Credit card debt falls to 8 year low
The amount consumers owed on their credit cards in this year’s second quarter dropped to the lowest level in more than eight years as cardholders continued to pay off balances in the uncertain economy.
The average combined debt for bank-issued credit cards — like those with a MasterCard or Visa logo — fell to $4,951 in the three months ended June 30, down more than 13 percent from $5,719 in the same period a year ago, according to TransUnion. Read more
U.S Federal Government now accepts credit cards
United States citizens have been making cash and check donations to help payoff the Federal Government’s national debt for a long time. Now it’s possible to donate using credit cards. The U.S. Treasury has made it easy to make payments with a Visa, MasterCard, American Express, and Discover credit cards. Some finance experts continue to argue whether or not using personal credit cards to make payments to the government is best since it could become a recipe for future personal debt problems.
Credit card rules aimed to provide relief
Congress passed legislation last year banning many of the worst practices of credit card companies issuing credit cards and ordered the Federal Reserve to issue new rules to ensure that the final rates and other penalties – a source of major abuses – are “reasonable and proportionate.
The final rules were published last month, and there is much to love about them. Gone, for example, are the days when the banks can charge higher fees for late payment due. But the Fed has dropped the ball completely when it refused to adjust interest rates. Credit card issuers will still be able to double or triple the credit card interest rates if the cardholder owes two months in payments.
Credit Card Act of 2009, gave consumers a great relief necessary. It requires companies to give 45 days notice before increasing interest rates, so clients have time to cancel the card. In most cases, prevents credit card companies from raising interest rates on existing balances and prevents them from juggling dates for the penalty shot. It also prohibits credit card companies from issuing cards to minors under 21 without assessing their ability to pay or guarantee signed by an adult. Read more
New rules for credit card companies
The U.S Government Promotes Credit Repair
The federal government now backs the removal of everything negative on a credit file and the awesome thing is, they always have! I will use the term credit repair lightly as I do not think that is is appropriate because in order to repair something, something must be broken and that is just not the case. If you will forget the letter writing, new identity scams and credit privacy numbers (cpns), I will show you how to look at this the correct way and get things done once and for all. Read more