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March 2008 Archives
American Express plans to scrap its contactless "Express Pay" fob device following a lukewarm response by consumers.
Does he or she carry a wallet full of credit cards or doesn't have any at all? Do they race to the mailbox to keep you from seeing the credit card bills? It may be time to have a heart to heart about managing credit.
There is an online community for those who are trying to better their financial situation: Debtsy.com, a new Web site I read about on WalletPop. "Debtsy is a place where you can connect with others as you eliminate debt and build wealth," the site's tagline says.
A recent article published on livinginperu.com announced that some credit card holders in Peru will see interest rate jumps as high as 40 percent in the next few weeks.
Easy financing options for health and cosmetic surgery are growing, but consumers may be better off taking their time when considering paying for these procedures.
During his first visit to Hong Kong, DiCaprio combined his roles as Hollywood star and environmental activist in promoting a line of "green" credit cards from banking giant HSBC. "The green card is made of environmentally friendly materials and uses digital bills to cut down paper consumption," explains Website ecorazzi.com. "Every transaction will also contribute to a local environmental protection project."
A few months ago I wrote an article about the crackdown on online gambling, and the burden being placed on credit card issuers to police illegal transactions. Now, some are hoping credit card companies will do the same for online prescription drug purchases.
The United Kingdom has instituted a new program using biometric technology in identity cards as a means of fighting illegal immigration, terrorism, benefits fraud and identity theft. Imagine if this type of technology was used for credit cards.
Latest FTC report shows debt collection complaints increase but not as sharply in 2007.
The FDIC's latest quarterly report shows that all lending suffering increased delinquency and defaults, including credit card debt. But it's not evenly distributed: Someone in the Southeast is twice as likely to be late on a card bill.
PBS television is re-running a popular Frontline show that takes a critical look at the credit card industry. Why air it now? Criticism of the industry is reaching a critical mass.
Credit card issuer Discover Financial Services reported a decline in first-quarter earnings, as the company suffered a loss related to the sale of United Kingdom credit card division Goldfish. Meanwhile, Discover said its domestic credit card unit experienced a 6 percent drop in pretax income amid a higher provision for loan losses -- money set aside to cover loans that may go unpaid in the future.
I talked to lawyers. Bar associations. Credit counselors. State attorney general offices. I was given different answers, wrong answers, no answers and mixed messages. After several excruciating days of research on when credit card debt expires in each state, I realized if the experts couldn't get it straight, and I, as a reporter, had such a difficult time finding the information, consumers didn't stand a chance.
Multi-state spring break trip triggers credit card fraud alert, but they were legitimate gas purchases!
This week, four of my posts made it into three carnivals: the Carnival of Personal Finance, the Carnival of Debt Reduction and the Festival of Frugality. Check them out!
Sorry, credit cardholders, last night's rate cut was a bailout for investment bankers. Your cut comes tomorrow.
The "Credit Cardholders Bill of Rights" bill got a first hearing in the House Thursday, and it doesn't bode well for an industry that says it needs no additional oversight to have the overseers recount personal tales of how they got stiffed by their credit card issuer.
Watch out, credit card users: A new scam has been reported. It's not uncommon for unusual charges to appear on one's credit statement -- identity theft happens all the time. What's not common is for many people to have the same mysterious charge.
A congressional hearing today look at establishing a "credit cardholders' bill of rights," but a look at the lobbying expenses shows there's a lot of talk on one side, a lot of money on the other.
Today I had a fascinating phone conversation with Donna D., a leader in my local chapter of Debtors Anonymous, a 12-step program patterned after Alcoholics Anonymous. She gave me insight on the psychological and spiritual side of debt, which I'd never taken into consideration before. She shared with me her personal struggle with debt and how the group has helped her and other compulsive debtors remain solvent. Here are some snippets from our conversation.
Today I picked up a new trick that helps trim both the waistline and credit card bill, and I think it's worth sharing.
With Tuesday's launch of the Emerging Credit Score, Experian joins a growing movement to put more of Americans financial lives unders scrutiny, upping the damage to anyone who occasionally misses a rent payment or a utililty bill deadline.
Getting people without bank accounts into the world of financial services is a lot tougher than just handing out a bunch of debit cards
Dripping in diamond jewelry has always been the traditional way for women to display their wealth and status. Now they are not limited by rings and necklaces to prove their worth. A new credit card in Dubai comes embedded with a sparkling solitaire diamond.
Spring break is a prime time for scam artists to prey on young adults looking for a good time. Read these tips to learn how to protect yourself and your credit card when making travel plans.
The latest Federal Reserve G.19 Consumer Credit Report shows that consumers accelerated their use of credit cards in January. Consumer use of revolving credit (which includes credit cards) surged at an annual rate of 7 percent during the first month of the year, up significantly from a 2.8 increase in December. That pushed the total amount of revolving credit to $947.4 billion. In December, total revolving credit stood at $941.8 billion.
Chase ends practice of raising interest rates based on credit scores of cardholders.
Identity theft is incredibly prevalent -- the FTC recently estimated that there are 8.3 million identity theft victims in America each year -- but even with all the press it gets, a new survey reveals that consumers aren't doing everything they can to fight it.
In these tumultuous economic times of soaring credit card debt and home foreclosures, it's become apparent that financial literacy is a sorely needed skill.
Tax season is the jackpot for identity thieves. Millions of documents containing personal and financial information linger in mailboxes and float about the Internet. The FTC has just released a warning to consumers about two tax-time schemes to be aware of.
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They're the pieces of plastic we love, and love to hate. Get the latest news, tips, research and more from the CreditCards.com staff.
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