4 places your credit card is a better choice than debit

Posted by administrator | 04/08/12 | Tagged Credit Card

4 places your credit card is a better choice than debit
News from Fox Business:

If you’re like many Americans, you might find you’re saying “debit” instead of “credit” more often at the cash register. Debit card use rose dramatically in the last decade, surpassing credit card use in 2006, according to Federal Reserve estimates.

But consumer protections differ for the two payment options, making credit cards the better choice in some circumstances. Here are four instances when you should use your credit card instead of your debit card:

1. Hotel Registration

When you check in, the hotel puts a temporary hold on your account for more than you might spend, say $ 250 a day, to protect itself against losses. Once you check out, the hotel removes the hold and charges you the correct amount. If you use your credit card, the hold is put against your credit limit. But if you use your debit card, the hold freezes that cash in your checking account. Better to have a portion of your credit limit frozen for a few days than your cash flow restricted.

2. Online Shopping

Under federal law, you’re liable for no more than $ 50 per c…………… continues on Fox Business

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News from Business Insider:

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Don’t Let Embarrassment Keep You In Debt

Posted by administrator | 04/08/12 | Tagged Credit Card Debt

Don’t Let Embarrassment Keep You In Debt
News from TheStreet.com:

When you’ve dug yourself deep into credit card debt, you might feel like crawling into the hole with your money woes and never coming out.

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Consumers struggling with debt often feel lost and embarrassed, and frequently hide their troubles from others, according to a recent survey by GreenPath Debt Solutions, a credit counseling service based in Farmington Hills, Michigan. GreenPath says when people call the service for help, it’s often the first time they’ve spoken about their credit card debt with anyone.

Credit card troubles dent self-esteem every bit as much as they hurt credit scores. But don’t let sheer embarrassment stop you from addressing the issues. Here’s how to crawl out of the emotional hole so you can begin getting your finances in order.

• Realize you’re not alone

You’re not the first to struggle with credit card debt, and you certainly won’t be the last. About 15 percent of card h…………… continues on TheStreet.com

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Susan Tompor: Student loans can be heavier burden than credit cards
News from Detroit Free Press:

Really, $ 1 trillion in student loans for a bunch of tuition, used books and Ramen noodles? But now that many college grads — and those who left college with loans but no diplomas — have the debt, how do they pay it off?

Oddly, the real trouble can start in the summer as college grads look for jobs, start new lives in other cities and leave college bills behind. Come winter, some students forget they owe the money.

Database: See how much students owe at Michigan colleges

Regular payments for most student loans are required after a six-month grace period — and for many spring college grads, that’s November or December.

“Sometimes, they just forget because it’s been six months since they graduated,” said Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.

As a result, student loan debt has the potential to be far more burdensome than credit card debt. College grads who are burdened by student loans — and those who borrowed but did not graduate — typically cannot simply file for bankruptcy protection to make student loans go away.

It’s essential to review options and not just hope that somehow things work out.

Line up a list of your loans and study various repayment options.

Borrowers with private student loans often rep…………… continues on Detroit Free Press

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