Financial and Credit Planning

In the last quarter of last year, credit card usage has increased. Oddly, banks are not too excited about the idea. It is a known fact that various banks and credit card companies want to have as many credit card users and they want the consumers to keep on using their cards. This time it is a different story because experts say that people are depending more on their credit cards to delay paying in cash.

Banks are beginning to become stricter with the credit card applications and are only offering credit cards to consumers that are already connected with them.

The biggest problem that banks are seeing is the rise in delinquency rates when people use their cards more due to not being able to obtain other types of credit.

Interest rates keep rising; monthly interest rates for the outstanding are currently at three to three and a half percent. Annual rate is over fifty percent.

Finally, there is a bill that will benefit credit card carrying citizens and it is on it’s way to the Senate. Congresswoman Carolyn Maloney’s Credit Cardholder’s Bill of Rights has just passed the house, it has been voted a very convincing three hundred twelve to one hundred twelve. It only needs to pass the Senate and the President’s approval before consumer’s benefit from it. And from the looks of things this will become a reality pretty soon.

The Federal Reserve stated that credit card companies have been deceptive and anti competitive for the longest time. The bill will help credit card owners get a fair deal from credit card companies. It will prevent credit card companies from making unfair strategies such as changing interest rates regardless if you have a typically good account.

What congresswoman Maloney’s bill accomplished clearly communicates how people are fed up with the unfair practices of credit card companies. With this new development still progressing, it is very likely that  we’ll get to see better credit card offers in the future.

According to the Reserve Bank of Australia, the rise in credit card debt is at its slowest in fourteen years. In July, the amount of credit and charge went up by three and a half percent, however the total balances  borrowed slid down a bit. These numbers evidently shows that more and more credit card carrying citizens are spending sparingly to control their card usage.

The numbers prove that card carrying citizens are displaying consumer conservatism, said Commsec  chief equities economist Craig James. Consumers are more watchful over their purchases and are now more in control financially.

Glenn Stevens of the Reserve Bank of Australia stated that Australian consumers are starting to have better spending habits. Nowadays, the increase in household credit is much slower. He said that it is very likely that more consumers will start saving some money, take care of their debt and in turn have more income. More and more Australian consumers are also not looking for new credit card offers to open an account.

If you think that the condition of the economy isn’t making life hard enough; the rising credit card rates might. The persisting rise in card rates makes it doubly hard for a lot of card holders to keep up with their monthly bills. There should be a fixed rate that should extend over all cards to reduce the consumers financial troubles. Many credit cards have steep fees that people can only afford to pay the minimum amount. Rates are so steep that it tops other loans when compared. Consumer’s are offered with great deals but companies use it as a way for credit expansion.

Paying for credit card charges seem more difficult for many credit card holders due to rising fees. In many cases, it has contributed to more people falling into debt. Banks eventually offer deals to have consumers engage in making the outstanding into loans. In an effort to prevent an increase on non performing assets, banks makes such offers.

There are several countries that have started to put a ceiling on card rates. South Korea controls the interest rates and quantum of advances. Thailand has put up a ceiling of eighteen percent that is now the permitted chargeable rate on cards.

Discovery Channel stopped the Mythbusters production of a planned episode about the RFID (Radio-frequency identification) technology after allegedly being influenced by credit card companies. The segment was going to be about examining RFID, how trackable, hackable or reliable the technology is.

On a HOPE conference, Adam Savage, one of the main hosts, hesitantly talked about the issue after one delegate asked about what transpired behind the segment’s cancellation. A meeting through a call conference was arranged between a technician from Texas Instruments and a couple of representatives from the Mythbusters. The technician came on, along with the legal counsel for the biggest credit card companies. Adam said, “They (Mythbusters reps) were way way outgunned”. “They made it very clear to discovery that they were not going to air the episode talking about how hackable the stuff was”.

Texas Instruments defended itself on CNET. They said that they are not responsible for Discovery’s decision not to air the segment on RFID. They agreed to attend the meeting to talk about the technology. They were just told by Discovery that the segment will not push through.

Your credit card also uses the RFID technology. Researches have identified various ways to hack into RFID chips.

It not a new thing to hear somebody having bad credit in this day and age. Worst case scenario is people having to file for bankruptcy. Although it is extremely difficult to be in that position, there are a number of ways to get back on your feet. Improving your credit is a good place to start. Start looking for secured credit cards on card comparison sites.

If you possess a secured credit card, you will need to open a savings account and deposit a minimum amount of money. It will help you to avoid overspending, since you will only be using the money in your account upon purchasing. By having a good payment history, your credit score will start to increase. So it is important that your card issuer submits to the credit bureaus.

By the time that you have hurdled over chapter 7 bankruptcy, you wouldn’t have a lot of credit card debts, so you should be able to painlessly apply for a credit card. Applying for a secured credit card is surely a good idea, and did I mention credit applications will be indicated on record for two years?

Formerly known as The Bankers Bank, Silverton Bank, is a national correspondent bank that aids the community financial institutions in the U.S. The bank recently announced that they went into a credit issuing agreement with Discover Financial Services. Their set of credit card products are all included in the Discover network.

Silverton Bank now offers the Preferred credit card and the Elite with Concierge credit card. The card has no annual and balance transfer fees, low APR on purchases and balance transfers and card holders are allowed in buy smart with Discover Network. The card holders will enjoy rewards points with every purchase they make, and they can opt for having the points used as donations for foundations.

Compare credit cards to find out what deals you like most. This one right here seems like a good deal because if you own the Elite with Concierge credit card you can make requests online or by phone 24/7. You can also plan vacations, get event tickets and suggest gift ideas. Just some of  the perks you will certainly enjoy

According to the Citizens for Equal Access to Credit, the number of subprime card carrying citizens is shooting up. It has also reported that said subprime card users are improving their credit scores in as short as two years. The group has started the research to find out how credit card usage for subprime consumers affect credit scores.

The data was gathered from more than three hundred thousand credit card holders. More than thirty percent are subprime card holders. The study found out that there is a marked increase in credit for subprime card holders. More than sixty percent of them have improved their credit by about forty points, some even higher. Due to the increase in credit scores, those people were approved  to have a better credit card limit.

Having good credit is important because it will mean more financial options. When one has poor credit, it definitely is a good idea to start building it through credit cards. The Citizens for Equal Access to Credit has proven this through their study. So go out, compare credit cards and apply for one to begin rebuilding your credit score.

Two people had been apprehended by London Police’s the  Dedicated Cheque and Plastic Crime Unit when they raided a factory that made counterfeit credit cards. The people that were caught are involved in credit card fraud, were charged with conspiracy and defraud cases.

The machines and gadgets that the criminals used were also taken into custody. Among those that were discovered included robbed chips, fake credit cards and account numbers, PIN terminals, fake magnetic strip cards, card reader and computer softwares.

John Folan, Detective Chief Inspector of the DCPU, said that the positive turn out of the raid is one of the largest busts made and that it proved to be a welcome outcome for the Police’s efforts to quell crime, especially credit card and check fraud. He said that the bugged chips and PIN terminals have been spread in retailer’s outlets all over UK, which was believed to be more than twenty.

For people who are just thinking of applying for a credit card, go ahead and compare different credit card offers because the Association for Payment Clearing Services noted that card holders are protected by a banking code against such crimes.

Authorities cracked a case that involved eleven people which allegedly stole more than forty million credit and debit card numbers. According to federal authorities, this will go down as one of the biggest hacking case in history.

The people involved have been charged for breaking into computer systems of at least nine major retailers. The group’s ringleader Albert Gonzalez, a U.S. Secret Service informant and two others are U.S. citizens while other members are from places such as Belarus, China, Ukraine and Estonia. Unveiling of the indictments were made in Boston, Massachusetts, and San Diego, California.

Boston U.S. attorney Micheal Sullivan said that these people used “wardriving”, a technique wherein they would walk around different areas with a laptop searching for accessible wifi hotspots. When they find an unprotected network, they upload programs called “sniffers”. These programs then extract credit and debit card numbers as they move through a retailer’s computer system.

If you already are a card carrying citizen or if you are out to compare credit cards in search of a good deal, make sure to check your account for items that should not be there. Victims loose money, privacy and security, the last two being the more difficult to overcome.