US consumer credit expands but credit card use sags

Posted by administrator | 07/11/12 | Tagged Credit Card

US consumer credit expands but credit card use sags
News from Reuters:

WASHINGTON | Wed Nov 7, 2012 3:23pm EST

WASHINGTON (Reuters) – U.S. consumer credit expanded at a solid pace in September in a hopeful sign for household spending, although Americans appeared to use their credit cards more sparingly, Federal Reserve data showed on Wednesday.

Consumer credit grew $ 11.36 billion in September.

Credit has been expanding almost continuously since mid-2010 as the country recovered from the 2007-09 recession, and the recent expansion could boost economic growth by helping consumers spend more on cars and education.

Consumer spending has perked up in recent months, helping offset weakness in investment as businesses worry about a possible recession next year if fiscal policy sharply tightens.

So far this year, overall consumer credit has expanded in eight of nine months.

Consumer credit growth in September was just above the median forecast in a Reuters poll of analysts, although it was lower than the $ 18.39 billion in growth registered the prior month, according to revised fig…………… continues on Reuters

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News from Chicago Tribune:

These are nationally available credit cards offering the lowest interest rates on purchases as of Nov. 7. If you typically pay off the entire balance monthly, look for a zero-annual fee card that allows the most interest-free or grace days. Some cards listed below feature special introductory or “teaser” rates for a specified time before regular rates apply. Additional fees and residency restrictions may apply. Rates are subject to change. Rebates and other benefits may be available.
 National avg.  APRs as of Nov. 7     Standard   Gold    Platinum
                       7.52        8.20    12.79

Low APR Standard Cards

                               Reg.  Ann.  Grace Intro
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 2  IberiaBank Visa(R) Classic Card     (800)968-0801  07.25    0  25   na
 3  First Federal CashBack ScoreCard    (843)529-5963  08.15    0  25   na

Low APR Premium Cards

Note: Minimum income requirements apply to Gold, Platinum and Signature cards, whi…………… continues on Chicago Tribune

… Read the full article

Use of stolen debit, credit cards catches up with Las Vegas man
News from Las Vegas Sun:

Tuesday, Nov. 6, 2012 | 4:43 p.m.

A Las Vegas man faces up to 12 years in prison after he was found guilty on Monday of illegally obtaining and using thousands of credit and debit card numbers, according to Daniel Bogden, U.S. attorney for Nevada.

Ryan Masters, 28, was convicted on felony charges that included one count of conspiracy, four counts of possession of 15 or more counterfeit or unauthorized access devices, one count of aggravated identity theft and criminal forfeiture.

Evidence presented by the government during the trial indicated that from May 2010 to April 2012 Masters purchased stolen credit, debit and gift card account numbers from a person in Pakistan, Bogden said. Masters also used computer software to predict gift card numbers issued by companies, and spent the money before the owners could receive them.

Masters also o…………… continues on Las Vegas Sun

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Apple leads legal battle over e-commerce vs. privacy rights in California …
News from Marin Independent-Journal:

Click photo to enlarge

(FILES) The Apple logo is seen in this September 11, 2012 file photo at the Yerba Buena Center for Arts in San Francisco. AFP PHOTO / Kimihiro HOSHINO / FILES

Parked at the computer and want to use your credit card to buy the latest Lil Wayne song or a cool app on iTunes? Arrange the perfect date on eHarmony? Buy a ticket to a 49ers game on StubHub?

Chances are those online merchants will ask for your personal information to close the deal. And they may just be violating a two-decade-old California law designed to restrict the amount of personal information consumers must provide to make a credit card purchase.

On Wednesday, the California Supreme Court will tackle the unprecedented question of whether that state law applies to online commerce in a legal challen…………… continues on Marin Independent-Journal

… Read the full article

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