Controlling A Plastic Spendthrift
News from Investor’s Business Daily:

Finances — lying about them, fighting about them — are the leading cause of marital breakups, says Kimberly Foss, president of Empyrion Wealth Management in Roseville, Calif.

And credit card issues can fuel those financial tensions, especially if one spouse has good credit and the other does not.

Those issues can surface when a couple starts to talk about finances for the first time. That’s typically either as their relationship starts to head toward the altar or shortly after their honeymoon.

A couple can fix some problems related to a spouse’s bad credit rating. But other problems stem from bad habits that are so deeply ingrained that changing them is difficult, Foss says.

Still, you may be able to corral them and work around them.

Here are some steps. Both spouses have to discuss and agree on the measures for them to succeed:

• Refrain from making credit card accounts joint.

A joint account makes both holders 100% liable for liabilities. So if there are debts your spouse or spouse-to-be has not disclosed to you, you would become fully obligated for paying them.

That’s especially painful if you end up getting divorced. The creditor will still demand that you pay them if the creditor can’t collect from y…………… continues on Investor’s Business Daily

… Read the full article

Related News:

Arrest made in credit card fraud case
News from Virginia Gazette:

YORK — The York Sheriff’s Office announced Thursday that it had made an arrest more than three weeks earlier in the theft and use of multiple stolen credit card numbers.

Chernoh Amadu Bah, a 25-year-old man from Philadelphia, has been charged with seven counts of credit card theft/fraud. He is being held without bond at the Virginia Peninsula Regional Jail. Additional charges are pending, as are additional arrests.

In May the Sheriff’s Office began investigating the theft of numerous credit card numbers from a business in York County. Someone remotely accessed the business’s computer system and took credit card information belonging to customers.

The stolen information was then transferred to magnetic strips of gift cards, which in turn were  used to buy cigarettes from convenience, grocery and drug stores throughout Virginia and 13 other states, including California. It is believed the cigarettes purchased were being taken to New York to be resold.

Numerous gift cards have been recovered containing stolen credit card information on the magnetic strips, as well as a computer containing the software necessary to place credit card information on magnetic strips. A thumb drive was recovered as well that contained…………… continues on Virginia Gazette

… Read the full article