of U.S. customer accounts, compared with 65 percent last year, a Bankrate.com study found. Photogapher: Getty Images

Free checking has dropped to about 45 percent of U.S. customer accounts, compared with 65 percent last year, a Bankrate.com study found. Photogapher: Getty Images

Prepaid card use rose by about 18 percent in 2011 as consumers dropped traditional banking products such as checking accounts with higher fees, according to a study released today.

About 13 percent of U.S. adults had prepaid cards in 2011 compared with 11 percent in 2010, according to the study by Pleasanton, California-based Javelin Strategy & Research, a market-research firm.

“People used to think of them as cards for people who didn’t have a lot of money, whereas to…………… continues on Bloomberg

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“Your credit card has been declined…”
News from Fox Business:

Having your credit card declined is almost a rite of passage, I suppose, for people who aren’t incredibly rich. It’s hard to imagine that any adult can go through life without their credit card or debit card being declined at least once, even if it’s just a technical snafu. Which is what happened last Sunday, to people of all economic stripes, from those in the top 1 percent of wealth to those scraping the bottom. As you may have heard, a problem on Visa’s end meant that for about 40 minutes, from 2:40 to 3:20 p.m., EDT, according to the Associated Press, people couldn’t use their Visa credit card or debit card.

I was one of those people

My two daughters and I were coming from a dog park. My 10-year-old, Isabelle, sat in the car with the dog — just outside of the ice cream parlor we stopped at — and my 8-year-old, Lorelei, came inside with me. I ordered the girls their ice cream, and after the woman behind the counter handed us our cones, I handed her my Visa bank debit card. That’s where the fun began.

“Your card has been declined,” she told me.

“What?” I stammered. I had checked my bank balance that morning, and as far as I knew, it couldn’t have been declined. I started running through the possibilities of what might have happened, from identity theft…………… continues on Fox Business

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