The Best Time For Young People Get A Credit Card

Posted by administrator | 13/04/12 | Tagged Credit Card

The Best Time For Young People Get A Credit Card
News from San Francisco Chronicle:

It may not seem like it, but it is possible go to through life without using a credit card. That being said, when used responsibly, credit cards offer numerous advantages over other payment methods. They’re convenient, they protect you against fraud and theft, and they offer cash back and other rewards. They can also help you build the credit history you’ll need if you want to borrow money to buy a house or a car. If you think paying with plastic might be the way to go, here are some points to consider in deciding when to get that first card and why.

High School
Why you shouldn’t wait:
“Credit cards are a reality,” says Anisha Sekar, VP of Credit and Debit Products at the card comparison website NerdWallet.com. “By introducing the idea of a line of credit early on, parents can teach their kids responsible card use in a safe environment,” she says.

A credit card shouldn’t be a high schooler’s introduction to personal financial management, however.

“I’d recommend opening a youth checking account when the child is in middle school, so that he can get into the habit of balanc…………… continues on San Francisco Chronicle

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Alleged illegal credit card use leads to charges
News from Standard Speaker:

Published: April 13, 2012

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A Hanover Township man faces 155 criminal charges after he allegedly opened a credit card in another man’s name and used it for four years.

James John Passetti, 60, faces 77 counts of access device issued to another who did not authorize use, third-degree felonies; 77 counts of possession of access device knowing it is counterfeit or altered, third-degree misdemeanors; and one count of identity theft, a third-degree felony.

The charges were filed by state police at Hazleton for offenses that occurred in Foster Township, according to a court docket.

Passetti was arraigned on the charges by Magisterial District Judge Gerald Feissner on Wednesday and awaits a preliminary hearing scheduled for 10 a.m. May 3. Passetti was released on his own recognizance.

An affidavit of probable cause states that on Jan. 13 Francis J. Broskoskie Jr., no age or residence provided, reported to state police that someone opened an American Express card in his name and made nearly $ 6,000 in purchases and cash advances.

Broskoskie said he became aware of the fraudulent activity when he was notified by the credit card company that his account was sent to a collection agency.

Through an investigation, police said, they found Passetti opened the card March…………… continues on Standard Speaker

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Consumer Credit Card Balances Drop for the Second Month in a Row
News from Fox Business:

Consumer credit card balances fell for the second straight month, according to data released Friday by the Federal Reserve. However, it’s unclear whether consumers are still paying down their holiday debt or are cutting back on spending with credit.  

The Federal Reserve’s latest G.19 consumer credit report showed a 3.3% drop in revolving debt as cardholders shied away from racking up more debt. Revolving debt, which is made up almost entirely of credit card debt, declined by $ 2.2 billion in February to $ 798.6 billion.

February’s drop in credit card debt defied experts’ expectations that card balances would rise. “It’s always difficult to tell,” says Paul Edelstein, director of Financial Economics at IHS Global Insight. However, the economy showed significant improvement in February and experts predicted that cardholders would respond to the good news by carrying bigger balances.

The Fed’s monthly G.19 consumer credit report also looks at nonrevolving debt, which includes auto loans, student loans and loans for mobile homes, boats and trailers. Nonrevolving debt went up 7.7% to $ 1.7 trillion. That was enough to overwhelm the drop in credit card debt, so overall consumer credit — the combination of both revolving and nonrevolving debt — increased by 4.25%, hitting $ 2.5 trillion.

Cardholders spend, but not on plastic
It’s possible that…………… continues on Fox Business

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Student loan debt a growing threat to the economy
News from Baltimore Sun:

Move over, mortgages. Get out of the way, Greece. Another economic doomsday scenario is emerging.

Student loan debt has reached about $ 870 billion, exceeding credit cards and auto loans, and balances are expected to continue climbing, the Federal Reserve Bank of New York said last month. In February, the National Association of Consumer Bankruptcy Attorneys referred to a “student loan ‘debt bomb'” and wondered if it was shaping up to become “America’s next mortgage-style economic crisis.” Such a burden could crimp an already weak economy.

“Student debt poses a large and growing threat to the stability of our economy,” Illinois Attorney General Lisa Madigan testified March 20 before a U.S. Senate judiciary subcommittee hearing in Washington on the looming student debt crisis.

“Just as the housing crisis has trapped millions of borrowers in mortgages that are underwater, student debt could very well prevent millions of Americans from fully participating in the economy or ever achieving fi…………… continues on Baltimore Sun

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