Jail for ‘silly’ use of stolen credit card

Posted by administrator | 29/08/12 | Tagged Credit Card

Jail for ‘silly’ use of stolen credit card
News from Maui News:

WAILUKU – A man who tried to use a stolen credit card to buy drinks at a Kihei bar was sentenced Friday to a six-month jail term for theft and other charges.

Thomas McGinnis, 57, was ordered to pay $ 370 in restitution as part of five years’ probation.

“It’s a round of drinks for a bar on a stolen credit card,” said Deputy Public Defender Jim Rouse. “It’s unlawful, but it’s very silly.”

McGinnis, who gave no local address, claimed he was going to get married when he bought the drinks March 26 at Life’s a Beach, said Deputy Prosecutor Justine Hura. She said the credit card he tried to use was from a woman’s purse, which had been left in a bathroom.

“But for his criminal history, this would be a relatively strange and not tremendously well thought out incident,” Hura said.

The prosecution and defense recommended no additional jail for McGinnis, who has been incarcerated for nearly five months.

Second Circuit Judge Richard Bissen ordered the longer jail term, saying McGinnis was seen as being at high risk to commit another offense.

In addition to trying to use the stolen credit card, McGinnis had someone else’s driver’s license and Costco, library and insurance cards when he was arrested, Bissen said.

He said McGinnis has 56 prior arrests and 20 prior convictions, including 10 for felony offenses.

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Do investment cards really add up for college?
News from NASDAQ:

Here’s a smart thing to do: Use your credit card rewards to save for your child’s college education.

You can earn 2 percent on your purchases with the Fidelity Investments Rewards American Express credit card and the Fidelity Investments 529 College Rewards American Express credit card.

Upromise World Mastercard issued by Barclay’s Bank (formerly Bank of America) offers rewards of up to 8 percent on different categories.

You can earn up to 8 percent when you use your Upromise Mastercard at participating restaurants. You can earn up to 5 percent on retail purchases you make with through Upromise.com, up to 3 percent back on gas, 2 percent cash back at movie theaters, and 1 percent back on all other purchases.

Once you’ve accumulated at least $ 25 in rewards, they can be swept into a 529 college savings account where your money grows for education expenses tax-free.

‘Every little bit helps’

Granted, even at 5 percent rewards you’d have to buy an awful lot on your investment credit cards to make a dent in college tuition.

Charges for in-state students at public four-year colleges, including tuition, fees,…………… continues on NASDAQ

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Student credit card consolidation – Close the doors on your credit card debt
News from The City Wire:

If your revolving credit card debt is keeping you awake at night, you may be thinking about getting professional debt help. While credit card consolidation can be a beneficial tool to expedite your debt repayment procedure, it can even backfire terribly if you do not watch your steps. Being a student, you have to be extra watchful about your personal finances as your credit score will be checked by your employers in the near future. You must be aware that debts can have a drastic effect on your credit score and therefore, you need to make sure that no wrong steps on your behalf will push you further towards the debt hole. Here are some benefits of credit card consolidation that you may reap.

  • Revised interest rates: The main reason for the increasingly large number of credit card defaults among the students is the outrageously high interest rates. The double-digit unemployment rate is also barring the students from getting jobs that can supply them with money with which they can pay off their credit card obligations. Debt consolidation can easily lower the interest rates on all your debt accounts and therefore you can make affordable repayments, thereby freeing yourself of debt.
  • Revised monthly payments: You can extend the repaymen…………… continues on The City Wire

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New York Fed Says Household Debt Fell 0.5% in Second Quarter
News from Bloomberg:

Household debt in the U.S. declined 0.5 percent in the second quarter, led by a drop in debt tied to real estate, according to the Federal Reserve Bank of New York.

Consumer indebtedness shrank by $ 53 billion from the first quarter to $ 11.38 trillion as of the end of June, according to the quarterly report on household debt and credit released today by the district bank. Delinquency rates for mortgages, credit cards and car loans declined, while rates for student loans and home equity lines of credit rose, the report said.

“The continuing decrease in delinquency rates suggests that consumers are managing their debts better,” Wilbert van Der Klaauw, a vice president and economist at the New York Fed, said in a statement today. “As they continue to pay down debt and take advantage of low interest rates, Americans are moving forward with…………… continues on Bloomberg

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Chinese credit card usage growing quickly, study finds

Posted by administrator | 29/08/12 | Tagged Credit Card

Chinese credit card usage growing quickly, study finds
News from Phys.Org:

(Phys.org)—In the past two decades, the Chinese economy has undergone many drastic reforms in an effort to compete more effectively on the international market. These reforms included allowing foreign banks to offer credit cards to Chinese citizens. Now, researchers at the University of Missouri have found about 30 percent of Chinese urban households now own at least one credit card and the growth rate of credit card adoption has been an average of 40 percent per year between 2004 and 2009.

Rui Yao, an assistant professor of personal financial planning in the College of Human Environmental Sciences at MU, says that this large growth in such a small amount of time has positive and negative implications for the Chinese economy.

“With more and more people taking advantage of credit in China, it certainly increases potential consumer buying power,” Yao said. “However, we found that more than 90 percent of non-credit card users were unaware of safety issues inherent in credit card use and more than 60 percent had little knowledge of the consequences of credit card default. This lack of knowledge could create problems as credit card ownership is expected to grow at a rate of 11 percent a year.”

Yao studied data from the 2…………… continues on Phys.Org

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