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Visa Profit Exceeds Estimates as Credit-Card Spending Rises

2012-02-10T05:36:00.000-08:00

Feb. 8 (Bloomberg) -- Visa Inc., the world's biggest payments network, said fiscal first-quarter profit climbed 16 percent as consumers increased use of credit and debit cards.

Net income for the three months ended Dec. 31 rose to $1.03 billion, or $1.49 a share, from $884 million, or $1.23, a year earlier, the San Francisco-based company said today in a statement. The average estimate of 26 analysts surveyed by Bloomberg was for earnings per share of $1.45. Visa authorized a new $500 million share repurchase program.

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Fewer willing to take on holiday credit card debt

2011-12-13T00:25:00.000-08:00

The number of consumers who are comfortable taking on credit card debt this holiday season fell significantly even as Americans say they plan to spend more on gift shopping.

The amount the average consumer plans to spend on holiday gift shopping has increased 22 percent from 2010, up to a total of $751, but at the same time, fewer are willing to take on credit card debt that they can't afford to pay back in full at the end of the month, according to the latest CNBC All-America Economic Survey. In all, just one in five consumers say they're planning to carry their credit card debt into the new year. Instead, they plan to rely more heavily on cash, checks, their debit cards.

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Credit Card Delinquency Rate Falls to 16-Year Low

2011-11-29T08:37:00.000-08:00

The Federal Reserve recently released data on delinquency and charge-off rates at U.S. commercial banks for the third quarter of 2011. For consumer credit cards, the delinquency rate fell for the 9th consecutive quarter to 3.47% during the July-September period this year, dropping to the lowest level since a 3.46% reading in the first quarter of 2005, more than 16 years ago (see blue line in chart). And before that cyclical low, you have to go all the way back to the first quarter of 1995 to find a lower credit card delinquency rate of 3.46%. Compared to the 4.3% quarterly average since 1992, the delinquency rate on credit cards is now about a full percentage point below the long-run average.

For all consumer loans, the third quarter delinquency dropped to 3.15%, the lowest rate since the 2.99% rate in the second quarter of 2007 before the recession started (see red line in chart). The second quarter delinquency rate is also below the 3.34% historical quarterly average since 1992.

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Credit card defaults, late payments continue slide

2011-09-25T23:35:00.000-07:00

NEW YORK (AP) — It was a bumpy summer for credit card issuers, but most of the top banks reported that their customers continued to make their payments on time.
Default rates were down at four of the six largest credit card issuers, which reported their August results in regulatory filings this week. Citibank and Capital One Financial Corp. had upticks in the rate of write-offs of uncollectible balances.
Capital One also posted a slight increase in its rate of payments late by 30 days or more, which is considered an indicator of future default.

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Once at 500, number of city credit cards down to 8 after crackdown

2011-09-19T09:05:00.000-07:00

Local government employees who once passed around 500 credit cards will now get by on just eight, under a crackdown that exceeded Mayor Rahm Emanuel’s expectations.

Two months ago, Emanuel reduced the number of credit cards to 30 after alleged abuses that ousted the chiefs of the CHA and Chicago Park District.

The plan called for five credit cards to be issued to top executives of each of six agencies: the CTA, CHA, Park District, Chicago Public Schools, City Colleges and Public Building Commission. Monthly expenditures are posted on the Internet.

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Will the U.S. Catch Up on Credit Card Security?

2011-09-14T08:37:00.000-07:00

The next time you swipe your credit card at check-out, consider this: It's a ritual the rest of the world deems outdated and unsafe.

The United States is the only developed country still hanging on to credit and debit cards with those black magnetic stripes, the kind you swipe through retail terminals. The rest of the industrialized world has switched -- or is in the process of switching - to "smart" chip-based cards.

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Virginia Beach auditor reports on city credit cards

2011-09-07T03:14:00.000-07:00

City Auditor Lyndon Remias discovered no fraudulent purchases by Virginia Beach employees on their city-issued credit cards, but he recommended tighter oversight to prevent future abuse.

In a report to the City Council on Tuesday, Remias said that after reviewing more than $3.6 million in purchases, his staff found that 2 percent of the transactions lacked proper paperwork or diverged from city policy on credit card use.

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2 People Accused Of Credit Card Fraud

2011-09-02T04:13:00.000-07:00

BAKERSFIELD, Calif. -- The Bakersfield Police Department is asking for the community’s assistance in identifying two people accused of credit/debit card fraud.

Sgt. Mary DeGeare said that on Aug. 13, a woman's vehicle was burglarized in the downtown area during which her purse and credit cards were stolen. Within hours the credit cards were used several times, DeGeare said.

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Man Wanted for Carjacking, Credit Card Fraud

2011-08-23T20:40:00.000-07:00

Richland County Sheriff's deputies are searching for a man who stole a car and credit cards from a victim last week.

The suspect pointed a gun at the victim before stealing his 2003 Subaru Legacy around 2:30 a.m. Aug. 16 on the 1200 block of Saint Andrews Road, according to a press release from the sheriff's department.

The suspect also took cash, credit cards and four bowling balls that were in the light green car.

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Kisan credit cards from block offices

2011-08-18T18:21:00.000-07:00

Calcutta, Aug. 18: The Mamata Banerjee government today announced plans to distribute credit cards and crop insurance to farmers under a central scheme through block offices, not panchayats, to stop corruption and favouritism.

The chief minister also said all farmers would be brought under the ambit of the Kisan Credit Card Scheme by March 31, 2012.

“The agriculture department will monitor the project. The cards will be disbursed from block offices. In many panchayats, petty politics is played. We don’t want politics to play any role in the scheme and all farmers should benefit. The panchayats’ help will, however, be taken,” Mamata told reporters at Writers’.

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11 credit-card mistakes to avoid

2011-08-15T06:09:00.000-07:00

Credit cards can be your friend or your enemy and, just in time for the new school year, here are some tips on staying on the right side of credit cards.

Kiplinger's, a Washington, D.C., financial information service, says a single misuse of a card can hurt your credit rating, add interest points to your loans and create costly problems, even under the new federal consumer protection rules for credit cards.

To avoid making expensive mistakes, keep away from these 11 common credit card mistakes.

>> Paying card bills late
It's the biggest foul, because you not only get hit by a late fee but also end up paying higher rates on your card balance. Late fees of $40 are common, and two late payments in a row cause penalties to soar. Payment history also makes up more than one-third of your credit score, and a single payment can drop your score sharply. Allow time for mail delivery or pay online with time to spare.

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SBI Cards launches credit cards with EMV security feature

2011-08-02T01:26:00.000-07:00

NEW YORK (MainStreet) -- Google is on its way to becoming a de facto bank. It already has a mobile wallet, and now it’s coming out with a new small business credit card for its AdWords customers.

So what does it mean for small businesses?

It’s actually ironic that Google is getting into the credit card market. Company founders Sergey Brin and Larry Page used credit cards to launch Google in the mid-1990s, and now they’re using credit cards to grow their company, which today boasts a market cap of $195.4 billion and a stock price of $605 per share.

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TransUnion: Consumers paying down credit cards

2011-07-29T01:09:00.000-07:00

Consumers spent $72 billion more paying down their credit cards than making actual purchases in 2009 and 2010, according to a new study from Chicago-based TransUnion.

"Our analysis shows that consumers have made a concerted effort to pay down their credit cards during these uncertain economic times," Ezra Becker, vice president of research and consulting in TransUnion's financial services unit, said in a statement.

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5 credit card goofs that'll ruin your vacation

2011-07-21T05:43:00.000-07:00

It's your safety net, your "in case of emergency" card.

But your credit card may end up at the center of your vacation crisis if you don't follow the advice of Ben Woolsey, director of marketing and consumer research for CreditCards.com.

These are Woolsey's five worst credit card goofs while on vacation -- and what to do to avoid them:

GOOF #1 - YOU DIDN'T NOTIFY YOUR CREDIT CARD COMPANY ABOUT YOUR TRAVEL PLANS. "Unless you call your bank in advance, your card could be shut down or flagged for fraud and rendered unusable," said Woolsey.

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Competition Between Credit Card Issuers Heats Up

2011-07-18T00:29:00.000-07:00

Come rain, sleet or snow, consumers are being swamped with credit card applications and balance transfer offers these days as the mailman brings the most teasers and solicitations from issuers since the start of the recession back in December 2007.

As observed by Moshe Orenbuch for Barron’s online, “Mail volume is an important measure of the competitive landscape. We believe that the operating environment faced by credit-card issuers is one of the most competitive in the history of the business.”

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Time to play hardball with credit companies

2011-07-14T01:16:00.000-07:00

Dear Bruce: I am trying to help my brother pay off his credit card debt (about $30,000). I think the debt is from two or three cards. He and his wife have separated and he has limited income — Social Security and a 401(k).

I do not know the amount of the 401(k). It certainly is not substantial. He pays his car loan using monthly withdrawals from that account. If he could get a loan from a family member to pay off the cards, he would repay that loan when the bungalow he is living in is sold.

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Avoid credit card fees when traveling overseas

2011-07-11T20:27:00.000-07:00

July 11, 2011 -- When traveling overseas, knowing the best way to pay for purchases and get local currency can save you a lot of hassle.

Consumer Reports Money Adviser Greg Daugherty says plan ahead is so you don't face unnecessary fees or get gouged on the exchange rates. Your money will go a lot farther if you know what to watch out for.

"You can get blindsided by the foreign transaction fee that many credit card companies charge on overseas purchases," Daugherty said. "It can add up to as much as three percent of everything you put on the card."

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Credit Q&A: Will Canceling a Card Hurt My Score?

2011-07-07T17:41:00.000-07:00

Q: My credit card was compromised. Will my score be affected if I close the account?

A: It shouldn’t be, as long as you replace the card with another from the same issuer.

According to Barry Paperno, manager of consumer operations for MyFICO.com, closing a credit card account could potentially impact your credit score in several ways.

First, it could skew your credit utilization ratio – how much credit you have used versus how much is available – as closing the account will shut off the funding that particular card provides.

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Card Patent Infringement Charge Against CUSOs and CUs

2011-07-03T23:03:00.000-07:00

Two credit union service organizations and three credit unions were among defendants named on June 23 in a patent lawsuit brought by London-based technology vendor Serverside Group.

Serverside Group, which provides design, marketing and printing services to the international card payment industry, alleges the defendants “infringed upon U.S. patent right as to financial transaction card customization technology,” according to a company press release.

The suit was filed in U.S. District Court in Delaware.

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Traveling Abroad? Save Big With A Credit Card

2011-06-29T18:21:00.000-07:00

Credit cards provide the cheapest means of currency conversion. Hold on, before you balk at this statement and argue that someone working for a credit-oriented blog would of course make such a claim, let me tell you something: I have the facts to back it up. In fact, credit cards have the potential to save international travelers as much as 15% on currency exchange, according to a recent Currency Exchange Study by Card Hub.

Card Hub – using both online fact finding and anonymous phone calls – was able to determine the U.S. dollar-to-Euro exchange rates offered by Visa and MasterCard, the credit card networks with by far the largest coverage areas worldwide; 15 of the largest consumer banks in the United States; and Travelex, the most significant airport currency exchange service in the world. And aside from the mere fact that the payment type most conducive to international travel is a credit card, this study revealed that:

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The 6 Best Travel Reward Credit Cards Right Now Read more: http://moneyland.time.com/2011/06/21/the-6-best-travel-reward-credit-cards-right-now/#ixzz

2011-06-28T00:47:00.000-07:00

A vacation should be rewarding in and of itself. But if you can find a credit card that will give you miles, points or other perks when you travel, it’s an extra bonus. The right card can even help you save money on your summer travels.

But finding the right one for you can be a challenge. Because credit card issuers switch up promotions and the fine print on their cards all the time, even savvy consumers struggle to keep up. So we asked a trio of experts to suggest the most valuable travel reward credit card offers out there. Here’s what they said:

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Easy money tips: Save on vacations

2011-06-21T02:05:00.000-07:00

If you're gloomy about being able to afford a vacation, rethink your plans to map out affordable-yet-fun ideas like these:

• Stay-vacations may be here to stay. For your week off, plan day-trips to places you've always wanted to visit, but “never have the time.” Instead of spending on air fare and hotels, treat yourself to a day spa; be a tourist — stroll downtown, get an ice cream cone and buy something frivolous; visit the Empire Mine State Historic Park and local museums; camp at Rollins Lake and rent a boat; hike at Malakoff Diggins State Park while it's still open.

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Identity Theft and Stolen Credit Cards: It Happens in Southern Utah

2011-06-16T20:29:00.000-07:00

ST. GEORGE – A St. George man recently received a phone call from his credit union asking him about the computer he bought and was shipping to Montana.

“They must of have known something was wrong when they saw a computer,” he joked. “I’ve never owned a computer. I wanted to know the address it was being shipped to, but they wouldn’t give it to me.”

Fortunately, his credit union was able to alert the company before it shipped and credited the man for the charge, close to $600.

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Seven Financial Tips for New Grads

2011-06-16T01:56:00.000-07:00

Any recent graduate may feel like he or she has hit the jackpot by landing a job right out of school, especially in today's job market. While a new office job likely pays more than a gig in college, that doesn't mean you can be carefree with your finances.

Jesse Ryan, managing director at Accounting Principals says it is common for those just out of school to feel they are making a lot of money, but creating a smart budget from the start is essential to creating a healthy financial lifestyle.

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S&P revises Honduras credit outlook to positive

2011-06-15T05:03:00.000-07:00

(Reuters) - Standard & Poor's revised its sovereign foreign currency credit rating outlook for Honduras to positive from stable on Tuesday, citing rising external liquidity and progress in strengthening fiscal balances.

"Economic recovery, renewed ties with external creditors, and growing investor confidence since the election of the administration of President Porfirio Lobo in 2010 have contributed to growing foreign exchange reserves and reduced fears about the sustainability of the de facto fixed exchange rate," S&P said in a statement.

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Ohio Rep. Relies on Misleading Data in Effort to Ban Credit Reports

2011-06-12T20:33:00.000-07:00

Ohio State Representative Alicia Reece, D-Cincinnatti has proposed a bill that would prohibits an employer from taking adverse employment actions based upon a consumer report or investigative consumer report if the report contains information concerning the person’s consumer creditworthiness, credit standing, or credit capacity.

And unlike similar recently adopted laws in Illinois and Maryland that are laden with exemptions, House Bill 131exempts from the bill’s prohibition only if the position of employment is a supervisory, managerial, professional, or executive position at a financial institution.

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Credit Card Stocks Weather Durbin Debacle

2011-06-08T23:54:00.000-07:00

NEW YORK (TheStreet) -- Shares of credit card stocks tumbled briefly following a Senate vote Wednesday that failed to delay a rule capping debit card swipe fees, though they bounced back fairly quickly--a sign investors may be less concerned about the issue than they were previously.

Indeed, analysts of late have been arguing the impact of the rule -- known as the Durbin Amendment -- on credit card stocks may be exaggerated by the market. More important, they contend, are ever-rising revenues in the sector as more and more consumers make more and more of their purchases using plastic as opposed to cash or checks.

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Credit Card Stocks Charge Ahead of Banks

2011-06-08T02:23:00.000-07:00

NEW YORK (TheStreet) -- Bank stocks have had a rough year in 2011 and have dipped even lower in recent days on concerns the recovery is slowing.

Credit card stocks, however, keep climbing, with little sign of a slowdown.

"They're producing revenue growth, and that's far better than many financial institutions," says Sanjay Sakhrani, analyst at Keefe Bruyette & Woods.

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How to Fix the U.S. Housing Market

2011-06-04T00:28:00.000-07:00

If this week's economic reports showed us anything, it's the fact that two years into what's supposed to be an economic recovery, the U.S. housing market remains on life support.

But here's what those reports didn't tell you: If the housing market isn't fixed soon, it's going to drag the rest of the economy down into a hellish bottom that will take years, if not decades, to crawl out of.

The housing market is our single-most important generator of gross domestic product (GDP) and, ultimately, national wealth.

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100 Words That Can Change Your Credit History

2011-05-31T20:13:00.000-07:00

Looking at your credit report may be something you'd rather not do, especially if you've recently experienced a financial rough patch. However, knowing what's in it is important, especially if you're planning on a major purchase or applying for a new job. Everyone is entitled to one free copy of their credit report each year, which you can get at annualcreditreport.com.

What you might not know is this: If your credit history is rocky, you don't have to let the report alone tell your story. Under the Fair Credit Reporting Act, all three credit-reporting agencies (Equifax, Experian and TransUnion) in the United States are required to allow consumers to attach a 100-word statement to their reports.

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Challenge brings better credit scores for Utahns

2011-05-30T03:08:00.000-07:00

SALT LAKE CITY — Several hundred Utahns undertook a challenge to see how far they could raise their FICO credit scores. And a handful of them in just a few weeks gained a whopping 100 or more points.

The sponsors, which include Republic Mortgage, Utah Saves and Deseret Media Companies, are finalizing the results, which they plan to announce soon. The winner's FICO score was boosted more than 120 points.

But themes stood out in the process that could benefit a lot of people. Starting, said Al Bingham of Republic Mortgage, who is a credit score expert and author of the book "The Road to 850", with losing the notion that only people with low credit scores need to pay attention or learn techniques to boost scores.

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Top Tips for Grads: Financial Advice With a Global Twist

2011-05-26T17:06:00.000-07:00

Graduation season is upon us and with it lots of practical advice and tips for these newly minted grads. GO Global! is my number one piece of advice that I offered up recently in an interview on Fox News recently. I've expanded on that global POV, offering some additional advice regarding finances for new grads.

Be smart about credit cards. Always pay your balance in full every month. If you can't and you've run up debt, begin paying it off aggressively, and call the credit company to request a reduced interest rate. To reduce interest while paying it off you may want to transfer the balance to a 0% balance transfer card, but investigate these options carefully and read the fine print. Don't open up additional cards. If you close a credit card, write an official letter to the lender and request complete closure -- not temporary. Use credit cards carefully to earn cash rewards.

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VIPs Said to Get Faster Credit Help

2011-05-25T02:28:00.000-07:00

If you need to resolve a problem with your credit report prior to seeking a mortgage or other type of consumer loan, it helps to be someone with clout, according to a national consumer advocacy group.

Influential people such as celebrities, politicians and judges receive immediate and personal assistance in resolving problems with their credit reports, while the vast majority of consumers are shunted off into a system where assistance is largely automated. That's according to a recent report from the National Association of Consumer Advocates (NACA).

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10 ways to avoid creeping credit card debt

2011-05-22T17:45:00.000-07:00

sources such as credit cards – has gone up and up. Through the 1960s, revolving debt was so unusual that the government did not track it. In 1968, the first year it was tracked, revolving household debt for all U.S. households was $1.3 billion. Today, it's almost $800 billion, and the average household that carries revolving debt owes about $15,000.

The good news? The total U.S. revolving household debt is actually down 17 percent from the all-time high of $973 trillion in fall 2008, just before the Great Recession started.

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Debt and Statute of Limitations – What You Should Know
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Credit-Report Errors Rare, Industry-Funded Study Says

2011-05-17T00:59:00.000-07:00

Less than one percent of consumer credit reports contain errors that lead to a significant change in the score, according to a study commissioned by the three largest credit-reporting companies.

“We found that a vast majority of credit reports are accurate and that it is rare for a credit report error to materially impact a consumer’s access to credit,” said Michael Turner, the head of the Durham, North Carolina-based Policy and Economic Research Council, which conducted the study.

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Is Your Credit History Costing You a Job?

2011-05-15T17:08:00.000-07:00

Job hunter Lauryn Beer has experience; she has skills, she has advanced degrees from prestigious universities. But she also has not-so-great credit, and she says it is costing her job opportunities.

"It makes me very angry," she says.

Lauryn is finding out the hard way that employers care about your credit. Some even require credit checks as part of the application process, but not everyone agrees with the policy.

A new survey by credit.com reveals more than half of Americans, 53 percent, are against employers getting a look at your credit when considering you for a job.

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Hollywood Video late fees ruining credit scores

2011-05-12T13:09:00.000-07:00

Who would have thought that returning a movie late to a video store, could ruin your credit score?
That’s what happened to people across the country and right here in the Capital Region.

It’s pretty nerve-wracking for anyone thinking about applying for a loan.
Tom Caifa of Guilderland never owed anyone money in his life. In fact, he has a single credit card that he uses only for buying plane tickets.

He had near perfect credit score, or so he thought.

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Credit cards transaction up 22% in FY11

2011-05-11T15:49:00.000-07:00

Transaction through credit cards in the country went up by 22.15% during 2010-11, touching Rs 75,515.68 crore in value terms.

Credit card transaction during the previous fiscal had amounted to Rs 61,824.15 core, according to latest data of the Reserve Bank.

The number of credit cards in circulation have, however, declined by around 1.5% to 1.80 crore as on March 31, 2011, from 1.83 crore in the same period of the previous fiscal.

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Credit card rules differ for small businesses

2011-05-09T15:34:00.001-07:00

If they choose to do so, most of the top small-business credit card issuers can still subject customers to rate increases on existing balances, double-cycle billing, and other practices barred from personal credit card agreements under the 2-year-old reform law. That's according to a recent survey by Card Hub, a credit card comparison website.

Of the nine largest card issuers surveyed, only Bank of America gives small business cardholders the same protections now required for consumer cards under the Card Act. Even though most small business cards are personally guaranteed, affect borrowers' personal credit scores, and function like consumer credit cards, the law does not apply to business credit cards.

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Credit care: Replacing lost credit cards won't affect your score

2011-05-08T18:18:00.000-07:00

Q: I need to cancel some credit cards because I have lost them. I don't want to cancel the accounts; I just want new credit cards with new numbers on them. My question is, if I cancel my credit cards, would my credit score be affected?

A: I hope that you have already called your creditors and reported your lost credit cards. The Fair Credit Billing Act provides protections for liability for lost or stolen credit cards. If you report the loss or theft of your cards before any unauthorized use of your cards, you face no liability. You are also not liable for any charges if there's an unauthorized use of your credit card number without the card itself.

Should charges be made on your accounts before you report the loss or theft, your liability for fraudulent charges is limited by federal law to $50 per card. Most card issuers go a step further than the law requires, though. Most have so-called zero-liability policies that say cardholders aren't responsible for any fraudulent charges made on their card, period.

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Are Great Credit Scores Sexy?

2011-05-05T15:50:00.000-07:00

Ah, dating.

It is fun to talk about and think about, right? The age-old practice of finding just that right person who you can live with happily-ever-after.

One of life's little surprises that can happen along the path of romance is when you are surprised to learn that the person you like (or maybe even really like) just happens to have a horrible credit score.

Have you ever noticed how dating sites will gather all kinds of information on you including height and weight, religious preferences, occupation, salary range, hobbies and a few more "important" things?

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High credit score may signal 'strategic default' risk

2011-05-04T20:56:00.000-07:00

You keep your outstanding credit card balances low and stay current on your bills. Your savvy debt management has earned you an above-average credit score. And you’re proud of it. Those are just the factors that may flag you as a high risk for defaulting on your mortgage! What gives?

FICO (NYSE:FICO), the Minneapolis-based credit-scoring and analytics company (formerly Fair Isaac), has produced a new screening tool to help mortgage lenders identify homeowners who pose the greatest risk of “strategic default” or choosing to walk away from an underwater mortgage.

In the aftermath of the financial meltdown, economists and politicians are debating what the “new normal” is in terms of full employment and economic recovery. Now, the very meaning of risk is being redefined in unexpected ways as well.

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Credit scores can impact a marriage

2011-05-01T17:11:00.000-07:00

One perk of marrying into royalty? Kate Middleton isn't up at night worrying about Prince William's credit score.

For everyone else, a spouse's financial track record can be cause for concern. Marriage itself doesn't automatically trigger changes in scores but the history each spouse brings into the union can significantly impact shared and individual fortunes.

The exact formula varies, but credit scores are based on complex algorithms that include factors such as the length of your credit history, the amount of available credit, outstanding debt and any negative marks such as bankruptcies, collections or late payments.

There are several different scores marketed to consumers, but the FICO score is still the most widely used by lenders and ranges from 300 to 850.

As the wedding season gets under way, here's a look at how credit scores factor into married life:

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Credit Card Cos: Who’s Doing What in Mobile Payments?

2011-04-27T19:56:00.001-07:00

Visa is making a strategic investment in mobile payment provider Square, providing the start-up with an undisclosed sum of money as well as a new advisory board member. It’s a nice boost for Square, which is on a roll as it tries to ramp up payments via a smartphone. But it also highlights the growing role of credit card companies as they try to prepare for the growing mobile payments boom.

As more and more transactions flow through a mobile phone, Visa, Mastercard and American Express have been making moves to position themselves in different ways to take advantage of this trend. It’s not just a passing interest for these companies. In many ways, they need to be actively involved in the rise of mobile payments, which can threaten to cut them and their cards out of the process. Here’s a look at what some of the biggest players are doing in the field:

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Get Out Of Bad Debt in 2011…

2011-04-26T23:06:00.000-07:00

(ThyBlackMan.com) Are you stuck in a bad debt situation? If yes, don’t feel hopeless. As long as you know the right steps toward credit repair, you can get yourself out of bad debt. This article shows you what to do to get out of debt starting today.

Know your debts. You need to know the exact status of your debts. Begin by ordering a copy of your credit report from the three major credit bureaus. If you haven’t received your free report for this year, you can request for it from http://Annualcreditreport.com.

Once you have credit report, examine it closely. See to it that all information and charges in all your accounts are correct. In case of errors, send a dispute letter to the credit bureau that issued your report. Upon receipt of your letter, the bureau will conduct a 30-day investigation and if your dispute is valid, you will also receive updated copy of your report for free.

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Get Out Of Bad Debt in 2011…

2011-04-26T22:54:00.000-07:00

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Choosing the Best Credit Card

2011-04-25T18:02:00.000-07:00

YOU bought the plane tickets, booked the hotel and rented the car. But have you packed the right credit card?

As credit card companies vie for a favored position in customers’ wallets, they’re pitching new travel enticements, from waiving foreign transaction fees that can add up to 3 percent to your purchases abroad to picking up fees for checked baggage. Earlier this month, for example, American Express did away with the 2.7 percent foreign transaction fees on international purchases for Platinum Card holders, and added two new travel benefits — Priority Pass Select airport lounge access in more than 300 cities worldwide and free membership to Global Entry, which offers expedited security clearance for pre-approved travelers entering the United States.

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5 Smart Ways to Spend Your Tax Refund

2011-04-19T17:56:00.001-07:00

Roughly three quarters of Americans will get a tax refund this year averaging about $3,000. Not a bad payday for most of us!

If you’re going to receive a refund this year, spend it wisely. If visions of shopping sprees have been dancing in your head, I strongly suggest you put those fantasies on hold until you’ve answered the following questions:

1) Have you paid off the balances on your credit card(s)? If you answered no, I can’t emphasize this enough: use your refund to pay off as much of that debt as possible; this is by far the best financial investment you can make. If your card interest rate is 12%, you are in essence guaranteeing a 12% return on your investment. As lame and boring as it might seem to use your refund for this, do it. Now. You’ll be much better off financially.

2) Do you have at least three months of living expenses tucked away?Experts recommend having three to six months worth of living expenses in liquid savings to cover “just-in-case” issues like a major car repair, a medical problem or an unexpected job loss. This “emergency” or “rainy day” fund will protect you from unexpected financial issues. So if you answered no, dump that refund into your savings or money-market account and build up your emergency fund--the peace of mind is worth missing out on the shopping spree.

Read more: 5 Smart Ways to Spend Your Tax Refund

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Credit Cards: How to gain cash back to help pay the bills!

2011-04-18T20:13:00.000-07:00

The high cost of living is making cashback credit cards a popular way of making money to reduce the hit on consumers’ squeezed budgets.

Certain credit card providers offer incentives to use their credit cards to spend, and as a reward to spending over a certain amount, the card holder will often receive either cashback or points which can go towards other expenses.

Different credit card providers offer different rewards, and often they will offer different types of credit cards depending on the particular reward, or spending habits the consumer is likely to benefit from the most.

Read more Credit Cards: How to gain cash back to help pay the bills!

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Top Credit Card Mistakes

2011-04-18T03:06:00.001-07:00

Top credit card mistakes? Capital One Financial Corp reports customers continued to improve their credit card payment habits in March, reveals Business Week.

However "thirty-three states showed an increase in average credit-card borrower debt from the previous quarter," according to TransUnion's quarterly analysis of trends in the credit-card industry.

That has Michelle Singletary of the Washington Post concerned and she makes several points in a column titled: "Bad credit card habits could make a comeback."

How Many Credit Cards Is Too Many?

2011-04-14T17:58:00.000-07:00

With all kinds of special promotions available, rewards programs offered, and different store and brand affiliations, it's no wonder people are tempted to add more credit cards to their wallets. From Visa to MasterCard, Discover, and American Express, the choices for credit card issuers and offers go on and on. It can be challenging to select the perfect card for your needs, so sometimes accepting more than one credit card offer gives an easy solution. But when it comes down to it, how many credit cards is too many?

"There are two ways to look at this, depending on your objective," says Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. "A person really only needs two general purpose credit cards. One is the card where they charge their everyday purchases and pay off the balance in full at the end of the month. This card could be a rewards type card, but the APR doesn't really matter since they will never carry a balance from month-to-month.

Read more How Many Credit Cards Is Too Many?

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The Truth About Credit Cards & Car Rentals

2011-04-13T20:21:00.001-07:00

Most of us have been told it’s a waste of money to buy the optional insurance coverage when we rent a car. At up to $25 or more per day, it’s definitely not cheap! Furthermore, it has been instilled in us that our credit card or personal auto insurance will have our back if something happens. But can we really count on them?

Not too long ago, through my site Credit Card Forum, I received an email from a man named Harry. He wrote, “I rented a car in Madrid, Spain. In a tight parking garage I scraped the side—net damage about 649 euros." His rental company assured him that his credit card would cover all of the expenses, but then, after he filed the claim, it was denied. The card issuer told him that coverage applies only in the United States.

Read more The Truth About Credit Cards & Car Rentals

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What's the best way to spend your credit card reward points?

2011-04-12T17:43:00.000-07:00

Millions of people who use credit cards earn reward points for every charge they make. In addition to airline tickets, you can get merchandise, hotels , even tickets to the rodeo! What's the best way to spend your points? Consumer Reports Money Adviser says that the best value by far is to get an airline ticket. Consumer Reports Money Adviser calculated the value by comparing the miles you spend to the actual cost of the item.

For instance, the average price of a domestic flight is about $350. That divided by the 25,000 miles it can take to get a ticket, and each mile is worth about 1.4 cents. Even if you have to use 35,000 miles, the value of the mile is still a penny.

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Card Debtors Study Cites 'Economic Shocks'

2011-04-12T04:12:00.001-07:00

A study released by Demos, a research and advocacy organization, may shed light on why some working families have credit card debt and others don't.

The study, "Understanding the Debt Difference," is based on survey research of 2,248 low- and middle-income adults between April 2008 and August 2008, and contrasts the demographics, financial habits and economic circumstances of those with credit card debt and those without it.

For survey respondents who met the criteria for the "indebted" group, the average amount owed was $9,799, and 52% said they had the same or more debt than three years before. More than half of the indebted households said they had been late or had missed a credit card payment, and 37% were still paying off a credit card they had cancelled.

Read more Card Debtors Study Cites 'Economic Shocks'

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Riding the Plastic: How to Use Credit Cards

2011-04-10T23:18:00.001-07:00

Credit cards can unlock worlds of opportunity, allowing people to buy things they want with just a swipe of plastic.

But convenience can come at a steep price, especially when careless cardholders spend more than they earn and find themselves deep in debt.

The issue took a more sinister turn last week when a politician died inside a Citibank office in Jakarta while being confronted by debt collectors reportedly hired by the lender.

Irzen Octa, 50, the secretary general of the National Unifying Party (PPB), reportedly racked up credit-card debts worth Rp 68 million ($7,900) and was unable to pay back a loan of Rp 100 million.

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Smartphones: The Credit Cards of the Future

2011-04-06T18:59:00.001-07:00

Like many other wireless companies, Spring Nextel Corp. is planning a program to allow users to make purchases with their mobile phones, reports the Washington Post.

This project would allow users to make purchases using their smartphones by tapping or waving them in front of electronic readers in stores. The purchases would be billed through users’ regular credit card statements. Sprint could share in revenue from sales of coupons or advertising rather than taking a percentage of each transaction.

Read the full article

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Federal Reserve Must Face Bank Suit Over Credit Card Fee Rules

2011-04-05T20:44:00.001-07:00

April 5 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke lost a bid to end a bank lawsuit challenging the legality of forthcoming rules limiting the amount of money the largest U.S. banks can collect for debit card transactions.

U.S. District Judge Lawrence L. Piersol in Sioux Falls, South Dakota, yesterday denied the U.S. government’s request to throw out the case filed last year by TCF National Bank. He also rejected the bank’s request to block the regulations and allowed the case to move forward while Congress debates the issue.

“People should know where they stand,” the judge said, announcing the ruling after almost three hours of argument over the bank’s claim that the rules, which still aren’t final, are unconstitutionally confiscatory.

Credit cards better than debit cards – sometimes

2011-04-03T20:28:00.000-07:00

Credit cards have been an easy target for Congressional grandstanding and regulations but beneath the widely-criticized rates and fees lie many good benefits that are usually hidden in the fine print. Credit cards can provide valuable purchase protections and insurance that are unmatched by cash and debit cards.

Yet, more consumers are forgoing these benefits and choosing debit cards instead of credit cards for payments. Total payment volume for debit cards surpassed credit-card volume for the first time in 2009 and will continue to expand.

Consumers should understand their payment options before cutting up the credit card. There are times when using a credit card is your best choice for payment, especially for tickets and large purchases. However, insurance and purchase protections vary by card and issuer, so it is a good idea to research these when comparing credit cards.

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Credit Cards For Bad Credit - Avoiding the Over Limit Fee Trap

2011-02-24T17:36:00.001-08:00

In order to remain competitive in the world of credit cards for bad credit, banks have expanded and increased their schedule of fees. Though legislation is underway to regulate unfair practices, it still pays for you to understand the terms of your secured card. Falling into the pit of continual over-limit fees can make you a slave to never ending debt.

Killer Over-Limit Fees

If you haven't reviewed the limit on your cards, now may be a good time to do so. Whenever you exceed your limit, most banks ding you with over-limit fees. Unfortunately, like late payment penalties, over-limit fees have steadily increased over the years from under $15 in 1995 to as high as $39 in today's market. Some card issuers even structure their over-limit fees to increase on that portion of your balance exceeding $1,000.

How can I Start Building My Credit History?

2011-02-18T00:30:00.000-08:00

People with no credit history often find it frustrating and very difficult to get approved for credit cards and loans. After all, most lenders and credit organizations today are somewhat hesitant to offer their credit programs to those who do not possess credit.

Despite this fact, you need to persevere and be diligent enough to search for lenders that offer bad credit credit cards and bad credit accounts. Why? This is because you can only launch and successfully build your credit history by applying and getting approved for a certain type of credit or card program.

To help you in your quest of finding and securing a credit card for bad credit or a bad credit loan, we have enumerated several tips that we encourage you to employ. Through them you can be allowed to use a particular credit or card program which will help you attain your goal of establishing your credit profile.

Tips for Consumers who Want to Build Credit History

1.Understand the common requirements of lenders. Since you do not have a credit report to present to a prospective lender, be sure that you are well aware of the other application requirements that you need to submit to your chosen credit company. This way you can increase your likelihood of getting approved for the bad credit loan or bad credit-credit card you are applying for. What are some of these credit requirements? These are:

- A Bank Account. - Some lenders require their applicants to have a checking or savings account. They use your bank account history in evaluating the merits of your bad credit account application. So the way you manage your bank account can have an impact on whether or not you will be approved for a bad credit-credit card or for a loan program.

Credit Cards For Bad Credit - What Are My Options?

2010-09-06T04:38:00.001-07:00

Are there credit cards for bad credit? The answer is yes. If you have been over 30 days late on loan, charge card, or mortgage payments, if you have unpaid medical bills, or if you have legal judgments against you such as child support or other lawsuits, you may have "bad credit". There are many of us who have been unable to keep up with our monthly bills and have fallen behind in the last 12-24 months.

You may be thinking there are no options or bad credit credit cards. That is not true. Access to a credit card is almost required in this age of technology we live in. This increasing need for consumers to make credit card purchases creates the demand for more and more credit cards for bad credit.

Read more Credit Cards For Bad Credit - What Are My Options?

Best Unsecured Credit Cards For Bad Credit

2010-08-09T17:29:00.000-07:00

When you have bad credit, you may think that it is the end of the world. It isn't! There are so many options that you can take, when you're looking to rebuild your credit. If you're looking for an unsecured credit card for bad credit, I wanted to tell you why it's going to be hard to find one.

When you want a credit card that's not going to require a lot of collateral, or any at all, you're going to find that these card companies are going to want you to have a good credit score, history, as well as payments. If you don't meet any of these, you're going to most likely have to look into a secured credit card.

Why should I consider a secured credit card?

#1 Everyone gets approved - You will find that as long as you supply the deposit, you're going to start building your credit. Just make sure that the card reports to the major bureaus. As long as it does, you will find that you won't have anything to worry about.

Remember, when you give them your deposit, you're going to always have that money, unless you don't pay your bills.

Credit Card Companies That Offer You Bad Credit Credit Cards

2010-07-19T00:52:00.001-07:00

Credit cards come in all types of different packages and no matter who you are, you should be able to find one to suit your needs. As well as the leading credit card companies MasterCard and Visa, there are also smaller companies that offer credit cards for those who have poor credit. So if you are interested in applying for a bad credit credit card then read on to find out about some of the best lenders to apply to.

Some of the Best Bad Credit Credit Card Companies

Credit card lenders are not always fussy about who they lend their cards to. This means that even if you do have a poor credit history, you will still be able to get your hands on a credit card to suit your needs.

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How to Avoid Unfair Bad Credit Credit Card Deals

2010-04-15T21:12:00.001-07:00

Those who cannot get approved for a regular credit card can still apply for a bad credit credit card despite having bad credit or no credit history. However, it’s important to understand that not all credit cards for bad credit offer a reasonable deal. Today, let’s talk about how you can find the right credit card for bad credit and how you can avoid unfair deals.

Why Diligence Pays Off

Some consumers may eagerly sign up for a credit card offer without first checking other options. Nevertheless, even though the offer may sound amazing, it is still recommended that you study your choices first before submitting your application.

Continue reading How to Avoid Unfair Bad Credit Credit Card Deals

Bad Credit Credit Cards - Simple Facts

2010-03-23T20:12:00.001-07:00

These types of programs are especially designed for people that have a poor financial history and do not qualify for a regular card. If you are a young consumer just starting to build credit, or if you have had delinquencies that have damaged your credit history, you probably can still qualify for credit cards for bad credit that are geared to your situation.

Bad Credit Programs

Credit card programs for bad credit are available online with secure applications, First Premier Bank and Orchard Bank are two of the most popular. These programs are often divided into "secured" cards that do need a deposit and sometimes "unsecured" credit cards are available, an unsecured bad credit credit card probably will come with much higher interest rates, sometimes 15 to 30 percent and much higher participation fees.

Getting Credit Cards With Bad Credit

2010-03-02T17:09:00.001-08:00

Needing credit cards for bad credit can be a real pain. It can really take a toll on your life and make you feel like you will never rise above it, that will always be a part of your life and gone are the days of loans, credit cards, and other forms of credit. This does not have to be true. Many companies in the world today understand that sometimes things beyond our control happen and we all need a second chance at rebuilding our lives. This is why some companies are now offering credit cards for bad credit.

These credit cards for bad credit are specific to those who have a tarnished credit history for one reason or another. Your credit score might be low because of bad decisions, loss of employment, reduction in wages, injury, or a host of many other things. However, everyone deserves a second change to prove themselves credit worthy once again. This is where credit cards for bad credit come in handy.

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