June 16th, 2010
Wednesday Trends in Credit Cards & Debt
In response to continued public outrage over credit card companies’ exorbitant fees and shady practices, the Federal Reserve adopted new rules this week aimed at further protecting credit card customers.
Additional rules include barring credit card companies from charging a penalty fee of more than $25 for a late payment, banning inactivity fees, requiring companies to re-evaluate interest rates set since January of this year, and more, reports MSNBC. The regulations go into effect August 22nd, and will hopefully close up some loopholes and create fairer fees for cardholders.
For more credit card news and tips, plus debt help, check out today’s roundup!
June 9th, 2010
Wednesday Trends in Credit Cards & Debt
Here’s a no-brainer: paying off your most hated debt first can bring some much-needed emotional relief, reports MSNBC. While dealing with your most expensive debt will save you money, kicking the debt you absolutely loathe out of your life will lift some weight off your mind and wallet. Check out the MSNBC article for steps on how to start attacking your debt.
For more help on debt reduction and managing credit, check out the following roundup.
June 3rd, 2010
Why You Should Deal With Your Debt NOW
Paying off debt is one of those things on most people’s to-do list, like doing taxes or mowing the lawn, that is painlessly easy to slack off on. But unlike other responsibilities you put on the back burner, procrastinating on paying off your debt will cost you time and money—and add up to a big chunk of it.
Thanks to the CARD Act, issuers are required to disclose on your credit statement how long it would take to pay off your entire balance if you pay only the minimum. Those numbers may be a real wake-up call to how much debt you’re carrying and for how long, but still hides the worst consequence of the amount of interest you end up paying over time.
June 2nd, 2010
Wednesday Trends in Credit Cards & Debt
With a credit card, overspending is as easy as swiping one too many times and finding yourself knee-deep in debt before you know it. MSNBC’s post, 8 reasons you spend too much, figures out why consumers overspend so quickly and so easily. The number one reason is paying with plastic, in which case consumers are willing to spend more when they pay with credit card rather than cash. “Credit cards allow consumers to focus more on what they’re getting or buying, than what they’re losing or spending,” MSNBC reports. Escape your shopping addiction and stay out of debt by managing your credit cards wisely.
For more posts on credit cards and dealing with debt, check out the following roundup.
May 26th, 2010
Wednesday Trends in Credit Cards & Debt
A recent survey asked risk managers from U.S firms to gauge future consumer credit availability in the next three months. Results showed that 83% expect the average credit limit on newly issued cards to be lower, 95% expect interest rates to stay at their current high levels or move even higher, 59% expect credit card delinquencies to increase, and 85% believe the CARD act will prompt issuers to hike rates and lower limits. These are only assessments and not actual calculations; however, the terms on credit cards from this view is looking bleaker. Read more here on Forbes.
Read up on today’s roundup of credit card news and advice for debt.
May 19th, 2010
Wednesday Trends in Credit Cards & Debt
MSNBC reports that a loophole in the CARD Act is enabling credit card issuers to continue doing billing practices that gouge unwitting cardholders. The credit card tactic ensures that borrowers rack up as much as possible in interest charges whenever portions of a cardholder’s balance carries different interest rates–like cash advance interest rate and purchase interest rate.
The CARD Act specified that payments above the minimum must first be applied to the balance with higher interest rate, however, issuers are still applying minimum payments to the lower rate balances and thus consumers end up paying more on higher rate balances still. Hopefully, the financial reform in the works right now will address this loophole.
Today’s roundup has your fix of credit card and debt news and tips.
May 12th, 2010
Wednesday Trends in Credit Cards & Debt
Wall Street can’t seem to figure it out.
Investigations into the last Thursday’s historic yet mysterious stock market plunge, which dropped the Dow Jones industrial average nearly 1,000 points in one day, hasn’t come up with much of an explanation into what happened. Some speculate it was a large, erroneous trade– the so-called “fat finger” scenario, or that the Greek debt crisis caused ripple effect panic in the American market, or a technical computer glitch started the chain of events that led to the biggest single-day drop in Wall Street history.
It is likely a combination of unusual factors, but its ultimate cause remains a mystery. A federal subcommittee continues to investigate and explore ways to safeguard Wall Street against any such future malfunction or mistaken trade that could trigger another devastating plunge.
Staying educated and aware of your own personal finances is your best safeguard against any financial disaster. Why not start right here with today’s roundup on credit cards news and debt help?
May 5th, 2010
Wednesday Trends in Credit Cards & Debt
What will it take to fix Wall Street so the financial turmoil of the past few years doesn’t happen again? CNN Money suggests 6 simple steps, ahead of the Obama administration’s reform proposals, to avoid bailouts and a sinking financial sector by changing incentives, adding more transparency, and forcing Wall Street players to put serious amounts of their own money at risk.
This may not be the ideal swoop of reforms to create a better, more consumer-friendly Wall Street, or be the last set of reforms in this long process of recovery. But it is the first steps towards making sure the government better protects the public and the economy by addressing root problems, starting with Wall Street.
Check out today’s roundup of credit card news and debt help to keep up with your own financial recovery. Happy reading!
April 28th, 2010
Wednesday Trends in Credit Cards & Debt
Americans are finally getting on top of their finances, MintLife’s infographic explains, as average debt went down 14.3% and average cash savings increased 3.2% between February 2009 and February 2010. With more liquidity (cash minus credit card debt), consumers can finally come up for air after the Great Recession left many with significant debt. As consumers continue this trend living within their means, having bigger savings in reserve and less debt will better prepare consumers with stable, reliable finances in the event of another economic downturn or personal financial emergency. All in all, its good news for the economy and great news for each individual strengthening their personal finances.
Today’s roundup is a great collection of credit card information and debt reduction help. Check it out and keep climbing your financial obstacles!
April 22nd, 2010
