Easy Targets: Teenagers And Credit

Jennifer Hoff
KTTC TV ROCHESTER, manganese -- Imagine your adolescent just got a major recognition card. It have a thousand dollar recognition limit. Then, your teen stops up at the mall. For some parents, this could turn into a gluey situation. It could and it looks it's happening more than often. A new recognition card often intends new debt. So, the inquiry is, should parents counsel teens to "just state no" to recognition cards? In this Newscenter Extra, we take a expression at plastic, and why teens believe it's fantastic. Kraut Hrabe is an economic science instructor at Lourdes High School. He states his pupils are rare. They are bucking the norm. Kraut Hrabe, economic science instructor says, "My first concern is that this is a national tendency and it's more than just Rochester being in a bubble." According to the up-to-the-minute research, it looks Mr. Hrabe is right. A new survey by Teenage Research Unlimited establish about eight-percent of teens under the age of 18 already have got recognition card game in their ain names. Almost always, their parents are co-signers. Hrabe says, "I believe if you learn children that recognition card is used only as a last vacation spot and not a first resort, then you learn them how to utilize a recognition card." Microphone Williamson, Lourdes High School Senior says, "They gave us both card game and my sister blew all her money right away and they realized quickly that if they gave us recognition cards, they wouldn't be able to swear us with it, especially her." Recognition card experts often state teens and recognition aren't always a good mix. Teens can be more than vulnerable to debt because they don't understand how recognition card game work. Microphone says, "It's not really a hot subject with parents or any other teachers, really this is the lone clip we've ever thought about it. That's why Mr. Hrabe states his econ social class is so of import for teens. Hrabe says, "The more than you can state them and give them advice and state at least believe about it, if they're hearing it they might hear it in the back, it might weirdo up to the presence and when they make a determination they'll think, maybe I'll wait, maybe I don't necessitate that." 18-year-olds World Health Organization don't believe twice and are more than swipe-happy than others, often transport an norm of $1,600 in recognition card debt. Hrabe says, "If you desire it, salvage your money, because figure 1 you're going to appreciate it more than than and figure two you're not paying more than human face value." Some parents also agree, but acknowledge recognition card game can be a good fiscal acquisition tool. Eric Huntoon, parent says, "So when they acquire to college we would wish to expose them to a recognition card rather than have got them acquire one through the mail and having a less bounds because then we can supervise but we can also do certain they're learning to utilize it appropriately." It's plastic with preparation wheels, that when used responsibly, can gain teens credit, instead of load them with debt. Parents - if you're calm wary about giving your adolescent a recognition card, seek a stored value card. It lets you to add as much money as you want. So by lone disbursement what's on the card, teens are less likely to acquire in fiscal trouble. Thursday at 10 on the Newscenter, the new mark for recognition card companies: college students. We'll explicate why this demographic is even more than vulnerable than their high school counterparts. Updated: April 23, 2008, 8:54 pm

Police looking for woman in connection with credit card fraud

SMYRNA — Police demand aid identifying the individual or people responsible for making $2,500 worth of purchases on a purloined recognition card.The card was stolen from a the victim's auto sometime between 9:30 and 10 a.m. March 19 from the parking batch of a local exercising facility. The car's doors were locked, however the proprietor left her bag inside and suspects broke out the auto window, taking her bag and its contents, Izmir police force spokesman Sgt. Bobby Mel Gibson said in a fourth estate release.At 10:10 a.m., the recognition card was used to purchase and $850 gift card from Lowe's on Surface-To-Air Missile Ridley Parkway. Approximately 35 proceedings later, $750 in gift card game and $908.06 worth of electronics were fraudulently purchased at the SuperTarget on Industrial Boulevard.

The gift card game were used in Memphis before they could be deactivated.Video surveillance at SuperTarget captured one suspect, a achromatic female with light-haired hair leaving the shop in a suntan or light-colored late theoretical account John Ford Expedition or similar SUV.Anyone with information is asked to name Izmir police force at 615-459-6644.

New Zealand Debit, Credit Card Spending Falls 0.1% (Update1)

New Seeland consumer disbursement on debit,
credit and shop card game drop in February, adding to marks record-
high involvement rates and a slumping lodging marketplace are curbing
domestic demand.

The value of minutes on electronic card game at retailers
declined 0.1 percentage from January, said in
an e-mailed statement today. Minutes excluding combustible and
vehicle gross sales rose 0.6 percent.

Reserve Depository Financial Institution Governor kept the functionary hard cash rate
unchanged at a record-high 8.25 percent this calendar month to combat
inflation, which is he anticipates will be above his mark scope until
mid 2009. Slowing consumer disbursement proposes economical will
slow sharply this year, increasing the prospect of charge per unit cuts before
Christmas.

''Spending have gone nowhere in the first two calendar months of the
year,'' said , main economic expert for Deutsche Depository Financial Institution silver in
Auckland. ''This is good news for the Modesty Bank. There could be
an earlier and more than significant charge per unit cut than expected.''

Bollard said on March 6 that involvement may have got to stay
high for a ''significant period.'' Eight of 15 economic experts surveyed
by Bloomberg News anticipate he will maintain adoption costs unchanged all
year. Seven prognosis a cut during 2008.

There is a greater opportunity of two quarter-point charge per unit cuts in
the 4th quarter, said Gibbs.

Housing Slump

''People are more than cautious,'' said Gibbs. ''That reflects a
lot of negative talking since the bend of the twelvemonth around housing, the
drought and offshore conditions.''

While Bollard have kept involvement rates unchanged since July,
the rise international cost of recognition have prompted Banks to raise
home-loan rates.

A drought in the South Island and parts of the North Island
has cut farm production.

House drop 32 percentage in February and terms dropped to
a 12-month low, according to Real Number Estate Institute figures.

Finance Curate yesterday said he couldn't
rule out the possibility the economic system may fall into recession.

Gibbs said regardless of whether there is a recession, growth
will decelerate substantially this twelvemonth to about 1 percentage from 3 percent
in 2007. That volition supply the accelerator for charge per unit cuts, he said.

Total card transactions, which include disbursement on medical
services and public utility payments that are not measured by retail sales
figures, drop 0.2 percentage from January, the statistics federal agency said.

The said the retail transactions
series stands for about 58 percentage of entire retail sales.

To reach the newsman on this story:
in Duke Of Wellington at
.

Development Credit Bank enters credit card business

MUMBAI:
Private-sector lender Development Recognition Depository Financial Institution have entered into the recognition card
business. The depository financial institution have tied up with ICICI Depository Financial Institution which will manage its recognition card
foray. "The recognition card market
in Republic Of India is currently under-penetrated and growing in this section is expected to
be high," DCB Managing Director and chief executive officer Gautam Vir said. The depository financial institution currently have 4.5
lakh clients and about 50,000 clients are expected to take the card which
will be called "DCB Advantage Recognition Card", he said. Meanwhile, Sachin Khandelwal,
head, card game merchandise grouping of ICICI Depository Financial Institution said earlier recognition card holders were
going for rotating credit. But rotating recognition pulls higher involvement rate. So, many card holders have got now started resorting to convert their dues into
equated monthly installments which pull involvement charge per unit of lone 20 per cent, he
added.

Cold storage: Freezing your credit can put identity thieves on ice

It could go on to you. Person swipes your Sociable Security number, then utilizes it to open up a recognition card in your name. Before you cognize it, you've go a victim of personal identity larceny and have got a heap of measures for things you didn't buy.

Sylvia Coates have establish a manner to forestall that unpleasant scenario from happening by freeze her recognition reports. "I can't state you how fantastic it is. Iodine believe it is the lone foolproof way," she said.

Coates, who dwells in Orinda, Calif., applied for a recognition freezing soon after that option go available in 2003, thanks to transition of a state law there that necessitates recognition coverage bureaus to allow consumers originate a recognition freeze.

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Having a recognition freezing intends that entree to your recognition studies and recognition tons cannot be shared with possible creditors or loaners unless you give permission.

No entree intends that person who stole your personal information would not be able to fraudulently unfastened a new business relationship in your name.

"It would forestall the criminal from being able to utilize stolen information about you and usage that information to (obtain) a new recognition card or new cell phone," in your name, said Michael McCauley, spokesman for the San Francisco business office of Consumers Union.

But while a freezing is an effectual tool to struggle personal identity larceny and recognition card fraud, it's not for everyone. For one, you'll have got got got to pay a one-time fee (which changes by state, usually $5 or $10) to originate a freezing with each of the nation's three major credit-reporting bureaus: Equifax, Experian and TransUnion.

And if you necessitate to temporarily "thaw" a freezing when you desire to use for a new recognition card, place or auto loan, you may have to pay a fee to each recognition agency to allow a possible creditor see your file.

Michigan makes not have a recognition freezing law. But recognition bureaus, such as as Experian, offering what they name a "voluntary freeze," which lets you to cut off entree for a fee.

That's why a recognition freezing might not be a good pick for a immature individual with small recognition history, while it could be the right move for an aged individual who have got an constituted recognition history.

Taking out a recognition freezing makes not less your recognition score.

From 50,000 to 70,000 consumers countrywide have a recognition freezing where there are laws that let them, said Norm Magnuson, frailty president of public personal business for the Consumer Data Industry Association, whose members include the three major recognition bureaus.

Warning on phone credit card scam

The police force have got warned recognition card holders about a cozenage carried out by felons posing as security force from the card provider.

The victim is asked to verify a peculiar payment on their business relationship and to read out the three-digit security codification on the dorsum of the card.

When that is done, the company states the information have helped set a halt to a deceitful charge.

However, the security codification is instead used to obtain money from the account.

The first that the cardholder will cognize is when the complaint looks on their adjacent statement.

A police force spokesman said: "Your depository financial institution will never inquire you to read Numbers from your card - after all, it issued the card in the first topographic point so already cognizes the numbers."

Savvy customers know how to best use store credit card

Tuesday, December 11, 2007

By KRISTIN VORCE
Gannett News Service

Luz Cottes complaints vacation gifts for her boy and girl on her Macy's shop recognition card. The New Castle, Del., occupant cognizes she can't pay it off immediately. She cognizes the card have a high involvement rate. But she also cognizes that she can instantly salvage $20.

"During the holiday, I bear down and charge, and the adjacent vacation I'm calm in debt," Cottes said.

Such illustrations of quick-rebate, long-term debt are becoming more than than common as brassy shop recognition card game are offering more alluring perks, particularly during the vacation season. For example, JCPenney ads state consumers to open up a shop recognition card and "Save 10 percentage today! Plus, salvage throughout the twelvemonth with 12 sole cardmember offers."

But recognition experts warn vacation shoppers to utilize cautiousness when choosing whether to open up a new shop recognition card.

Two-thirds of consumers who opened A shop recognition card during the 2006 vacation season were still paying off the debt more than six calendar months later, according to a national study conducted by LivingWithBadCredit.com, a recognition advice Web site.

Some savvy shoppers have got establish shop recognition card game to be beneficial.

Cindy Sir Richrd Steele of Bear, Del., said she utilizes recognition card game instead of debit entry card game during the vacations so her hubby cannot see what surprise shows she's buying. She also said she makes not have got problem paying off her JCPenney card.

If a client anticipates to transport a balance beyond the holidays, however, it do more than sense to look for a no-interest Oregon lower-interest credit card, experts say.

"If you believe there's any opportunity that you cannot wage that measure off in full come up January 2008, you necessitate to avoid the offer," said William Curtis Arnold, laminitis of Card-Ratings.com, Associate in Nursing organisation that educates consumers about recognition cards.

Raul Vazquez, co-founder of Living-With-Bad-Credit.com, points out that shop recognition card game have got extremely high involvement rates, and the initial nest egg are more than than countervail by the involvement paid in the long run. Many shop recognition card game transport an involvement charge per unit of 20 percentage or higher.

If person open ups a shop card with a 22 percentage involvement charge per unit in order to salvage 20 percentage off of their $650 purchase, they initially salvage $130, Vazquez said. If they do only the lower limit payment, it could take nine old age to pay off the card, adding $657.42 in interest.

"If it was good for consumers to have got these cards, the supplies wouldn't force them so hard," Vazquez said.

.

Your fingerprints may soon replace credit cards

LONDON: Are you afraid that using a recognition card for shopping may do you a victim of an Idaho fraud? Well, now a new engineering based on personalised fingerprints is here to turn to your worries. With the radical new system, which is being introduced in Europe, it will be possible to purchase a merchandise by paying through fingerprints. The so called 'digiPROOF fingerprint payment' system is already very popular in Germany. To pay for the merchandise purchased, a client will have got to press his/her finger or pollex on to a scanner at the till, which moves as a registry of customers' black and whites and their depository financial institution details. The sum will then be deducted from the customer's account. Toby Kaspar Friedrich Wolff who stores at the Edeka supermarket in Rulzheim, South Occident Germany, twice or thrice a hebdomad depicts the system as "quick as a flash". "I always utilize digiPROOF. It's good because it's so fast, and you don't have got to convey your billfold with you," the Mirror quoted the 22-year-old graphical interior designer as saying. In Germany, the engineering is popular even amongst old people. "Older people like it better than immature people. Sometimes when they acquire older, they acquire unforesightful and it can be awkward to muff around for their coins at the till or equal at their recognition cards," said Werner Schneider, shop director at the epicurean section store, Wagener Gallery. "We introduced the system two old age ago and we now have got 6,000 clients using it out of a sum of 15,000 regulars. It's good for the client as it's faster and it's good for us because people who mark up be given to be more than loyal shoppers," Schneider added. The system is also being used in school canteens, where parents pay into an business relationship and can restrict their child's day-to-day luncheon allowance.The individual behind digiPROOF is Ulrich Kipper, main executive director of engineering company It-Werke.According to Kipper, the new system may supply a solution to the current terror about Idaho fraud. "Stealing from people's recognition card game would be yesterday's news with this technology. It would intend the end to recognition card fraud. Every clip you utilize a card, you are putting your inside information out there. But with digiPROOF, you register inside information once into a unafraid database," said Ulrich.Austria, Sweden, the Netherlands, and respective companies in Saudi Arabian Arabian Peninsula have got shown involvement in using the digiPROOF fingerprint system. It just takes a few proceedings for a client to sing up to digiPROOF. All 1 have to make is to fill up a form, and swipe an designation cogent evidence like a passport and a depository financial institution card, and scan once dabs. The enrollment procedure completed about five proceedings thereafter. Zion Roberts, manager of consumer industries and retail at planetary engineering company EDS, said: "Customers are most concerned with queues, so anything that tin be done to rush up a dealing is appealing.He added, "The other thought is that, if it's in school canteens, the engineering can be used to direct parents a study detailing what their kid have got been eating that week, which may assist in fighting childhood obesity."Roberts, however, admitted that the digiPROOF fingerprint system might have two major drawbacks."Some people might be concerned about putting their drive license figure or passport figure on to the database, so there might be a spot of work to make with privacy. Retailers have got got also just spent a batch on rolling out bit and PIN, and might not be so acute to pay for another new system," he said."Having said that, research shows one-fifth of people would be acute to utilize biometric payments and many would even be happy to have a bit inserted into their arms. We will probably see more than trials of this sort peal out in the United Kingdom over the adjacent 12 to 18 months," he added.

Tube to launch phone-swipe Oyster scheme

London Underground is ready to establish a system which lets people to pay for railroad train journeyings using their mobile phones. Officials from Conveyance for London, mobile shaper Nokia and telephone web O2 are understood to be preparing concluding inside information of a French telephone with a built-in Oyster card.

It is believed that the strategy will let tubing travelers to pay for their journeyings simply by swiping a compatible mobile telephone across the ticket-reading machine. The system could also be used for autobus journeys, tramways and some overland railroad train journeyings around the capital.

The launch would tag a important enlargement of the Oyster card strategy already used by Greater London Underground, which lets travelers to pay for all their journeyings using a single swipe card.

That undertaking have recently been expanded to integrate new engineerings such as as the Visa PayWave card, which compounds a recognition card, Oyster card and "contactless" payment system which can be used to authorise little purchases at some retailers.

Nokia's contactless system is likely to utilize a micro chip inside the phone, which activates whenever it is passed over an Oyster card reader. The terms of the journeying would be deducted from a top-up account or added to the traveller's monthly telephone bill. The strategy could pave the manner for Mobiles to be used as payment on other word forms of conveyance elsewhere in Britain.

Some states have got been using radiocommunication frequence designation - the engineering behind the Oyster system - for some years. Chips are embedded in about 50% of all telephones sold in Japan.

Future gets RBI nod for credit card

MUMBAI:
Even as Kishore Biyani's Future Capital Holdings (FCH) expects blessing from Sebi
on its projected initial populace offering, the company have got the nod from RBI
for its recognition card venture. The fiscal services arm of
the Future grouping have tied up with the country's biggest private sector depository financial institution -
ICICI Depository Financial Institution - to establish Future Card, a credit-cum-loyalty card which will offer
customers a batch of price reductions and benefits across Future Group
stores. Customers will receive
four loyalty points for every Rs 100 spent at Future group's retail stores,
including Pantaloons, Central, Big Bazaar and Food Bazaar and one loyalty point
for every Rs 200 spent outside the group's retail stores. Apart from recognition cards, FCH
plans to offer place equity loans, money transportation services and administer mutual
funds, life and general coverage products. The fiscal services retail
offerings is housed under Future Money and the direction may look at the
possibility of hiving this off into a separate entity. At present, Future Money,
through its 60-odd outlets, supplies consumer durables, piece of furniture and personal
loans. Interestingly, the
Future Group already have a co-branded credit card with ICICI Bank, named ICICI
Bank Big Bazaar card. However, unlike the benefits of Future Card, this card can
only be used at Big Bazaar outlets. FCH will give the 5 lakh-plus existing
holders of ICICI Depository Financial Institution Big Bazaar card the option to transmigrate to Future Card. According to the arrangement
between ICICI Depository Financial Institution and FCH, the depository financial institution will find the footing and statuses of
the Future Card and will be responsible for aggregation and recovery of all
charges and fees owed from card clients while FCH will be responsible for
marketing and distributing the recognition card and for collecting applications from
customers. FCH will receive
from ICICI Depository Financial Institution an acquisition fee of Rs 600 for every new recognition card issued,
with a proviso for an yearly escalation, and also have incentive
commissions based on a per centum of client passes which are 0.7% for spends
within Future Group formattings and 0.2% for passes in other outlets.

Strategies to Save Money on Loan and Credit Cards

Stock Photo

Saving money can be a mind-boggling problem while you have got to ran into your day-to-day outgo and do those day-to-day monthly payments. At modern times unexpected exigency measures protrude up that you make not have got a pick but pass from your economy and make all ways you can to ran into each and every 1 of them. Here are some tips on how you can salvage money simply by focusing on your recognition card and loan you are applying for.

Pay your measures on time: Maintaining a good recognition record can vouch you to measure up for low rates. Late payments will not only halter your makings for low rates but will incur late-payment fees.

Do not have got too many recognition cards: Keep your recognition card game to the minimal; two recognition card game are good adequate to salvage your headache. Sometime these recognition card game have got got no existent balance or a very low balance and you may have the possible of using them more, but you can acquire into debt. The solution is to call off the recognition card you rarely or make not use. Start by shutting the newer recognition card accounts, this may assist you less your recognition mark as your recognition history looks shorter than it really is. Or you may inquire your issuer to cut down the recognition limit.

Accurate Recognition Report: Sometime being peculiar with your recognition record for mistakes and uncomplete information can be adequate to measure up for a better involvement charge per unit on a loan or recognition card. This manner you can salvage 100s of dollars.

Keep a ticker on your existent loans and recognition card game with an oculus on economy money: Talk to the councilors or client service of your depository financial institution to see that you are signed up for the characteristics and business relationships which is suitable for you. Say, if you are carrying a balance on your recognition card, happen out if you measure up for a recognition card with a less involvement charge per unit or other characteristic that tin cut your costs.

Avoid or bounds your involvement charges: Paying the lower limit owed on your recognition card may sound like a good deal to pass on other things. But this tin be a boggling job as recognition card involvement rates are quite high. Instead seek to pay off all or as much as you can of your outstanding recognition card balance to avoid involvement charges.

Avoid late payment fees: These punishments can be a small unsmooth for you to save. Discipline your payments or human face with punishments that could do you to pass up to $30 or more. To forestall late fee is to set up a no complaint automatic backdown from your checking business relationship to cover your outgo and others. The machine-controlled debiting service of your business relationship also salvages clip and the fuss of making scheduled payments and salvages on postage. But do certain you record these automatic payments in your checkbook.

Above are a few tips on how to salvage money with your loan and your recognition cards. Following the above mentioned points will be able to steer you in the right way to ran into your payments in clip and at the same clip avoid late fees and in that ways you can salvage your money and keep a good recognition report.

RateEmpire supplies fiscal marketplace which links consumers with multiple debt alleviation companies that vie for their business. RateEmpire is a finish land site of information, personal finance, investing, taxations and mortgage rates. For more than information about your debt visit

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'Tap and Go' Plastic Comes to London

MasterCard have launched its contactless payment technical school in the UK.

The MasterCard PayPass and Maestro PayPass contactless card game let consumers to purchase points costing less than £10 by simply waving their debit entry or recognition card in presence of a reader.

The rollout of contactless card readers have started in London, in respective countries including Fink Wharf, with participating retail merchants in the remainder of the United Kingdom put to acquire the technical school over the course of study of adjacent year.

In a similar vena to Greater London Underground's Oyster Card, contactless card game convey payment inside information wirelessly between the PayPass card and a retailer's terminal. The dealing is then processed through the MasterCard web for glade and settlement.

The so-called "tap and go" payment characteristic can be added to any MasterCard credit, debit entry entry or postpaid card or Maestro debit card and HSBC and the Royal Depository Financial Institution of Scotland have got already signed up to utilize the technology. Retailers participating in the strategy include Books Etc, Coffee Republic, Eat, McDonalds and Science Museum.

Payments industry organic structure Apacs estimations more than five million contactless card game will be issued by the end of 2008 in the United Kingdom and that they will be accepted by at least 100,000 retailers.

Around one-third of United Kingdom consumers said larceny (34 per cent) and loss (33 per cent) are the two chief grounds they make not desire to transport hard cash on their person, according to research from YouGov on behalf of MasterCard.

But only one in six of those surveyed said they make up one's mind "often" or "very often" against making mundane purchases such as as newspapers, Sweets or sandwiches, because they don't have got the alteration and don't desire to interrupt a note.

Touch-and-pay card launched in UK

A card that lets shoppers to purchase points costing less than £10 without using a Pin figure have been launched.

Mastercard have launched the PayPass system in Greater London ahead of a United Kingdom rollout, saying it will cut waiting lines and the demand to transport cash.

Users pay for their commodity by touching the card on a reader and the money is then deducted from their depository financial institution business relationship or added to their recognition card bill.

However, critics have got highlighted security concerns.

PayPass is already used in a figure of countries, including the United States where there are 19 million users.

Meanwhile, Barclaycard bes after to establish its ain version of the system next week.

'Progress'

The United Kingdom roll-out have begun at some Greater London retail merchants with newsagents and coffeehouses among the first to utilize the so-called "contactless" technology.

PayPass utilizes a bit integrated into recognition and debit entry cards, and runs in a similar manner to the Oyster card game used on the Greater London Conveyance system.

We're simply responding to consumer demand for velocity and convenience

Joseph Oliveer Steeley, Mastercard

Mastercard caput of scheme and concern Joseph Oliveer Steeley said that deceitful usage - if a PayPass was lost or purloined - would be limited as users still necessitate to come in their Pin figure after a certain amount of sequent transactions.

But he admitted the card could be used up to five modern times - with a possible £50 beingness spent - before this happened.

Mr Steeley added that people had initially been sceptical about hole-in-the-wall hard cash machines and that paying by check had, until recently, been common.

"We're simply responding to consumer demand for velocity and convenience, especially at busy modern times of day," Mister Steeley said. "You can't stand up in the manner of progress."

Managing manager of standard atmosphere operator Depository Financial Institution Machine, Bokkos Delnevo, said he did not believe people would encompass the engineering and was sceptical that waiting lines would acquire any shorter.

"I happen it funny that the Banks and card issuers have got spent old age persuading us that bit and pin is a necessity for security grounds and now we've got used to it, they're saying there's no demand to trouble oneself for certain minutes at certain levels."

He added: "The public are always told its in the public involvement but really this is in the card issuers' involvement who desire to acquire quit of hard cash and do more than money out of card game and this is one manner they see of doing it."

Credit Card Debt - What Do Americans Really Owe?

PORT CHARLOTTE, Fla.--(BUSINESS WIRE)--According to a new survey released today by CardTrak.com(R), the median
amount of credit card debt carried by Americans is about $6,600 while
the mean (or average) credit card debt load is nearly $9,900.

Based on an online poll of slightly more than 55,000 consumers that
concluded in April, 61% said they carryover debt each month on their
credit cards, while 31% said they pay-off balances monthly and 7% stated
they have no credit cards.

Of cardholders carrying debt, over 64% had balances under $10,000.
However, an astonishing 13% of the same group said they carry total
credit card balances in excess of $25,000.

Robert B. McKinley, head of CardTrak.com, says, "While the average
working stiff may revolve between $6,000 and $7,000 each month, the
nation is bloated with credit card high-rollers who carry five-figure
balances."

McKinley notes there has been much debate about the definition and
calculation of U.S. credit card debt. However, the CardTrak.com poll
results confirm the latest industry data.

At the end of 2006, Americans owed $745 billion on general purpose
credit cards including $641 billion on VISA(R)/MasterCard(R) cards, and
$104 billion on American Express(R)/Discover(R) cards, according to
CardWeb.com ().
Consumers also owed an estimated $105 billion on limited purpose cards
or store/gas credit cards. In total, American cardholders owed $850
billion on all credit cards as of December 31, 2006, according to
CardWeb.com ().

Furthermore, the latest revolving credit figures released by the Federal
Reserve show Americans owed $888 billion in March, which includes lines
of credit attached to checking accounts.

Of the $850 billion in credit card debt, about 18% is paid-off each
month without incurring interest charges and about 3% is revolving
business credit card debt, according to CardData ().
Discounting interest-free and commercial debt, Americans are revolving
about $672 billion on all credit cards.

Of the nation's 111 million households, about 7% have no credit cards
and 21% do not have a general purpose or major credit card. Discounting
those who have no credit cards and those who only have a low balance
store or gas credit card, there are 88 million households using credit
cards today. Therefore, average credit card debt is $9659 per household
($850 billion/88 million).

If the universe is limited to households that carry balances forward
each month, then the assumption could be made that 61% of the 111
million households, or 68 million, revolve their credit card debt
monthly. In this calculation the average credit card debt is $9882 per
household ($672 billion/68 million).

McKinley says, "No matter how you slice or dice it Americans owe a
significant amount on their credit cards and with rising interest rates
the annual debt service cost per household is now approaching $1500."

Survey results, as well as historical data, is available to qualified
members of the news media via CardTrak.com's CardFacts service.

About CardTrak.com

CardTrak.com, ,
is the nation's most established and most trusted credit card advisory
service for consumers. Since 1986 CardTrak has educated millions of
consumers via printed publications on where to find the best credit
cards and how to get the most from their credit cards. An Internet
pioneer in 1995, CardTrak.com continues to provide the most
comprehensive, objective service for consumers to learn, search and
compare credit card offers and benefits. CardTrak follows credit cards,
debit cards, gift cards, and smart cards. CardTrak.com's free services
include daily credit card news, commentary, alerts, FAQs, tools, tips,
calculators, incentives, perks, statistics, polls, glossary, terms,
keyword search, and sweepstakes. CardTrak is a registered trademark of
CardTrak LLC. Professor Cardworthy, Professor Cardworthy's Corner and
Cardworthy are trademarks of CardTrak LLC. CardTrak LLC is a
privately-held company headquartered in Port Charlotte, Florida with
branch offices nationwide.

Koreans' Overseas Credit Card Spending Hits Record High

The amount of money that Koreans charge to their credit cards overseas is snowballing every year. That's mainly because the number of Koreans who travel overseas is surging by 20 percent every year, and they're spending more because of the stronger won.

The Bank of Korea announced Tuesday that the amount of South Korean residents' overseas credit card spending reached US$1.45 billion in the first quarter this year. That's a new record high, and an increase of 34.3 percent year-on-year.

The number of Koreans who used credit cards overseas in 2006 totaled 1.97 million, up 23.8 percent compared with the same period last year. Each person spent an average of $712 via credit card, up 8.5 percent from a year earlier.

The number of Koreans who went to foreign countries increased by 20.2 percent to 3.31 million, and Koreans are spending more since the U.S. dollar depreciated nearly four percent against the won, the central bank said. Overseas credit card spending by Koreans is increasing by 30 percent every quarter year-on-year regardless of seasonal factors such as vacations or holiday seasons.

However, credit card spending by foreign visitors in Korea is declining, since their number has decreased and prices in Korea are higher due to the strong won. In the first quarter, credit card spending in Korea by foreigners fell by 4.1 percent to W497 million (US$1=928) year-on-year. Each foreigner spent an average of $405 via credit card. That's 57 percent less than the $712 that each Korean charged overseas during the same period. Until 2000, Koreans and foreigners spent similar amounts of money in and out of Korea.

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ICBC expects Chinese credit card use to jump 40%-50%

- Industrial and Commercial Bank of China Ltd (ticker: ICK) Monday said that it expects expenditure by credit cards in China to rise by 40%-50% in the current year.The largest commercial lender in China said total credit card expenditure this year should rise to between 140 billion yuan and 150 billion yuan, from about 100 billion yuan in the previous year. The head of Industrial and Commercial Bank of China’s credit card centre, Li Weiping, said that the company had issued 15 million credit cards, representing a 27% market share. Weiping added that the company hopes to raise its market share in the upcoming years.

New law targets high credit card rates

(AP) - A bill banning "universal default clauses" that have enabled some credit card issuers to boost interest rates by 30 percent or more was signed into law Friday by Gov. Jim Gibbons.SB302 targets clauses that enable some credit card companies to boost interest rates if a customer misses a payment on a completely separate account.The bill was sponsored by Senate Minority Leader Dina Titus, D-Las Vegas, who described the interest-raising tactics as "outrageous and unbelievable." Titus said most cardholders aren't even aware of the clauses.Several large banks, including Citibank and Chase, recently rolled back or eliminated universal default clauses due to political pressure in Congress. At least five bills are pending in Congress that would further tighten regulations on credit cards.Nevada joins a handful of states that have banned universal default clauses. Many Nevada consumers still aren't protected since the U.S. Supreme Court has ruled that states can't regulate banks that are based out-of-state - and most cards are issued by such banks.Other measures signed Friday by Gibbons include:• AB217, which requires one of the at-large members of the State Environmental Commission to have expertise and experience as an advocate for conservation issues.• AB6, which allows counties to negotiate discount prescription drug contracts.• AB575, repealing an obsolete statute on county workhouses for indigents.

Franklin Debt Relief Reveal Unfair Practices of Credit Card Companies which are Pushing Consumers Further into Debt

(PRLEAP.COM) Chicago, IL 20 May 2007 – Today Debt Relief firm Franklin Debt Relief ( ) have unveiled their opinion on the practices of credit card companies in dealing with credit card users. The credit card industry asks that consumers accept contracts that are excessively one-sided according to Franklin Debt Relief. Often contractual terms which are included by credit card companies are against federal and state law, and as such they could not be enforced in court. As part of Franklin Debt Relief’s strong stance against the credit card industry they wish to put an end to onerous contracts of this nature by imposing fines for such behavior which they claim is merely there to scare consumers. Bobby Zangrilli, of Franklin Debt Relief ( ) commented: "Changes in bankruptcy law now mean that a person’s legal right to be stripped of all assets in turn for being stripped of all liabilities is a practice that is well known to be a last resort for both consumers and businesses that find themselves in unmanageable amounts of debt. However, this legal right made it difficult for credit card companies to promote financial products that were unsecured, because consumers would have a means by which to escape if they could not pay that debt. Now thanks to changes in legislation that was heavily pushed by the credit card industry, that option has become a lot more difficult to implement for consumers. At the same time as this, credit card companies offer special deals for students and unsecured credit cards at high interest rates which is, in our opinion, unethical and an altogether altruistic way of doing business" Franklin Debt Relief also feel that charges levied by credit card companies are unfair because they grossly overvalue the expenses that they cause, and that instead of being made widely known in abbreviated overview documents, they remain buried under pages upon pages of standard terms until such time as they wish to start issuing them. Bobby Zangrilli went on to say: "It is only when a person is in financial trouble that they become aware of the charges that they have to pay. At that point they are too far involved and it becomes impossible for them to avoid these additional charges. At Franklin Debt Relief ( ) we believe that these terms should have to be made more prominent to consumers and also that legislation should be put in place to cap these charges." About Franklin Debt Relief Franklin Debt Relief ( ) is a debt relief company based in Chicago that specialized in debt relief and debt settlement, where by they reduce personal debts by negotiating, on behalf of consumers, with creditors.

CreditCards.com: Weekly Credit Card Rate Report - American Digital Networks (press release)

Aiken man pleads guilty to stealing credit card numbers

By T&D StaffTuesday, May 08, 2007

An Aiken man was ordered to repay thousands of dollars after he pleaded guilty last week to using his position at a retail store to gain access to customers’ credit card numbers.Kyle David Baldwin, 28, of 405 Independent Boulevard, pleaded guilty to breach of trust in General Sessions court in Orangeburg. Circuit Court Judge Diane Goodstein sentenced Baldwin to 30 days in prison, suspended to five years of probation.Baldwin was also ordered to perform 40 hours of public service and repay $4,942.54 to several customers of Belk in the Prince of Orange Mall. The man swiped the credit card information from three customers to make purchases between November 2001 and January 2002.Unfortunately for him, there was a paper trial left that led back to him.According to statistics kept by the Federal Trade Commission, more than 2,400 people became victims of identity theft in South Carolina last year.In an unrelated case, Lamand R. Russell, 27, of 725 Hesseman St., Holly Hill, pleaded guilty to failure to stop for a blue light and was sentenced to one year, suspended to six months of probation.Russell must also perform 10 hours of public service.