West Hollywood residents defend councilman’s city credit card use
News from Los Angeles Times:

West Hollywood Councilman John Duran — whose charges on a city-issued credit card have been the focus of a probe by Los Angeles County prosecutors — was shown some support by the audience at a council meeting Monday evening.

During public comments at the meeting, Joseph Clapsaddle, a West Hollywood resident, defended Duran, saying the councilman is a hard worker.

“This is bullying at its very most basic,” Clapsaddle said of the focus on Duran.

Clapsaddle asked the audience to stand in support of Duran. A majority of the audience stood and clapped.

Duran charged dozens of meals to his city expense account, spending more than $ 7,000 at local restaurants over three years. County prosecutors are trying to determine whether the meals violated state law.

David Demerjian, head of the district attorney’s Public Integrity Division, said his office has never prosecuted an official for expensing meals inside the city he or she serves. State rules allow meal and related expenses only for “necessary city business,” he said.

Prosecutors have collected hundreds of pages of records — sales receipts, credit card statements and expense report forms — from West Hollywood in recent months. Demerjian said the meal expenses of other co…………… continues on Los Angeles Times

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How to actually get credit card rewards
News from Christian Science Monitor:

It’s easy to miss out on credit card rewards, or get into a routine. Here’s how you can find cards where the rewards actually do work for you. 

It’s very easy to get into a routine with a credit card. Perhaps you signed up for one in college or took the first offer that comes along when you need a card and that’s the one you stick with for your primary use.

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Trent Hamm

The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds – we just want simple ways to manage our finances and save a little money.

Recent posts

  • 05.09.12

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At €2.5bn we still can’t clear our credit card debt
News from Irish Independent:

THE average consumer still owes €1,274 on their credit card, with little sign that they are getting on top of their debt.

The National Consumer Agency (NCA) has urged people to try to pay off card debt which can be a burden for years because of high interest rates.

The latest Central Bank figures show people have only reduced their credit-card debt by €41 per card in the last year.

But with interest rates on credit-card debt as high as 22.7pc, wiping out this debt could take you up to three years if you only pay €50 a month.

The worst rates at present are 22.7pc with AIB Mastercard and AIB Visa Card, and 22.6pc with Ulster Bank Classic MasterCard, according to a survey using the NCA’s online comparison tool.

The best rates are 13.6pc with AIB Click Visa Card, 13.8pc with Bank of Ireland Clear Credit Card and 14.4pc with National Irish Bank MasterCard Platinum.

Those lower interest rates mean you’d take five months less to pay off the average debt of €1,274 than you would on the highest-interest cards — meaning you’d spend up to €250 less wiping out your debt.

continues on Irish Independent

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Consumers Raised Debt in March
News from New York Times:

WASHINGTON (AP) — Americans used their credit cards more often in March and borrowed more to attend school, resulting in the biggest one-month increase in the nation’s consumer debt in a decade.

Consumer debt rose by $ 21.4 billion in March from February, the Federal Reserve said Monday. It was the seventh straight monthly increase and the largest since November 2001.

A measure of auto and student loans increased by $ 16.2 billion. A separate gauge of mostly credit card debt rose $ 5.2 billion after declining in January and February.

Total borrowing rose to a seasonally adjusted $ 2.54 trillion. That is slightly below the record high of $ 2.58 trillion for July 2008, eight months after the recession began.

After hitting that peak, consumers sharply reduced borrowing for two straight years. They slowly began taking on more debt in fall 2010, and in…………… continues on New York Times

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Photo Jigsaw Puzzle of Credit card debt from Science Photo Library

  • This Photo Puzzle features an image chosen by Science Photo Library. Estimated image size 356x254mm.
  • 10×14 Photo Puzzle with 252 pieces. Packed in black cardboard box of dimensions 5 5/8 x 7 5/8 x 1 1/5. Puzzle image 5×7 affixed to box top. Puzzle pieces printed on RA4 paper at 300 dpi
  • Image Description: Credit card debt. Scissors cutting a creditcard in two.
  • For any queries regarding this item please contact Science Photo Library c/o Media Storehouse quoting Media Reference 1121751
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Photo Puzzle, Credit card debt. Credit card debt. Scissors cutting a creditcard in two. Chosen by Science Photo Library. 10×14 Photo Puzzle with 252 pieces. Packed in black cardboard box of dimensions 5 5/8 x 7 5/8 x 1 1/5. Puzzle image 5×7 affixed to box top. Puzzle pieces printed on RA4 paper at 300 dpi. This item is shipped from our American lab.

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Credit card use up, so are risks

Posted by administrator | 09/05/12 | Tagged Credit Card

Credit card use up, so are risks
News from China Daily:

Updated: 2012-05-09 09:43

By Wei Tian (China Daily)

The use of credit cards has become a driver of domestic consumption and banks should be on guard against the risk of letting buyers take on too much debt, experts said.

In 2011, 7.56 trillion yuan ($ 1.2 trillion) worth of purchases were made with credit cards in China, meaning they were used to buy more than 40 percent of the 18.12 trillion yuan worth of consumer goods that were sold in the year, according to the 2012 Bluebook of Credit Card Industry in China, which was published on Tuesday.

A woman displays credit cards in Qingdao, Shandong province. Credit cards have become a driver of domestic consumption, being used in 7.56 trillion yuan ($ 1.2 trillion) of retail purchases last year. [Photo/China Daily] 

The value of transactions made using credit cards increased by 48 percent from 5.11 trillion yuan in the previous year, according to the bluebook, which was compiled by the China Banking Association.

The value of consumer goods bought by credit card was up by nine percentage points from the p…………… continues on China Daily

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