New technology often brings with it bugs and security gaps.
No swipe cards are no exception with Senator Charles Schumer saying that they are a “double edged sword”. Schumer went on to say that the new technology is highly convenient but more risky for identity theft.
Approximately 20 million of the new no swipe credit cards, which are being marketed heavily toward New Yorkers, have already been issued.
(Via Postchronicle)
Over stretching of debt is becoming a ubiquitous problem in the UK. This precarious situation has been given further credence by recent figures suggesting that 4.2m people in the UK are still paying credit card bills from Christmas last year.
That’s a very worrying statistic if you consider what a pricey form of debt credit cards are.
According to Moneyexpert.com further data reveals that the average UK resident was unable to wipe off their Christmas debts until March 2006.
Sean Gardner - Chief Exec of Moneyexpert said:
“Getting into debt is fine as long as you have the means to get out of it.” Stating the obvious, but how many of us are still falling into this trap.
Shopping at ASDA (the UK supermarket) with an ASDA credit card just got a whole lot cheaper with the introduction of a whole raft of new benefits which include:
• Customers will get 2p off every litre of fuel at Asda petrol stations if they use their card to pay.
• 5% off all purchases at standalone Asda Living and George stores.
• 0.5% cashback on every purchase made wherever the card is used and redeemed in the form of Asda vouchers
• There is also free delivery on all online purchases over the value of £50 made at asda.com.
The Christmas cheer is that all existing cardholders will have the new benefits automatically applied. New cardholders are also being offered a balance transfer offer of six months’ interest-free credit, but there is a 2%c charge on the amount transferred.
Purchase rates vary from 14.8% to 19.7% depending on your credit rating, with the typical rate standing at 16.8%.
(Via This is Money)
Christmas can be a difficult time to manage your finances prudently. However, there are some obvious but worthy tips that could just save you from financial meltdown:
1. Don’t spend more than you can afford.
2. Budget expenditure for your gifts, listing out how much you can afford to spend on each person.
3. One useful tip for uncles and aunties is to buy gifts for each others children only.
3. Use a price comparison site to get good deals.
4. There is some evidence to suggest that we spend less using cash so leave those credit cards at home.
5. Be aware that late payments on one card could result in rate increases on other cards due to a reduction in your credit score.
6. Don’t use credit cards to withdraw cash from ATM’s.
7. Pay your card off in full at the end of the month.
College debts can be a millstone around your neck so it’s wise to give careful consideration before using that credit card.
According to an interesting article at Central Michigan Life.
“College students often run into problems with credit card debt because they use them for everyday expenses,” said Charles Walmsley, financial planner and finance and law professor.
“The biggest mistake college students make when it comes to credit cards is living beyond their means,” he said. “They tend to spend more money than they have.”
Given that the average college freshman carries $1,500 worth of credit card debt, according to a 2005 study by student loan company Nellie Mae, and 56 percent of undergraduates have obtained their first credit card by the age of 18 this is a very real problem for many.
“Credit cards are very easy to acquire for college students, making credit card debt prevalent for them,” Walmsley said. “Credit card companies will relax credit standards to take on more customers at a higher rate, like college students.”
How true!
However with some prudent planning and shopping around you can keep your credit card debts in check. Here are some key tips:
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