US Credit-Card Lenders Shun Add-Ons as CFPB Cracks Down
News from Businessweek:

JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC) and American Express Co. (AXP) are among credit-card lenders retreating from a $ 2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation.

Scrutiny from the Consumer Financial Protection Bureau has led to fines against banks including Capital One Financial Corp. (COF) and Discover Financial Services (DFS), prompting them to curtail sales of so-called add-ons that offer to help customers pay card bills if they g…………… continues on Businessweek

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Credit Card Debt Payoff: How She Shed $ 32000 in 22 Months
News from DailyFinance:

In 2008, when the foreclosure crisis was raging, Simone Griffin was spending her days counseling homeowners who were behind on their mortgage payments, and her nights worrying about the precarious state of her own finances.

Griffin owed a total of $ 32,000 on two credit cards. And while she always wanted to get out of debt, up until then she had taken only occasional passive steps to reduce her credit card balances rather than aggressively working to solve the problem.

It was during her discussions with people about to lose their homes that she started to realize her situation wasn’t so different from those of her clients — many were similar in age, income, and financial situation.

Scared Straight

Griffin refers to it as her “scared straight” moment.

“My credit cards were maxed out. I felt completely choked,” says Griffin, who is now the director of affiliate relations at HomeFree-USA in Hyattsville, Md. “I was making only enough money to pay the minimum on my bills, so if anything went wrong — even something as little as needing to spend a few extra dollars on gas — I was in trouble.”

She had purchased a home in 2001 in the Washington, D.C., area that she rented out after she moved to Atlanta in 2007.

While she now calls her D.C. rental property her “saving grace,” in 2008, it was her financial alba…………… continues on DailyFinance

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7 Credit-Card Blunders That Could Hurt Any Small Business

Posted by administrator | 02/10/12 | Tagged Credit Card

7 Credit-Card Blunders That Could Hurt Any Small Business
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Making it as a small-business owner is tough. The oft-repeated survival statistics: Only about a third of startups survive to celebrate their 10th anniversary, according to U.S. Census Bureau and Labor Department data, and only a quarter last until their 15th.

There are many ways to increase your company’s survival odds, but one of the easiest is to control your use of credit-card debt. Too often, entrepreneurs don’t make the best use of their accounts and end up hurting their businesses. Here are seven of the most common credit-card slipups to avoid.

1. Ignoring your personal credit standing: Credit-card issuers pull personal credit reports when making business-card approval decisions because to them, a small business is its owner. So, it’s crucial to try to maximize your personal credit score before applying for a business card. Start by visiting and ordering a free copy of your major credit reports (Experian, Equifax and TransUnion). You can check for inaccuracies that could be dragging down your credit standing, as well as get a sense of whether there is any negative information that you will need to devalue to improve your score. The most efficient way to do so is to get a new personal credit card and either lock it away unused or pay your bill on time each month. This will…………… continues on

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