Credit cards
Credit cards are sometimes a good alternative to a payday loan.
A Bank of America ATM machine.

Prepaid benefit cards exploit the unemployed, says study

Prepaid debit cards can work well as a gift, but monthly maintenance fees, withdrawal and ATM fees can take some of the usefulness out of them. According to the National Consumer Law Center, prepaid cards may not be the best way of distributing benefits to more than 13 million unemployed in the U.S., as is
This Federal Reserve/Vanderbilt/Penn study tries to connect payday loans to credit ruin, but what they leave out suggests a rosier alternative. (Photo: flickr.com)

Fed Study Unintentionally Paints Rosier Picture for Payday Loans

Why Use Credit Cards When There Are Payday Loans? Credit cards have proven to be both a useful tool in establishing a credit history and a bane to those consumers who hope to maintain a good credit history. The temptation to “swipe and go” has been actively cultivated by the American media. With the magic

Payday loans direct versus credit card and long-term loans

Students and credit cards What is seldom or, in fact, never advertised are the actual costs involved when using a credit card as a cash flow mechanism, specifically for the employed student who is battling to balance financial tasks, not to mention their studies and part time employment duties. These costs and charges contained within

Major Benefits of the New Laws for Credit Cards

New laws The Obama administration is working hard to reform laws for companies who issue credit cards. On May 22, the president signed off on the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, act of 2009. The bill is set to improve the way companies deal with consumers and act as a watchdog
Bank of America

Bank profits tumble as new laws for credit cards start working

New regulations for credit cards on how interest rates and fees can be assessed are working. However, some loan lenders are lamenting the new rules that require greater disclosure when changing terms with customers. Outlawing guerrilla-style fee and interest raises has led Bank of America and other companies to lose value from credit card units.
Fingers crossed

Credit cards may be worse for your credit score than you think

One of the rationales behind using credit cards, or at least using them on a semi-regular basis, is that if you use them occasionally and pay the balance immediately, it boosts your credit score. That may be partially true, but it may not actually be that simple. There are ways, in fact, that credit cards

Unsecured loans being offered to college-aged consumers

Unsecured loans are the newest concern for young people. Now that credit card companies are in trouble, they are looking for new ways of generating revenue. The recession was a difficult time for everyone, and that includes credit lenders. Companies suddenly had to deal with huge losses as a result of defaulting loans. To mitigate
Interest Rate

U.S. Supreme Court to consider credit card notification

The U.S. Supreme court has announced that it will consider a case involving credit cards. McCoy v. Chase Manhattan Bank, USA, will be heard by the Supreme Court during its next session, which begins in October. The case is a class-action suit that alleges credit card companies cannot retroactively increase the interest rate on a
Gold VISA credit card close up

Blippy credit card info exposed to identity theft on Google

The Blippy credit card info exposed on Google is way too much information.  Blippy invites users use the social networking service to tell their friends about what they buy online. Venturebeat reported Friday that at least one person figured out how to find Blippy members’ credit card numbers on Google. A search VentureBeat calls “fairly

How to Get Out of Debt Fast

Do you want to get out of debt as quickly as possible? Getting out of debt is very challenging for many people. Many people are conflicted with getting out of debt as quickly as possible, but they do not know which options are right for them at the moment. There are many companies advertising their

Installment Loans can Help Save Credit Scores

Where credit has taken consumers Installment loans can help save credit scores. In the market today, there are many changes in the world of credit. It used to be that credit cards were reliable options when consumers were faced with emergencies. Many people had that one credit card they kept in the kitchen drawer. It
Fish Fork

Credit card cash advance fees go up after CARD Act passes

After the CARD Act, or the so-called Credit Card Holder Bill of Rights, passed Congress, credit card companies started to think of new ways to increase revenue. Credit card companies now are figuring out ways to legally charge more for using the credit they extend. There are greater interest rates being assessed. Late payment penalties
Cutting Shears

Personal loans rise as credit cards fall

During economic recessions, you expect people to tighten their belts and cut down on their use of credit, of any form.  It is certainly true that some tightening has happened, but it isn’t as much as you’d think.  It is instead the case that some forms of consumer credit are being used more, while others

Secured Credit Cards Can Help Reestablish Credit

Secured credit cards can improve credit ratings A secured credit card is a good way to reestablish credit. Even for those who do not have a bad credit history, a secured credit card can be a safe way to control spending and avoid bad debt. Knowing exactly what these cards are and how they work
Escalator

Use of open credit loans declines with credit card delinquencies

Americans are paying off debt in greater frequency, as the popularity of open-ended credit loans is declining. The near collapse of the credit market has led to more people questioning the value of debt. More people want their payday cash going to their own pockets, not to banks and loan lenders. Credit card delinquencies decline
Credit cards

Credit Cards Newest Area of Potential Problems for Banks

Banks and credit cards Banks have suffered through the recession with huge mortgage industry defaults, but a new fear that credit cards will do the same is looming. Ken Lewis, Bank of America CEO, stated he believes that despite the government’s $700 billion rescue program, it will be “an awful year” for credit cards and
Cash

Shoppers favored cash over credit cards on Black Friday

Black Friday shoppers used more cash than credit cards. As the need to keep debt levels down came into sharp focus over the past couple years, Americans have been learning the value of only using their own money. In fact, use of fast cash increased by 50 percent. More using fast cash than credit cards