MasterCard: Credit-card use up in second quarter

Posted by administrator | 01/06/12 | Tagged Credit Card

MasterCard: Credit-card use up in second quarter
News from MarketWatch:

MasterCard: Credit-card use up in second quarter – MarketWatch

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Council Authorizes Credit Card Use for Tax, Utility Payment
News from Patch.com:

Credit cards soon will be an acceptable form of payment for township tax and utility bills.

Manchester’s Township Council approved a resolution Monday evening giving the Tax Collector’s Office the authorization to accept the electronic payment. According to the resolution, credit cards can be used for “the payment of municipal tax, water and sewer bills.”

The convenience of credit card payments will come with a user fee, said Council President Craig Wallis.

“It is not a township fee by any means,” he said. “We don’t process credit cards here, so there is a service that charges for that.”

The fee charged by the processing company is expected to be between 2.5 and 3 percent, according to Wallis. 

“It’s not the township. We don’t do this to make money, we do it as a convenience to people who said they’d like to use their credit cards,” Wallis said. 

Payments by cash and check will continue to be accepted by the township. Credit card payments will be able to be made at the counter at the tax collector’s office.

The system will not be operation “for a couple of months yet,” according to Clerk Sabina Skibo, since the township is still looking into which company it will use for the transactions.

Skibo said that it will not be the…………… continues on Patch.com

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US Credit Card Debt Declines as Student Loans Continue to Rise
News from Daily Disruption:

Daily Disruption News Desk | @dailydisrupt

Consumers continued to work their way out of debt in the first quarter of 2012 as overall household credit declined to $ 11.44 trillion, about $ 100 billion (0.9 percent) less than in the fourth quarter of 2011, the Federal Reserve Bank of New York said today.

Mortgage balances shown on consumer credit reports fell again ($ 81 billion or 1.0 percent) during the quarter. Mortgage originations, or appearances of new home loans on consumer credit reports, rose to $ 412 billion, but are 17.4 percent below their first quarter 2011 level.

Credit card balances, at $ 679 billion, were 21.6 percent below their fourth quarter 2008 peak of $ 866 billion.

Auto loan originations rose 2.1 percent in the quarter, to $ 72 billion, and are 43.6 percent above their bottom in the first quarter of 2009.

However, student loan debt is still surging ahead of credit card and auto loan balances.

Since the peak in household debt in the third quarter of 2008, student loan debt has increased by $ 293 billion, while other forms of debt fell a combined $ 1.53 trillion, said the New York Fed.

“Stude…………… continues on Daily Disruption

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DC Council Chairman Kwame Brown faults report on wife’s credit card debt
News from Washington Post:

D.C. Council Chairman Kwame R. Brown said Thursday that the Washington City Paper had unfairly attacked his wife by reporting that she was being sued for failing to pay a credit card bill.

 The weekly paper reported in its Loose Lips column that American Express filed suit against Marcia Brown in April over an outstanding balance of $ 15,647.79.

During his 2010 campaign, reports surfaced of Kwame Brown’s financial troubles, which resulted in four lawsuits by credit card companies over more than $ 50,000 in unpaid bills. Brown (D) has since settled that debt and acknowledged that he had been living beyond his means.

 Within minutes of the City Paper story being published, Kwame Brown released a statement saying he was “deeply disappointed and concerned that the Washington City Paper has chosen to attack” his wife “in an effort to disparage” him.

“As an elected official, my life is an open book and is subject to examination and critique in a…………… continues on Washington Post

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