How do I climb out of $30K credit-card debt?

Posted by administrator | 18/07/12 | Tagged Credit Card Debt

How do I climb out of $ 30K credit-card debt?
News from Philadelphia Inquirer:

DEAR HARRY: I am a retired man on a pension who has foolishly allowed his credit-card debt to go above $ 30,000. I pay the amount due each month on time, but with rent, car payments, insurance and other debts, I am left with nothing at the end of the month.

I am single, 59 years old, and I do not want to go through bankruptcy. I have a friend who did, and it was a hellish experience.

I’m aware that this is totally my own fault for wanting to live fancier than I could afford.

I have recently seen ads on TV for several credit-recovery outfits that claim they will reduce my monthly payments and my total debt through negotiation with my creditors.

I hesitate to deal with those companies, because they’re from out of town and use a hard-sell approach.

What’s your opinion?

WHAT HARRY SAYS: Be prepared to cut back seriously on your spending. Before you go anywhere with this, go over your spending for the past three months to see where you can trim your discretionary items.

I know what you mean when you say these outfits are using a hard sell.

There is big money to be made in this business, so you really have to be on your guard.

The only organization that I feel comfortable with is the Consumer Credit Counseling Service of the Delaware Valley (800-989-2227).

It’s a nonprofit p…………… continues on Philadelphia Inquirer

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Related News:

Laws Unfairly Treat Debt Collectors Differently on Credit Card Payments
News from InsideARM:

Note: Moss & Barnett associate Issa Moe also contributed to this article.

John Rossman

Have you ever been restricted from doing something everyone else was free to do?  Welcome to the life of a debt collector!  For fear of becoming the target of regulatory action or an opportunistic lawsuit brought under the guise of consumer protection, debt collectors are constantly limited in their ability to engage in business practices that are commonly accepted in other industries.

One particular area of extreme inequity is that debt collectors do not share the same ability as their business peers to freely and without reservation pass along transaction fees, or fees for processing particular forms of payment, to consumers.

… Read the full article


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Merchants consider charging more for credit card use

Posted by administrator | 18/07/12 | Tagged Credit Card

Merchants consider charging more for credit card use
News from Chicago Tribune:

Restaurants and merchants are considering a surcharge for customers who use credit cards, under a multibillion settlement reached last week with Visa and MasterCard.

Visa Inc.and MasterCard Inc.’s proposed $ 7.25 billion settlement with retailers over swipe fees, which credit card companies charge to process payments, allows merchants to offer discounts to customers paying with cash or checks, and to impose fees when they pay with credit cards.

Analysts say it could lead to a two-tiered payment system for a host of transactions, just as is common familiar at the gas pump.

The agreement allows retailers to collectively bargain on future swipe fees, which are also known as interchange rates. It also opens up the possibility that more retailers can add surcharges for credit card transactions, although they would have to explain them to consumers in clear, concise language.

The settlement is not a completely done deal since one of the plaintiffs, the National Association of Convenience Stores, is rejecting it. Even so, here are the answers to four questions consumers should be asking now:

1. Will it end up costing me money or saving me money?

The answer is not easy since it is unclear how retailers will react.

One choice is for retailers to add a surcharge for credit card transactions at the cash register. continues on Chicago Tribune

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Related News:

Attempted Larceny at Gap, Illegal Credit Card Use
News from Patch.com:

Attempted Larceny at Gap

An attempted larceny was reported at Gap, 775 Main Street South in Southbury, on Monday, July 16 at 12:01 p.m.

According to police reports, a suspect described as a tall, dark-skinned, possible Latin, male average build, well groomed black hair attempted to steal 15 pairs of pants from Gap.

The suspect was driving a brown 2012 Chrysler 300 with tinted windows and a New York license plate number FTH 7149. The vehicle was seen traveling west on Main Street South after leaving the Southbury Green Parking area.

The assailant pushed a store attendant but no injuries were reported.

Illegal Credit Card Use Reported

Southbury police are currently investigating the illegal use of a credit card last week.

According to police reports, a Southbury resident reported multiple unauthorized transactions made to her account totaling over $ 4,000. The case is currently under investigation.

Southbury Teen Turns Himself In

Joseph Suffin, 19, of Southbury, was charged with 3rd degree criminal mischief on Thursday, July 12 after he turned himself in on a warrant stemming from an incident on June 14.

Suffin was released on $ 500 non-surety bond and is scheduled to appear in Waterbury Superior Court on July 24. continues on Patch.com

… Read the full article


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