Consumers may become more cautious about taking on credit card debt
News from Debtmerica Relief:

A number of economic factors may lead more consumers to curtail their spending and in doing so make continued efforts to reduce their outstanding credit card debt.

Recent statistics from the Conference Board shows that consumer confidence fell between April and May, and that might have a negative impact on borrowers’ credit card use in the coming months, according to a report from Fitch Ratings. However, broadening lending standards granting some subprime borrowers access to new lines of credit might help to prevent a larger drop in spending.

The good news for lenders is that if consumers reduce spending, they will likely make greater efforts to keep their payments into their outstanding balances coming in on time, the report said. Already, delinquency and default on retailer-issued cards, which are traditionally riskier propositions for lenders than traditional cards, have seen late payments f…………… continues on Debtmerica Relief

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Glacier Credit Card Trust closes public offering of $ 211640000 in five-year …
News from Sacramento Bee:

/CNW/ – Glacier Credit Card Trust today announced it has completed its asset-backed offerings of $ 200,000,000 of Series 2012-1 Senior Notes and $ 11,640,000 of Series 2012-1 Subordinated Notes.

The Series 2012-1 Senior Notes were offered at par with a coupon rate of 2.807 percent.  The Series 2012-1 Subordinated Notes were offered at par with a coupon rate of 3.827 percent.  Both Series 2012-1 Notes have an expected repayment date of May 20, 2017.  The Senior Notes were rated ‘AAA (sf)’ and the Subordinated Notes were rated ‘A (sf)’ by each of Standard & Poor’s Ratings Services and DBRS Limited.

“Investor response to these offerings was very favourable, reflecting the market’s overall confidence in the quality and growth of receivables generated by Canadian Tire Bank,” said Mary Turner, President and CEO of Canadian Tire Bank.

RBC Dominion Securities Inc. and Scotia Capital Inc. served as lead dealers for the offering of the Series 2012-1 Senior Notes.  Other syndicate members for the offering including BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc. RBC Dominion Securities Inc. and Scotia Capital Inc. served as dealers for the offering of the Series 2012-1 Subordinated Notes.

Glacier…………… continues on Sacramento Bee

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YSU to charge fee for use of credit card

Posted by administrator | 30/05/12 | Tagged Credit Card

YSU to charge fee for use of credit card
News from Youngstown Vindicator:

Published: Wed, May 30, 2012 @ 12:03 a.m.

Staff report

Youngstown

Beginning July 1, a 2.75 percent convenience fee will be charged on all credit-card transactions on Youngstown State University student accounts including tuition.

The university says the change is necessary because of increasing costs, changing compliance regulations and to bring YSU in line with practices at other universities in Ohio.

MasterCard, Discover Card and American Express credit cards will be accepted. Visa, which doesn’t participate in the fee structure, no longer will be accepted.

The university will continue to accept payment by electronic check, check, debit card and cash with no fee. Visa debit cards will continue to be accepted.

Bowling Green, Cleveland State, Kent State, Miami, Ohio State, Ohio University, University of Akron, University of Cincinnati, University of Toledo and Wright State charge a credit-card transaction fee and do not accept Visa credit cards.

Neal McNally, YSU budget director, said it is important to note that YSU does not collect or keep any part of the fee. He also said the convenience fee does not apply to retail sales, such as the Bookstor…………… continues on Youngstown Vindicator

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The True Cost Of Your Credit Card
News from TheStreet.com:

If you don’t know the major pricing terms of your credit cards–and a surprising number of consumers don’t–then it’s time for an introduction. After all, how can you manage your finances well if you don’t know the conditions under which you’re operating? Even if you know Here are the 10 main terms you should know before applying for a credit card.

  1. Annual Percentage Rate (APR) on purchases: This is how much interest you pay when you carry a balance for purchases from one month to the next. Credit card companies can’t increase the APR on new purchases in the first year of an account or on existing balances, period, unless you’re more than 60 days late on payments.
  2. Introductory APR: The introductory APR is in effect for only a limited time. Don’t confuse this appealing rate–often advertised in big, bold type–with the higher standard APR when you apply for credit cards.
  3. Credit limit: Know your credit limit, and strive to keep balances below 30 percent of that amount. Using too much of your credit limit hurts your credit score. Plus, it’s embarrassing to have your card rejected at the cash register or at a restaurant if a purchase puts you over the line.
  4. Ove…………… continues on TheStreet.com

… Read the full article


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Cautious approach to credit cards from consumers

Posted by administrator | 30/05/12 | Tagged Credit Card Debt

Cautious approach to credit cards from consumers
News from BBC News:

The figures on lending to individuals in the UK are released by the Bank every month

Continue reading the main story

  • Your credit rating questions answered
  • Tips on how to handle your debts
  • Q&A: Payday loans
  • Debt questions answered

Credit card lending in April recorded its biggest monthly contraction since August 2006, Bank of England figures show.

Repayments outstripped new borrowing by £118m, although lending through loans and overdrafts grew.

… Read the full article
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Do consumers now prefer travel rewards?
News from Debtmerica Relief:

These days, millions of Americans are seeking new types of accounts that will reward them more handsomely for taking on credit card debt, and some of the most popular cards now have increased rewards for airline miles and other travel arrangements.

The airline and hotel industries alone now issue more than $ 50 billion worth of credit card rewards points and miles to consumers as a larger number are now on the lookout for more valuable benefit programs, according to a report from the luxury travel company Alpha Flight Guru. In many cases, the accounts being issued nowadays grant consumers as much as 5 percent rewards – that is, they earn 5 cents worth of points or miles back for every dollar they spend on the account.

Many lenders are also adding non-rewards incentives as well, the report said. These include the ability to go through members-only security lines with shorter waits, or no baggage f…………… continues on Debtmerica Relief

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Would-be crook caught on camera trying to use stolen credit card
News from WPEC:

Tuesday, May 29 2012, 02:09 PM EDT

Would-be crook caught on camera trying to use stolen credit card

CORAL SPRINGS, Fla. — Police are looking for the man seen pictured here after he tried to purchase $ 1,500 in items from a Target store using a credit card stolen from a Deerfield Beach man’s country club locker.

Broward Sheriff’s Office reports the victim was playing golf at the Weston Hills Country Club when someone stole his credit card from his locker sometime after noon March 23.

Surveillance images from a Target store at 4400 N. State Road 7 in Coral Springs shows him trying unsuccessfully to use the card. He leaves empty handed, but left police crystal clear images of his mug.

Anyone with information on this case is asked to call BSO Weston Det. Michael Kravecz at (954) 389-2010 or call Broward Crime Stoppers, anonymously, at (954) 493-TIPS (8477) or online at www.browardcrimestoppers.org.Would-be crook caught on camera trying to use stolen credit card


…………… continues on WPEC
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Getting Debt Help may Hurt Access to New Credit
News from Fox Business:

Dear Opening Credits,

I’ve paid $ 25,000 in credit card debt down to $ 2,500 and would like to get a credit card again. I’ve been turned down three times in the past year because people see I’m working with Consumer Credit Counseling to pay that debt off. I’ll be done in July 2012. When will that not be a negative factor preventing me from getting a new card? Thank you!  

-Sheila 

Dear Sheila,

Repaying that much money is an achievement worthy of a sash and crown! And a new credit account, too. Here’s what’s going on and how you can get the account you want.

First, we must revisit the past — the time before you began working with Consumer Credit Counseling Service (CCCS). For untold reasons, you got yourself into quite a bit of ugly debt and then had a hard time getting out of it on your own. Maybe you had missed payments or those you did send were so small that the balances refused to budge. So you turned to CCCS for assistance. After they developed a budget and presented you with various options on how to deal with your financial problems, you accepted their debt management plan (DMP) offer.

Debt management plans are designed to get clients out of deb…………… continues on Fox Business

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On Computers: Internet scams

Posted by administrator | 29/05/12 | Tagged Credit Card

On Computers: Internet scams
News from Daily News Transcript:

Compared to Internet email, the chances of getting ripped off on the telephone seem less. The bad boys have noticed this, and now are busy integrating the phone into their efforts to collect your account numbers and passwords.

The “hook” can be an official-looking email that requests you to call a phone number. Or it can be a digital phone call ordering you to call another number.

Then you’ll be asked to provide answers to questions, mostly about your credit card or commercial websites you use. Included will be passwords and the security code on the back of your card (they probably already have your number).

The “hook” to get you to call takes many forms. They may entice you by offering gift cards if you complete the “consumer survey.” They may email you “there is a problem with your credit card account. We have deactivated your card. Call our Activation Center.”

The attempts are easy to spot. They always ask you to call a second number.

Banks and credit card companies are aware of these scams. None of them conduct official business this way. That makes the chance of your call being a scam 100 percent.

If you should happen to get roped into this, you will be placed on a sucker list sold to other guys doing the same crime. You’ll wind up with a flood of similar attacks.

Hundreds of thousands of people fall for this each year and…………… continues on Daily News Transcript

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New library board to discuss credit card policy
News from CBC.ca:

Peter Frise and Howard Pawley were introduced Monday as the newest members of the Windsor Public Library board.

Frise is scientific director and CEO for auto 21. Pawley is a former premier of Manitoba and a retired University of Windsor professor.

Peter Frise. (University of Windsor)

The pair joined the board in the wake of Coun. Al Maghnieh’s credit card controversy. The former library board chair charged $ 8,400 in personal expenses to his library-issued credit card. He paid it back, but resigned amid the controversy.

The chairman of the board’s finance committee, Alex Cameron also resigned.

Denny Timm also quit the board, but did so because he moved.

The council position on the board left by Maghnieh’s resignation was earlier filled by Coun. Jo-Anne Gignac.

Pressed to comment on the controversy, Frise refused to do so.

“I don’t want to comment on what went [on] before. I want to focus here on the library,” he said. “It’s critical that the library be efficient and well-run.”

Frise and Pawley both said libraries remain important and relevant.

Howard Pawley. (University of Windsor)

“I love books. I love learning and I…………… continues on CBC.ca

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Credit card fraudster avoids jail

Posted by administrator | 28/05/12 | Tagged Credit Card

Credit card fraudster avoids jail
News from Ninemsn:

A man who helped fleece almost $ 75,000 from Westpac has avoided jail because he has rehabilitated himself.

Kosta Papadatos, 31, pleaded guilty in Brisbane’s District Court on Monday to four counts of fraud and one of attempted fraud in mid-2009.

Prosecutor Clare Kelly told the court Papadatos used fake identification to apply for four credit cards from Westpac branches on the Gold Coast and in Brisbane.

The cards were used to make purchases and withdraw cash totalling almost $ 75,000.

Less than $ 4000 has been recovered.

Papadatos told police he received $ 10,000 for his involvement in the scheme, which he said was orchestrated by a man named “George”.

The alleged ringleader has not been arrested.

The court heard Papadatos faced court in 2010 for credit card fraud, and the cases were linked.

Defence barrister Tony Kimmins told the court the case had been delayed because police resources had been diverted to investigating an alleged $ 16 million Queensland Health fraud.

Mr Kimmins said his client, who lived at Belmont in Brisbane’s east when he was charged in August 2010, should not spend any time in custody as it would frustrate his rehabilitative efforts.

Judge Kerry O’Brien sentenced Papadatos to 12 months’ jail but released him immediately on parole.

He ordered Papadatos to pay $ 10,00…………… continues on Ninemsn

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Gail MarksJarvis: Card debt still choking low, middle incomes
News from Sacramento Bee:

Americans have been successful at getting some of their debts off their backs, but many still have a long way to go.

Low- and middle-income people are finding an escape difficult as they pay interest on top of interest. Forty percent have turned to their credit cards to cover basic living expenses such as rent, mortgage bills, groceries and utilities, according to a national survey by think tank Demos. Those surveyed were low- and middle-income people who carried a balance on their credit cards for at least three months.

Credit cards have been a safety net as people have lost jobs since 2008 and faced the pressure of high gas prices, said Amy Traub, senior policy analyst for Demos.

The 2008 financial crisis was a brutal wake-up call for many, as banks abruptly shut down cards and cut debt limits at the same time companies were tossing millions out of work. About 39 percent of households surveyed by Demos experienced some cuts in their credit, and about half of those reduced spending as a result. But 28 percent have taken on more debt in the past year.

Now, the average debt on cards held by low- and middle-income people is $ 7,145, compared with $ 9,887 in 2008, according to the survey. Fifty-one percent said cost-of-living expenses contributed most to their current card debt.

Some bought dubious debt-protection products…………… continues on Sacramento Bee

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Big debt mistakes and how to avoid them
News from NEWS.com.au:

Our four Generations columnists. Source: Supplied

WHAT are the big mistakes people make when it comes to paying off their debts?

Gen Ys – Justine Davies

SO MANY potential mistakes, so little column space. I’ll focus on the ones that I think are the biggest, though.

So first, a huge mistake is to simply accept debt as part of your lifestyle. I’m not talking about your mortgage or investment loans. I’m talking about your consumer debt.

Credit cards, for example, on which we currently owe about $ 50 billion.

Making minimum repayments on a $ 5000 credit card debt at average interest rates could cost you more than $ 30,000 before you get around to paying it off. It is so not worth it. Use a debit card instead.

Another big mistake is paying your debts off in the wrong order. I have had clients who were focused on paying extra on to their 7 per cent mortgage while ignoring their credit card debt that was accruing interest at a rate of 20 per cent. Or paying off their tax-deductible investment loan instead of their own mortgage. And others determined to pay off their HEC…………… continues on NEWS.com.au

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Paying cash can save money at some gas stations

Posted by administrator | 27/05/12 | Tagged Credit Card

Paying cash can save money at some gas stations
News from Scranton Times-Tribune:

As gasoline prices per gallon at $ 3-plus become the new normal, one way motorists can save money at the pump is to pay cash.

At the PSC gas station in Wilkes-Barre, a sign informs motorists the price of gas for cash users is $ 3.49 a gallon and the price for credit card users is 8 cents higher: $ 3.57 a gallon.

Gas stations are increasingly offering discounts for fuel purchases made with cash as merchants pay higher fees when people use credit cards, said Tom Kloza, chief oil analyst at Oil Price Information Service, and Jim Lardear, spokesman for AAA Mid-Atlantic.

More gas stations now display two price signs in plain sight: one for cash purchases and another for credit card and debit card transactions to outwit their competitors and to win more customers, Mr. Lardear said.

“On average, paying with plastic removes about 5 to 6 cents from the marketer’s pocket, so it makes sense that they charge less for cash,” Mr. Kloza said.

Motorists not pleased

Motorists interviewed at gas pumps were not happy with gas stations charging higher prices for credit card users.

“I think that’s ridiculous. They’re charging you to use your own money,” said JoAnne Heylek, 55, of Wilkes-Barre Twp.

Wilkes-Barre Twp. resident Bonnie Lehman, 55, who pumped gas Tuesday at the PSC gas station in Wilkes-Barre, said she pa…………… continues on Scranton Times-Tribune

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Credit cards could lower travel costs
News from The Courier-Journal:

There are lots of ways to save money on your summer vacation. Go for one week instead of two. Drive instead of fly. Stay in a hotel with free breakfast and eat enough to last you until dinner.

But there’s another way to cut costs that won’t require you to stuff muffins in your purse. Pour yourself a cup of strong coffee and read your credit card agreement. While most cardholders are aware of their card’s airline miles and cash-back rewards, many are unaware that their credit card offers lots of other money-saving perks.

Rental car insurance

Optional collision coverage could add $ 15 a day or more to the cost of your rental car. There’s a good chance, though, that your credit card will cover costs that aren’t covered by your personal auto insurance policy.

To qualify for this coverage, you must decline the insurance offered by the rental car agency. You must also pay 100 percent of the rental car costs with your credit card, says Bill Hardekopf, CEO of LowCards.com.

Read your card agreement carefully to determine what the policy will cover. For example, some credit card coverage is limited to the cardholder, not other family members.

In addition, determine whether your card’s policy covers “loss of use,” a daily fee some rental car companies charge customers while a damaged car is in the shop. Most credit card insurance policie…………… continues on The Courier-Journal

… Read the full article


Former resident sentenced for second felony

Posted by administrator | 26/05/12 | Tagged Credit Card

Former resident sentenced for second felony
News from Laramie Boomerang:

A former Laramie resident who lives in Arizona will spend the next six months in jail for committing his second felony by attempting to purchase a widescreen TV last year with a stolen credit card.

Patrick A. McNett, 25, formerly of 917 Arnold, was sentenced to four to eight years in prison for one felony count of unlawful use of a credit card.

The prison sentence was suspended, and McNett was ordered to serve 180 days in the Albany County Detention Center on a split sentence.

He also was ordered to enroll in an adult community corrections (ACC) re-entry program upon his release from jail followed by four years of supervised probation.

Unlawful use of a credit card is a felony when a person uses another’s credit card; the number of another’s credit card; a revoked, cancelled or expired credit card; or a falsified, mutilated or altered credit card to purchase goods or services valued at $ 1,000 or more.

Felony unlawful use of a credit card is punishable by imprisonment for up to 10 years, a fine of up to $ 10,000 or both.

When he was given a chance to speak, McNett said he wants to take responsibility for his actions.

“Because I was drunk, that doesn’t give me the right to go out and do what I did,” he said.

District Judge J…………… continues on Laramie Boomerang

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Card debt still choking low, middle incomes

Posted by administrator | 26/05/12 | Tagged Credit Card Debt

Card debt still choking low, middle incomes
News from Chicago Tribune:

Americans have been successful at getting some of their debts off their backs, but many still have a long way to go.

Low- and middle-income people are finding an escape difficult as they pay interest on top of interest. Forty percent have turned to their credit cards to cover basic living expenses such as rent, mortgage bills, groceries and utilities, according to a national survey by think tank Demos. Those surveyed were low- and middle-income people who carried a balance on their credit cards for at least three months.

Credit cards have been a safety net as people have lost jobs since 2008 and faced the pressure of high gas prices, said Amy Traub, senior policy analyst for Demos.

The 2008 financial crisis was a brutal wake-up call for many, as banks abruptly shut down cards and cut debt limits at the same time companies were tossing millions out of work. About 39 percent of households surveyed by Demos experienced some cuts in their credit, and about half of those reduced spending as a result. But 28 percent have taken on more debt in the last year.

Now, the average debt on cards held by low- and middle-income people is $ 7,145, compared with $ 9,887 in 2008, according to the survey. Fifty-one percent said cost-of-living expenses contributed most to their current card debt.

Some bought dubious debt-protection pro…………… continues on Chicago Tribune

… Read the full article
.

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Consumers successfully cutting credit card debt since downturn ended
News from Debtmerica Relief:

Consumers have been very conscientious in making sure to reduce their outstanding credit card debt over the last few years and now stand in far better financial positions since the end of the recession.

Balances on consumer credit cards issued by financial institutions stood at $ 531 billion in April, according to the latest National Consumer Credit Trends Report from the credit monitoring bureau Equifax. That’s down roughly 28 percent from the all-time high of more than $ 730 billon observed in January 2009.

Meanwhile, the amount owed on retail credit cards has largely remained the same, at least on a seasonally-adjusted basis, has remained more or less the same, but has done so despite there being more than 173 million such accounts nationwide, up 4.7 percent from December 2010, the report said. And as of April, the available credit limits on these accounts has jumped by roughly $ 5 billion in total after hitting an all-time low at the end of last year.

Consumers are getting their finances on track in a variety of ways over the last few years, leading to fewer seeking out debt relief services.


…………… continues on Debtmerica Relief

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