How Do I Get a Grip on My Credit Card Debt?

Posted by administrator | 17/04/12 | Tagged Credit Card Debt

How Do I Get a Grip on My Credit Card Debt?
News from Fox Business:

Dear Debt Adviser,
I have two credit card debts with a total of $ 15,000, and I’m still paying the minimum on both. What should I do if I can’t already make the minimums? I have a house payment and a parent loan I co-signed for my daughter. The household income is more than $ 65,000 this year, but it could be as low as $ 55,000 some years. What is your advice? Should I start talking to the creditors before I’m in default? I’m in the most hopeless situation. How do I find a decent nonprofit counseling agency? Please help.
— Mesfin

Dear Mesfin,
Yes, you should definitely seek help before you default on your credit card accounts. Many people make the mistake of ignoring their financial situation until it is too late for most assistance programs, and they end up having no other choice but to file for bankruptcy. Plus, once you default, your credit score will dip, and future credit will be more expensive — if available at all. Your credit reports will have blemishes on them as well. These will complicate your life for years to come when looking for housing, cars, insurance or even a new job. It’s much better to take action in advance.

However, when you call your creditors, be sure to have done your homework first. Otherwise, you’ll appear to be disorganized and unreliable. The call will go much better if you know what you need in…………… continues on Fox Business

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College kids struggle to get control of credit card debt
News from Debtmerica Relief:

Despite recent laws designed to prevent young adults from running into credit card debt, it seems college students haven’t been doing enough on their own to find debt relief.

Today, 70 percent of undergrads and 96 percent of graduate students have at least one credit card in their own name, and few know how to properly manage their accounts, according to a study entitled Financial Literacy and Credit Cards: A Multi Campus Survey, published in the International Journal of Business and Social Science. About 36 percent of college kids have two or more credit cards in their name.

Just 9.4 percent of those polled said they pay their balances off in full at the end of every month, and very few actually knew the cost of their accounts, the report said. Only 14.6 percent knew the

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Survey: Students Fail the Credit Card Test

Posted by administrator | 17/04/12 | Tagged Credit Card

Survey: Students Fail the Credit Card Test
News from Fox Business:

American college students are laden with credit cards, use them frequently, and have no idea what they are doing. Consequently, they are swamped with debt — and the problem is growing worse by the year.

Those are among the discouraging findings of an academic paper on credit card debt and the larger, even more troubling issue of general financial literacy on campus. Results of the survey, conducted by researchers from five American universities, were published in April 2012, coinciding with Financial Literacy Month, and the findings are disquieting.

The primary takeaways: 70% of American college students have credit cards, five of every six of those students do not know their cards’ interest rates, 75% of them do not know their late payment charges and 70% of them do not know what their over-balance-limit fees might be.

The result is predictable — more than 90% of college students who hold credit cards are carrying monthly credit card debt.

“Our students lacked even basic financial knowledge of a common credit tool that many of our students used every day,” the study concluded. “There is no way to describe these results as a success in education of financial literacy.”

And these were business students

It gets worse. Nea…………… continues on Fox Business

… Read the full article
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Related News:

Worldpay Selects Sysnet to Provide Merchant PCI DSS Compliance Validation …
News from Sacramento Bee:

/PRNewswire/ —

Sysnet Global Solutions, a leading provider of payment card industry compliance services, specializing in PCI DSS compliance validation and merchant intelligence solutions, announced today that it has entered into an agreement with WorldPay, a global leader in card payments, to provide PCI DSS compliance validation services to WorldPay’s US-based merchants.

PCI DSS (Payment Card Industry Data Security Standard) is a set of comprehensive requirements developed by the founding payment brands of the PCI Security Council for enhancing the security of payment account data, transactions and payment systems.  Both WorldPay and Sysnet are committed to providing businesses with solutions to help achieve and maintain required PCI DSS compliance and reduce the risk of cardholder theft.

Sysnet and WorldPay have worked closely together to develop a fully branded, customized solution that meets the specific needs of WorldPay’s merchant portfolio. The program includes a tailored communication program designed to encourage merchant engagement and to assist business owners throughout the compliance journey.  Delivered through a WorldPay-branded, online portal, the program provides merchants with a step-by-step approach to achieving and maintaining PCI compliance.  The program a…………… continues on Sacramento Bee

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