Credit and Debit Card Use Adding Billions to Canada’s GDP

Posted by administrator | 09/02/13 | Tagged Credit Card

Credit and Debit Card Use Adding Billions to Canada’s GDP
News from The Epoch Times:

By Justina Reichel
Epoch Times Staff
Created: February 8, 2013 Last Updated: February 8, 2013

People walk by a window sticker advertising Visa and MasterCard credit cards Feb. 25, 2008, in San Francisco, Calif. A new study found that the growth in the use of electronic payment products like credit and debit cards added US$ 9.7 billion to Canada’s GDP over the past four years. (Justin Sullivan/Getty Images)

Rarely use cash to pay for purchases? You may be helping to boost Canada’s GDP, a new study has found.

The growth in the use of electronic payment products, such as credit and debit cards, added US$ 9.7 billion to Canada’s gross domestic product (GDP) over the past four years, according to the study, conducted for Visa by Moody’s Analytics.

“We can see from the data that the positive impact in economic growth is a direct result of card usage and is tied to the benefits electronic payme…………… continues on The Epoch Times

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Not safe to use cards in southeast Asia: Travel agents
News from Times of India:

CHENNAI: Credit cards may be the most convenient way to pay, but in some countries it is unsafe to use them. It is riskier to swipe cards in Sri Lanka, Thailand, Philippines, Malaysia, and Indonesia than in Europe, warn travel agents.

Many agents have an informal list of countries where it is risky to use credit cards because information can be stolen. Thieves often target tourists who buy electronic products, or visit pubs and clubs.

“We tell travellers not to use credit cards at clubs, pubs, casinos, department stores or small shops abroad. It is a risk to use ATM machines in Malaysia. There is no advisory available, but we get feedback from other agents,” said Basheer Ahmed of the Travel Agents’ Federation of India.

Reports suggest that top card issuing banks have been hit by a series of unauthorized transactions totaling Rs 30 crore by an international syndicate, which bankers believe steal information from retail outlets. Banks are on the look out for suspicious transactions and alert customers.

Soon after Imran Khan, a dealer of ceramic tiles, swiped his credit card to fill fuel for his car in Chennai, his bank called to tell that his card was used in Manila, Philippines, half an hour earlier to make a pu…………… continues on Times of India

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Flexibility First: A Fitness Approach For Life!

What Age Group Has the Most Credit Card Debt?

Posted by administrator | 09/02/13 | Tagged Credit Card Debt

What Age Group Has the Most Credit Card Debt?
News from Opposing Views:

by Van Thompson

Interest can cause credit card debt to double over time.

Jupiterimages/Polka Dot/Getty Images

Credit card debt has been increasing steadily, and the average credit card debt in 2012 hovered around $ 15,799, according to the U.S. Federal Reserve. But credit card debt is not distributed equally, and older Americans tend to have higher credit card debt than other groups. A number of factors play a role in this debt, including income and the total time a person has had to accrue debt.

Debt and Age

Americans over the age of 65, on average, owe the most in credit card debt. Policy research firm Demos puts the average debt for this age bracket at $ 9,283 in 2012. The 45 to 54 age group has the second-highest credit card debt, with an average of $ 8,408. The youngest Americans — those aged 18 to 24 — have the lowest debt at an average of $ 2,982.

continues on Opposing Views

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Rolling Card Debt Into Home Refinance
News from Fox Business:

Dear To Her Credit,

My husband and I have a huge credit card debt of $ 65,000. We also need to refinance our mortgage loans. Our first mortgage balance is $ 118,000 at 5.78%. Our payment is about $ 1,600 a month. We also have a second mortgage with a balance of $ 18,000 at 7.25%. The payment on that is $ 235 a month. Our total mortgage is $ 1,835 month. Should we refinance our mortgage and add in our credit debt, so we’re only making one payment each month? Or is there a better way? 

– Laurie

Dear Laurie,

If you bundled all your mortgage and credit card debt together and got a $ 201,000 30-year loan at this week’s average rate of 3.66%, your payment would be $ 921 — not including insurance and property taxes. That’s about half the amount you are paying on two mortgages right now, and it includes your current credit card debt.

Besides lowering your monthly payments, such a move would save you a bundle in interest. Right now, you are probably paying more interest on your credit cards than you are on your house! Before you run out and refinance, however, there are a few things you need to consider.

First, do you qualify to refinance your home at a competitive rate? Home values have dropped, as you know, and lenders are requiring borrowers to have more equity in their hom…………… continues on Fox Business

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