All you need to know to apply for a credit card

Posted by administrator | 22/02/13 | Tagged Credit Card

All you need to know to apply for a credit card
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Applying for any financial product for the first time can be a confusing and difficult experience, and it’s no different when you apply for a credit card. The majority of applicants will have no problem being accepted, but only if they properly understand the application process.

Step 1 – Choose the right credit card for you

It is important to choose the right credit card. The key thing you should be looking for is low interest rates, but you may also want to look for other features (i.e. contactless payment) that suit your needs. For example, people with debt should be looking for the best balance transfer credit cards, whilst others may want to go for cards which offer rewards such as cash back.

Step 2 – Review your finances

Before making a credit card application, you should take a close look at your finances and make sure that you can afford to repay whatever you spend on y…………… continues on

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Indictment: Former Rockwood official used city credit card for personal purchases
News from Knoxville News Sentinel:

KINGSTON — The former director of the Rockwood Public Works Department, accused of using city credit cards to buy 13 guns — including an assault rifle — along with cameras and clothing, surrendered Thursday on a seven-count Roane County grand jury indictment.

Thomas William Pierce, 48, of Rockwood, posted a $ 10,000 bond and is to be arraigned Monday in Roane County Criminal Court.

The indictment stems from allegations, reported last year by the News Sentinel, that Pierce used city Visa and Wal-Mart cards to buy the items — including the $ 6,000 worth of guns. He registered the guns in his name, according to records.

Pierce had been public works director 15 years before quitting his job last year.

When first asked about the weapons purchases, Pierce reportedly told city officials they were needed for protection from vicious dogs while he was working with animal control.

Mayor James Watts said city auditors brought questions about the credit card purchases to his attention in January 2012 as part of their routine city audit.

Watts said Pierce was placed on unpaid leave from his $ 57,000-a-year job last February and resigned in April, minutes before Rockwood City Council was to vote on a recommendation that Pierce be fired.

The indictment, returned Wednesday by a Roane County grand jury, alleges Pierce was involved in a “cont…………… continues on Knoxville News Sentinel

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New retirement hurdle: Credit card debt

Posted by administrator | 22/02/13 | Tagged Credit Card Debt

New retirement hurdle: Credit card debt
News from MSN Money:

This post comes from Matthew Heimer at partner site MarketWatch.

It’s long been a mantra of retirement planning: No mortgage, no debt, no problem. But the combination of rising health care and housing costs, flattening wages and the recent crash and recession has made that goal harder to attain.

Over the last two decades, the share of people reaching retirement with mortgage debt has steadily risen. And according to a new report by the research and advocacy group Demos and the AARP Public Policy Institute (.pdf file), the same appears to be tr…………… continues on MSN Money

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Credit Card Debt Fell While Delinquencies Rose in 4Q: Report
News from American Banker:

Americans racked up less credit card debt in the fourth quarter but more people fell behind on their payments.

Average credit card debt per borrower fell 1.6% from a year earlier, to $ 5,122, while the share of borrowers whose loans were at least 90 days past due rose seven basis points, to 0.85%, the credit agency TransUnion said Wednesday.

That compares with an average 90-day delinquency rate of 1.06% and average credit card debt per borrower of $ 5,389 during the fourth quarter over a 10-year period starting in 2003.

“The fourth quarter traditionally results in higher credit card balances and delinquencies, much of it to do with the holiday shopping season,” Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit, said in a press release. “Both credit card delinquencies and balances are below historic norms.”

Borrowers in Alaska ($ 7,012), Connecticut ($ 5,820) and Colorado ($ 5,792) carried the highest credit card debt in the nation in the fourth quarter, while borrowers in Iowa ($ 4,048), North Dakota ($ 4,179), and South Dakota ($ 4,30…………… continues on American Banker

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