With the "Great Recession" receding into the distant memories of many, American spending and borrowing on such expenditures as automobiles and student tuition increased in February while simultaneously seeing a drop in credit card spending.
According to data released by the Federal Reserve this week, American consumers have increased net borrowing for the sixth straight month, this time by more than $8.7 billion. Borrowing for items mentioned earlier (cars, education) increased by $11...
Whenever we get a new offer for a credit card, the up-front details can sometimes be so enticing that we neglect our responsibility to further investigate the card's offerings and disadvantages. As a result, we may end up with more than we can handle in terms of debt, interest and penalties. Knowing what particular aspects to look for in the credit card's terms and conditions will make the difference between having a great credit experience with a renowned card issuer or a sub-par, costly...
Continue reading On Friday, both MasterCard and Visa were both hit by a large security breach that is said may have an impact on American citizens. The extent of the breach which occurred through third party vendor Global Payments has yet to be announced although it is thought that the personal details of millions of Americans may be at risk. Global Payments is a firm based in Atlanta who claim to be one of the largest processing companies of electronic transactions in the world.
Both MasterCard and Visa...
One of the largest credit card and service comparison companies in the U.S., FeeFighters, has just been purchased by Groupon as part of its strategy to broaden its horizons into the financial market. The three-year old company has been at the forefront of providing small businesses with information on payment providers and through comparison, helping these businesses determine the best payment services for their needs.
While the terms of the deal were not disclosed, the CEO of FeeFighters...
In the recent past, a number of credit card holders are making earnest efforts in clearing off the dues on their credit cards and avoiding newer purchases using them to get their finances back on track. However, banks are optimistic about the fact that consumers do need to have their credit cards handy during times of emergency. The only difference is that consumers today are more interested in paying off their dues at lower rates of interest than redeeming rewards for the purchases they make...
Continue readingAt the annual Society of American Business Editors and Writers held this week in Indianapolis, Indiana, the head of the newly-commissioned Consumer Financial Protection Bureau sent a strong message to the credit card issuers in the audience: we are watching you.
Nearly two years after the agency and many of the Obama administration's rules went into effect, the CFPB has a leader, Richard Cordray, who previously served as Attorney General of the state of Ohio and has a noted history with...
The Fidelity Investments Rewards card from American Express is one of the most recommended under the category of cash back rewards credit cards. Unlike most of the cash back credit cards in the market that offer 1 percent cash back for all purchases and 2 percent just for a select few, the Fidelity Investments rewards card from AmEx offers 2 percent cash back on all the purchases made, at any store, during anytime of the year. There is no limit to the amount you can get as cash back and this...
Continue reading Overdraft protection was instituted by banks to spare clients from embarrassment of having their transactions denied due to insufficient funds in their accounts. Despite this advantage, however, many consumer advocates believe the overdraft fees are too high, which can sometimes amount to $30 to $35 per purchase.
In a 2008 survey conducted by the FDIC, it found that consumers who made 20 or more overdraws had to pay an average of $1,610 in penalty. Moreover, it found that almost half of...
The 61 year old residence of Chicago was graded amongst "The world's hundred most influential women" by the well known Forbes magazine. US have called her "one woman economic advice powerhouse" and "a power in the world of private finance". "If you've a credit card, instantly pay in complete prior you begin using it. While you begin delaying payments or simply pay for the interests incurred, you're in card debt," said Orman.
She reported that US is a country, which is in debt as well as one...
According to prosecutor Tasnin Chowdhary, five people were arrested who tried hard to enter into the base, which is formally called as the United States Army Natick Center at around 2:30 p.m. It is indeed a routine check and they were debarred by security and searched, said Natick Police Lt. Grassey. Chowdhary stated that security guards found several men entering in to the base with false IDs and credit cards along with the phony driver’s licenses. Raposo has 4 fake licenses and credit...
Continue readingAmerican citizens are receiving a number of mail solicitations from various banks, because some of the little-known banks are using predatory tactics and scraping out personal details such as addresses and names from the courthouse records. They lie and wait in the hope that you would be willing to spend hundreds of dollars by way of application fees, when you are already maxed out on your MasterCard or Visa card. Rather than doing this, a better option would be opting for credit cards for bad...
Continue readingThere are many different types of credit cards which are available based on your credit history and monthly income. It is also true that there are different types of credit cards available for different types of customers. This is because each one has his or her way of spending on the credit card and the cards are therefore tailor-made as far as rewards and fees are concerned. For example, there are lifestyle cards which are specifically for those customers who shop a lot around in the world....
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