Turks Borrow Again to Pay Off Credit-Card Debt, Vatan Reports
News from Bloomberg:

One in four credit-card users in Turkey fails to pay off card debt quickly and a 30 percent increase in consumer loans shows people borrow again later to pay it, Vatan newspaper said.

The newspaper cited a report by Istanbul’s Chamber of Accountants and Financial Advisers which says consumer loans jumped 154 percent over the past five years, to 172 billion liras ($ 97 billion). Click here for web link

To contact the reporters on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

…………… continues on Bloomberg
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Changes to credit card statements
News from Fraser Coast Chronicle:

Paul Clitheroe

MAKE sure you’re sitting down before you open your next credit card statement.

New reforms mean card issuers now have to show how long it will take to pay off the card balance if you stick with the minimum monthly repayments, and you could be looking at a timeframe spanning years – even decades.

One of the hidden nasties of credit cards is the way the regular monthly payment is set at around 2% of the card balance. It means your repayments will barely make a dent in the overall debt, and chances are you could be paying off your card purchases – plus interest, for some time.

As a guide, on the average card debt of about $ 3,300, the monthly repayment could be as little as $ 67.  But at an interest rate of say, 18.5%, it could take over 28 years to clear the debt. By that time you would have made repayments totaling $ 11,473 – more than three times the original balance.

This is the sort of information that by law must now be displayed on card statements.  It can come as quite a shock – and that’s intentional. Hopefully this reform will spur more people into paying a bit extra off their card each month.

This is just one of a whole raft of credit card reforms that took effect on 1 July.

Among the other initiatives, credit card issuers…………… continues on Fraser Coast Chronicle

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Massive Payment Card Upgrade Has Mixed Results in Australia

Posted by administrator | 06/08/12 | Tagged Credit Card

Massive Payment Card Upgrade Has Mixed Results in Australia
News from PCWorld:

Despite a years-long upgrade of Australia’s payment systems, fraudsters are still profiting, leaving a questionable record for a vast program to equip debit and credit cards with new security features.

For several years, Australia has been transitioning to EMV (Europay, MasterCard, Visa) payment cards, which have a microchip with advanced cryptographic capabilities designed to deter fraud. The security changes are intended to reduce use of the black magnetic stripe on the back of the cards, which can be copied to create counterfeit ones.

The EMV system, developed in the mid-1990s, has been deployed throughout Europe and in some other countries. The system has been propelled by Visa and MasterCard in part by threats of new fraud liabilities, termed a “liability shift,” for merchants and payment processors.

An investigation by IDG News Service shows the move to EMV in Australia — a country with four major banks and a population of 22 million — has been slow and missed self-imposed industry deadlines.

The situation could foreshadow difficulties with EMV adoption in the much-larger U.S. market, with a population of more than 300 million people and upwards of 6,000 financial institutions. While the move to EMV in Australia has resulted in declines in some kinds of fraud, other types have increased, with no clear reason why.

In June, the…………… continues on PCWorld

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Credit card convenience is not free
News from Foster’s Daily Democrat:

It is understandable that the Dover City Council is looking to lay the cost back on individual customers as a move is made toward accepting payments by credit card for such things as vehicle registration and property tax payments, as well as water and sewer bills.

As Mayor Dean Trefethen noted during last week’s council discussion, he did not want the city as a whole to assume such a cost on behalf of individual residents and taxpayers.

But there are other reasons.

Contrary to what some may believe instituting a system of electronic payments is not labor-free — therefore the service cannot be free. It still requires payments to be processed at some level by city employees. But more importantly that processing needs to be secure, with checks and balances in place and monitored to avoid funds being misdirected.

This is something made abundantly clear by the embezzlement of approximately $ 900,000 from the Somersworth Housing Authority by former fiscal director Lisa Reid. Caution was also offered just last week when the current head of the Rockingham County Community Action Program Thomas Nelson pleaded guilty to embezzling nearly $ 1 million from another nonprofit agency he once directed in Maine.

Additionally, the service fees that will be charged by the city do not all go to the city.

Using the example of another S…………… continues on Foster’s Daily Democrat

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