(Dal from Maryland) I am current on my credit card payments, however I am getting close to being late on some. What should I do? (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Archive for the ‘Credit Cards’ Category
What is Debt Forgiveness?
When examining debt relief options, clearly forgiveness of debt can be an appealing idea. Imagine getting all or a portion of your debt forgiven rather than having to deal with debt collectors and legal action! If it sounds too good to be true, understand that there are many consequences of debt forgiveness that could leave you in worse shape. (more…)
Ask Ken Your Financial Questions
When you are looking for an answer to a very specific question, it may sometimes be difficult to find exactly what you are looking for. That is because your situation is unique, and most other situations that you read about are just not the same as yours. Now you can ask your questions directly. (more…)
Bank of America Delays Balance Transfer Fee Increase
Bank of America quietly delayed their changes to the way they calculate balance transfer fees. Changes were to go into effect in March, 2008. They are now delayed until at least June 16, 2008.
The fee will remain at 3% of the balance transfer with a minimum fee of $10. However, the cap of $75 will be removed altogether. (more…)
Credit Card Defaults Finally Increasing
Credit card default rates have stayed low, even as foreclosure rates have more than doubled in many areas. Now, credit cards are also showing signs of trouble. (more…)
Quickest Way Out of Debt
The quickest way out of credit card debt is to dramatically cut your interest rates. There is no other factor that matters as much as the rate in which your finance charges are compounded. So how do you eliminate credit card debt? Here’s how. (more…)
Foreign Transaction Fees Refunded
If you made a credit card purchase overseas, you may be eligible for a refund. As a result of a class action lawsuit filed against MasterCard, Visa and Diners Club, you may receive a refund of the 3% foreign currency conversion fee that was charged on those transactions. (more…)
Seniors Unaware of Credit Freezes
Senior citizens do not understand the option of placing a freeze on their credit profile. That is a conclusion of a recent study conducted by the American Association of Retired Persons (AARP) Public Policy Institute.
A total of 69 percent were unaware of credit freezes and how they work. For seniors looking to prevent identity theft, a credit freeze may be the best answer. (more…)
Credit Cards Defy Interest Rate Cut
The Federal Reserve Board is expected to cut interest rates on December 11. This reduction normally is followed by interest rate reductions by major lenders.
Major credit card issuers normally adjust their rates accordingly within a 30 day time frame. However, it appears consumers will not see the relief this time. (more…)
Credit Card Charge-offs Up 20 Percent
According to Collections & Credit Risk, credit card charge-offs rose 20% in the third quarter of 2007 over the same period in 2006. Bank of America, Chase, American Express and Citigroup set the pace with a combined $5.57 billion in charge-offs for the three months ending September, 2007.
This is less than the second quarter’s increase of 22%. Here is how the individual issuers fared. (more…)
