5 Early Warning Signs of Financial Disaster

Posted by administrator | 26/06/12 | Tagged Credit Card Debt

5 Early Warning Signs of Financial Disaster
News from Huffington Post:

Whether you realize it or not, noticing early warning signs of financial distress can make or break your future. I’ve been in your shoes, and I know what it feels like.

It’s daunting to face the truth: the fact that you’re on the brink of financial disaster. You’ve worked so hard to maintain your credit score, tried to pay off your debts as fast as possible, but everything seems to be falling apart.

The five early warning signs I’m about to mention are not compiled from financial experts or personal finance books, but instead my own personal experience dealing with credit card debt.

Not checking your statements— As soon as you get your monthly statements, you throw them in the pile of mail because you’re afraid of checking your balances. You wait until the very last-minute to check the due date or login to your online banking to pay your bill. I don’t blame you. As soon as I realized exactly how much credit card debt I had, it turned my day upside down. We all know that your debt isn’t going to disappear overnight, so the sooner you face the truth, the sooner it’ll be over!

Recycling Available Credit— Admittedly, this is something I was guilty of. As soon you pay your monthly minimum payment, you’ll immediately notice that you have a little more available credit a…………… continues on Huffington Post

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Experts recommend reasonable approach to credit card debt
News from Debtmerica Relief:

With millions still struggling with large outstanding balances, consumers who are trying to reduce their credit card debt should do so responsibly by exploring all their available options.

Many consumers are now attempting to get out from under their large credit card balances, and experts generally recommend that they do so as responsibly as possible by first reviewing all aspects of their finances to ensure that they are making wise decisions which they can afford, according to a report from USA Today. For one thing, it may be helpful to first try to get a lower credit card rate, either by calling their lender and negotiati…………… continues on Debtmerica Relief

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Discover says credit card use rose in 2Q

Posted by administrator | 26/06/12 | Tagged Credit Card

Discover says credit card use rose in 2Q
News from MiamiHerald.com:

Despite concerns about the economy, Discover’s customers are using their cards more often and paying their bills on time at record rates.

The company’s profit fell 10 percent in its March-May quarter, as the credit card issuer freed up less money from reserves set aside to cover customers’ unpaid bills than a year earlier as its loans increased.

But credit conditions are improving. Late payment rates and customers’ loan defaults dropped sharply, reaching historic lows. Discover’s management expects that charge-offs, or loans written off as unpaid, will modestly increase over the next 12 months as the company widens its pool of borrowers.

The economic shakeout of the last few years has left credit cards in the hands of more affluent consumers who are better able to pay their bills in full each month, while those with lower credit scores and presumably less ability to pay are now less likely to use credit. Tighter underwriting standards also have pushed loss rates lower.

Discover Financial Services said sales volume on its namesake cards rose 5 percent during the March-to-May period to $ 26.1 billion, reflecting more card use by customers, as total retail sales rose 5.7 percent in the same period according to government figures. Credit card balances also grew nearly 4 percent to…………… continues on MiamiHerald.com

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Credit card meters in place in Ocean City
News from NBC40:

OCEAN CITY — Parking in Ocean City may become more accommodating as the city has installed new meters that allow people to use credit or debit cards instead of change.

“Change” has come to Ocean City, as new parking meters have been installed that do not require people to dig around looking for loose coins.

“Actually it’s a cap for a curb meters you can still do quarters or change or you have the option to use a credit or debit card right there on the spot without having to walk to a kiosk which is important to us,” Councilman Michael Allegretto, Ocean City council president. “So, I think it’s kind of the best of both worlds.”

The new meter heads were installed free of charge by a company based in San Diego.

They are allowing ocean city to use this summer season as a trial period to test the meters and see if they are a viable option for the future of parking in the city.

“We hear the complaints about the availability of change especially in the beach and boardwalk areas where the rates are a little higher so this gives the customers a nice option,” said Frank Donato, Ocean City finance director.

A total of 69 meters have been installed throughout the city, 57 on Ocean Avenue between 11th and 13t…………… continues on NBC40

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