Calif. supervisor fires back over credit card use

Posted by administrator | 22/11/12 | Tagged Credit Card

Calif. supervisor fires back over credit card use
News from Contra Costa Times:

SAN JOSE, Calif.—A Santa Clara County supervisor under fire for his use of a county-issued credit card is firing back.

George Shirakawa told fellow supervisors at a board meeting on Tuesday not to be distracted by what he characterized as a “political lynching.”

The 50-year-old Shirakawa—the board’s president—has been criticized for charging taxpayers more than $ 36,000 over the past four years. The charges include more than 180 meals, often at high-end restaurants, a high-definition television and trips to luxury resorts and casinos.

The San Jose Mercury News reports (http://bit.ly/QX32Ue) that Shirakawa’s remarks preceded a discussion about policies surrounding use of so-called “Procurement Cards,” the credit cards issued to hundreds of county employees and a handful of elected officials.

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Information from: San Jose (Calif.) Mercury News, http://www.mercurynews.com

…………… continues on Contra Costa Times
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Our Credit Card Debt Just Got Worse

Posted by administrator | 22/11/12 | Tagged Credit Card Debt

Our Credit Card Debt Just Got Worse
News from Newser:

(AP) – Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows. The average credit card debt per borrower in the US grew 4.9% in the July-to-September period from a year earlier to $ 4,996, credit reporting agency TransUnion said today. At the same time, the rate of credit card payments at least 90 days overdue hit 0.75%, up from 0.71% in the third quarter of last year, the firm said.

One likely contributor to the rise in card balances: Banks have been issuing more cards to borrowers, including those with less-than-sterling credit. In Q2 of this year, the number of new cards issued by banks rose 3.1% from a year earlier, with more than a quarter of the cards going to consumers with a nonprime credit score, according to the VantageScore credit scale. A nonprime score is anything below a 700 on the scale, which ranges from 990 to 501. The lower the score, the more of a credit risk a borrower represents to banks.

…………… continues on Newser
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Debt settlement industry wants to operate in Ohio
News from Arkansas Online (subscription):

— Companies that charge up-front fees for working with consumers to settle tens of thousands of dollars in credit card debt are pushing for a bill in the lame duck legislative session that would allow them to operate in Ohio.

The ”debt settlement” industry has been advocating for legislation in Ohio for five years and hopes to be successful this time around, said lobbyist Rick Oxender, who represents the 40-member American Fair Credit Council.

”They want to be licensed. They want to keep bad apples out. They want regulations and they want consumer protections in place,” Oxender said.

But opponents, including the Ohio Poverty Law Center and Policy Matters Ohio, are warning that what the debt settlement industry wants is permission to operate in Ohio outside the state’s consumer protection laws already in place.

”They want to legalize a loophole and be able to charge a lot up front,” said David Rothstein of Policy Matters Ohio, a non-partisan, left-leaning think tank in Cleveland.

State Rep. Richard Adams, R-Troy, chairman of the House Financial Institutions Committee, said he will hold another hearing on House Bill 542 on Wednesday and will have a better idea then whether the legislation will gain momentum needed to clear both the House and the Senate by the end of the year. A…………… continues on Arkansas Online (subscription)

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