Your First Step Toward Financial Freedom

Posted by administrator | 23/05/12 | Tagged Credit Card Debt

Your First Step Toward Financial Freedom
News from msnbc.com:

Debt is a double-edged sword. Used prudently — and carefully — it can enable you to do things you would otherwise never be able to do. But when you rely on debt, you lose your financial freedom and become a slave to a huge array of economic factors over which you have little or no control. In today’s fast-changing global economy, that’s not a situation you ever want to be in.

When debt controls you
Millions of U.S. households still feel the impact of the recession from a few years ago. According to a recent survey from Demos, 40% of low-income and middle-income households pay for food, utilities, rent, and other basic living expenses using a credit card because they didn’t have enough cash available. Moreover, for those who’ve lost their jobs, credit cards have become the funding source of last resort for basic survival, with the survey finding that 86% of households with unemployment-related expenses took on credit card debt.

Even more affluent borrowers can end up in the downward spiral that debt can cause. Despite low interest rates, issuers Citigroup, Bank of America, and Capital One still enjoy wide spreads on the amount of interest they charge on card debt versus what they pay depositors. Although those issuers inevitably lose some…………… continues on msnbc.com

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TEXT-Fitch affirms all Capital One ratings, removes from watch negative
News from Reuters:

Wed May 23, 2012 12:41pm EDT

May 23 - Fitch Ratings has removed Capital One Financial Corporation's
 (COF) and its primary operating subsidiaries from Rating Watch Negative
and has affirmed all ratings for COF. The rating actions follow the close of the
company's acquisition of HSBC's domestic credit card business. The Rating
Outlook is Stable. A complete list of ratings is detailed at the end of this
release.        
        
On May 1, 2012 COF completed the previously announced acquisition of HSBC's
domestic credit card business, which included $  28.2 billion of credit card
receivables and $  0.6 billion of other net assets for aggregate consideration of
$  31.3 billion in cash. Fitch notes that the purchase price included a $  2.5
billion premium on the credit card receivables acquired, which it views as
reasonable.     
        
Fitch notes that this acquisition was in part supported by COF's prior
acquisition of ING Direct, which added nearly $  80 billion of deposits to COF's
balance sheet, which Fitch notes will help the company to fund the acquired
credit card receivables and planned growth in receivables.      
        
In addition, in late 1Q12 COF had successfully raised $  1.25 billion of common
equity as well as $  1.25 billion of sen...............      continues on Reuters

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RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release

Posted by administrator | 23/05/12 | Tagged Credit Card

RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release
News from Chicago Tribune:

These are nationally available credit cards offering the lowest interest rates on purchases as of May 23. If you typically pay off the entire balance monthly, look for a zero-annual fee card that allows the most interest-free or grace days. Some cards listed below feature special introductory or “teaser” rates for a specified time before regular rates apply. Additional fees and residency restrictions may apply. Rates are subject to change. Rebates and other benefits may be available.
 National avg.  APRs as of May. 23     Standard   Gold    Platinum
                       8.20        8.88    12.76

Low APR Standard Cards

                               Reg.  Ann.  Grace Intro
 Card Name                 Phone         APR(%) Fee($  )Days APR/mos
 1  First Federal Card                  (843)529-5800  07.15    0  25   na
 2  IberiaBank Visa(R) Classic Card     (800)968-0801  07.25    0  25   na
 3  First Federal CashBack ScoreCard    (843)529-5963  08.15    0  25   na
 4  Simmons First Visa(R) Classic       (800)272-2102  10.25    0  25   na

Low APR Premium Cards

Note: Min…………… continues on Chicago Tribune

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Credit-Card Parking Meters Coming to Columbia
News from LoanSafe:

(Source: Clif LeBlanc The State, Columbia, S.C. (MCT) — By autumn, drivers will be able to use their credit cards to feed meters in about 175 of Columbia’s parking spaces.

If motorists like the new meters and the pilot program succeeds, the city might convert all 4,700 street and parking-garage meters to the next-generation devices, some of which are solar-powered.

The solar-powered meters cost in the range of $ 10,000 but cover multiple parking spaces, print credit card receipts and have color displays that can carry messages from city government, John Spade, the city’s director of parking services, said Tuesday. The other new meters cost about $ 500 each.

All the new meters are to be purchased from the city’s parking revenue, he said.

The experiment is to be tried on 38 spaces along the high-volume block of Main Street between City Hall and the Richland County courthouse and 138 spaces in two garages: on Taylor Street and the soon-to-open garage at Taylor and Sumter streets.

The upscale meters also will take other forms of payment available across the city: coins, tokens and SmartCards. Parking fees for using the new meters will stay the same and handicapped drivers will continue to get free use of the s…………… continues on LoanSafe

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Survey Compares Credit Card Use by People who are Struggling to Pay their …
News from Houston Chronicle:

A consumer survey conducted by CreditDonkey.com drills below national economic news and credit card statistics to look at the differences between credit card users and non-users in the still faltering economy.

Los Angeles, CA (PRWEB) May 22, 2012

To drill below the national economic news and credit card statistics, CreditDonkey, a credit card comparison and financial education Web site, surveyed 368 consumers online in February 2012 to consider the width of the divide between people who say they are struggling to pay their bills each month and those who say they are not. The preliminary study was not designed to yield broadly representative data about all Americans, but rather, it looks at specific consumers to compare their perceptions about their own financial stability to their use of credit cards and their payment behaviors.

Survey Analysis: http://www.creditdonkey.com/behind-statistics.html

As expected, the survey generated many questions for further study along with some troubling indicators, all of which revealed key areas where CreditDonkey can continue to contribute to the consumer financial education needs of credit card users.

Highlights

  • Are some people going into debt to buy gas? Forty-five…………… continues on Houston Chronicle

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The best store credit card
News from MSN Money:

This post comes from Beverly Blair Harzog at partner site Credit.com.

When people ask me about store credit cards, I usually say there are better choices for a credit card. The reason? High interest rates. The May issue of Consumer Reports Money Adviser compared 15 store credit cards and also concluded that the downside is the high interest rates.

But, as with everything in life, there are exceptions. If you get a retail card from a store where you shop frequently and use the card correctly, you can actually benefit from the rewards.

Don’t confuse store debit cards with credit cards

First, you want to make sure you know what type of card you’re applying for. The vast array of store card choices can be confusing. Some stores offer both debit cards and credit cards. Target, for instance, is

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