Target Has Finally Unloaded Its Credit Card Debt

Posted by administrator | 23/10/12 | Tagged Credit Card Debt

Target Has Finally Unloaded Its Credit Card Debt
News from Business Insider:

Target finally sold its credit card debt after more than two years of searching. 

TD Bank bought the debt for about $ 5.9 billion, Kevin Orland at Bloomberg reported. 

Orland reports: 

“The portfolio will be sold for an amount equal to the gross value of the outstanding receivables at the time of closing, Minneapolis-based Target said today in a statement. TD also agreed to a seven-year deal to underwrite, fund and own the retailer’s future credit card and Visa receivables in the U.S., the companies said.”

Target first put the debt on the market in January 2011, but

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Related News:

Woman pays off $ 120000 credit card debt in 5 years
News from Deseret News:

LAWRENCE, Kan. — Francine Bostick, a custodial manager for Kansas University, spent down $ 120,000 in credit card bills in five years, according to Money Talks News.

Since Bostick’s mother paid for everything outright, she was never taught about how to use credit.

It took a year for Bostick to admit she had a problem, but after enrolling in credit counseling, she fully committed herself to eliminating her debt.

Bostick and her husband, Jim, cut down on unneeded expenses and picked up second jobs. As a result, they were able to pay monthly payments of $ 2,496 toward their debt.

Since they were both working so hard, they were too tired to go out of the house, which prevented further debt.

“During those five years, I got used to buying just what we needed,” Francine told Money Talks News, “If something costs over $ 50, we’d go home and think about it for a few days. Lots of times, we never went back for it.”

Now that her debt is clear Bostick has set to building credit, but is a little worried she’ll start charging irresponsibly again.

“I’ve been using it like a debit card,” Bostick told Money Talks News. “Every time I…………… continues on Deseret News

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