Have Credit Card Companies Learned Nothing?

Posted by administrator | 19/09/12 | Tagged Credit Card Debt

Have Credit Card Companies Learned Nothing?
News from TheStreet.com:

The facts are clear:

  1. The number of open credit card accounts topped 175 million in July, the highest number in 31 months.
  2. In May, credit card lending to subprime borrowers was almost 14 percent higher than it was when the recession led to a low point in 2010.
  3. Partly as a result of easier lending policies, the number of new credit cards issued in the first five months of this year reached 13.8 million, 10 percent up on the same period last year.
  4. Also between January and May 2012, the combined credit limits on new cards was $ 25.1 billion, up 16 percent on the same figure for the same period in 2011.
  5. In July 2011, balances on all credit cards were $ 48.9 billion. In the 12 months after that, they jumped by $ 2.6 billion, or 5.3 percent.

All of those data were derived from the August 2012 National Consumer Credit Trends Report, which was published by Equifax, one of the big-three credit bureaus.

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Meanwhile, Collections & Credit Risk magazine, a trade journal for the debt industry, reported on Aug. 28 that “charge offs” (industry jargon for when cred…………… continues on TheStreet.com

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Girl, Get Your Credit Straight!: A Sister’s Guide to Ditching Your Debt, Mending Your Credit, and Building a Strong Financial Futu


Is "retail therapy" your favorite pastime–even though you really can’t afford it? Do you ignore the balance on your credit card statements, vowing to pay them off at some point down the line? Is your debt preventing you from living your dreams–like buying a home or starting a family? If so, girl, it’s time to get your credit straight These days, with easy access to multiple credit cards and glossy advertisements that entice us to spend at every turn, it’s all too easy to start racking up debt–and even little slip-ups can lead to real damage over time. In this highly practical follow-up to her bestsellers "Girl, Get Your Money Straight " and "Girl, Make Your Money Grow ," financial expert Glinda Bridgforth delivers a power-packed plan for paying down debt, repairing your credit score, and securing your financial freedom–along with a future that makes your heart sing. Beginning with simple, engaging exercises to help you assess your spending habits and get clear about what you owe, "Girl, Get Your Credit Straight "presents a detailed road map for eliminating debt, one step at a time. You will learn how to: – Devise a system for tracking expenditures, anticipating end-of-month shortfalls, and paying bills on time, every time – Find ways to supplement your income – Consolidate loans to pay off debt faster, decrease stress, and save time and money – Negotiate with your creditors to come up with a payment plan that works for you – Discover the best loans to use for refinancing debt or making major new purchases – Understand how credit bureaus work–and take steps to improve your score Filled with Bridgforth’s warmhearted wisdom and advice, and complete with worksheets, affirmations, and inspiring stories of African American women who’ve restored their credit and built new wealth, "Girl, Get Your Credit Straight "is a fresh, empowering guide for any woman who wants to say goodbye to debt–for good.
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Household credit card debt down in US

Posted by administrator | 19/09/12 | Tagged Credit Card Debt

Household credit card debt down in US
News from 39online.com:

WASHINGTON, D.C.—

Good news for the economy. According to the Federal Reserve, household debt in the U.S. has fallen 19% since 2007 sparking a positive outlook for the economy in 2013. That means people are getting back on their feet and paying down their credit cards. Or so it seems.

Those who specialize in debt counseling suggest the reduction maybe caused by something else altogether.


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“I’m suggesting that probably the decline is caused by the charge-offs,” says Jed Shaw, a Houston lawyer who specializes in debt counseling.

With unemployment still hovering around 8.2% and new clients coming into his office every da…………… continues on 39online.com

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Myhre’s Mind: Struggling with credit card debt
News from Spartan Daily:

by Julie Myhre Sep 18, 2012 1:25 pm Tags: credit card debt, credit cards, Pew Research Center, Sallie Mae, student credit cards, student debt, student loan debt, student loans

Julie Myhre is a Spartan Daily Copy Editor. Follow her on Twitter @julieVmy.

Student debt is a major problem in the U.S., and I have to admit that I am not looking forward to paying off my debt.

According to a 2008

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No quarters? No credit card? No problem! Just use your mobile phone, parking …
News from Deseret News:

New parking technology allows a motorist to enter their license plate and credit card into an app downloaded to their phone. Time can be extended on their phone instead of going down to their car in Salt Lake City Tuesday, Sept. 18, 2012.

Jeffrey D. Allred, Deseret News

     With no public fanfare, Salt Lake City has just taken a big step into a possible cash-free world.

      When drivers pay for parking downtown, they no longer need coins or even a credit card in their pocket. A smart phone will do, or even a dumb one.

    “What the public will notice is a very streamlined way to pay for parking,” said Robin Hutcheson, Salt Lake City’s transportation director.

     City officials haven’t even announced the system yet because they’re still testing it. But technologically savvy drivers have already started downloadin…………… continues on Deseret News

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Credit card use is scrutinized in Prince William schools
News from Washington Post:

The credit card charges add up quickly: A single afternoon’s tab at On the Border restaurant hit $ 1,639, and a hotel stay rang up $ 866 per night. Then there were the hundreds of dollars in Christmas cards and personal gifts.

All told, five administrators at one Prince William County middle school overspent their budget by tens of thousands of dollars while using credit cards assigned to them, according to county officials and an internal audit The Washington Post obtained via a public records request.

Although the purchases at Potomac Middle School in Dumfries are relatively small compared with the $ 10 million spent each year on more than 700 credit cards in county schools, the amount of credit spending at Potomac Middle again raises questions about the county’s fraud and waste safeguards, as the audit’s release comes shortly after an embezzlement case at another Prince William school.

In that case, an initial audit resulted in a criminal embezzlement charge against an elementary school principal, who was found to have put more than $ 8,500 in personal charges on a school credit card. Investigators also found electronics missing from the principal’s school.

The Potomac Middle audit, which details spending from July 2009 to March 2011, found that the school exceeded…………… continues on Washington Post

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