Consumers could return to tapping credit card debt in next five years


Written on May 4, 2012 – 1:21 am | by Antony Clark

In the last several years, the nations top lenders have seen consumers attitudes toward credit card debt change considerably as a result of the economic downturn, but some expect borrowers to start moving toward their old habits in the next few years.

Between 2007 and the end of 2012, the amount of revenues enjoyed by credit card lenders is expected to have fallen by an average of 4 percent annually, to a total of $50.8 billion, according to new data from the industry research firm IBISWorld. This was the result of a large number of economic conditions, including lower employment rates, falling home values and tighter lending standards, as well as increased regulatory control over the lending industry. Altogether, these led consumer to rely less on revolving credit – that is, debt carried over from one month to the next – and higher rates of consumer delinquency and default. Currently, those two concerns alone absorb a total of 26.3 percent of lenders revenues, though thats down from the high observed in 2009, at the height of the recent recession.

But now new statistics have shown that consumers are once again returning to using their credit cards to make everyday purchases again, though they are approaching it differently, the report said. Read more…

Tags: Card Debt, Credit Card, Credit Card Debt, Years

The problem of currency exchange can be solved in several ways


Written on April 26, 2012 – 7:35 am | by admin

Travelers often use different currencies, so foreign currency exchange is a familiar activity. Around the globe, there are literally dozens of different currencies. Learning some tricks of exchange may help you make the most of your saving.

There are some key methods to exchange money. First of all you can use online service providers that help customers to change money with the best available exchange rates. Dealing with Caxtons you avoid any problems that may arise from these methods of exchange of currencies available.

Also at airports, travelers are able to exchange currencies. Exchange rates and commissions are included, which are often higher than in case of using other exchange methods. These rates can cost up to 20% of the amount converted. The main advantage is that they are convenient locations for travelers. It is often easy to make transactions without leaving the airport. If you hurry and agree to pay higher rates, the airport is a suitable place to exchange currency.

Local banking institutions can be used to change money and most of them provide better rates than airports. Most bankers charge fees based on the value of transactions. Read more…

Tags: Currency Exchange, Exchange

The interest-free credit card trap snaring unwitting borrowers


Written on April 13, 2012 – 4:52 pm | by Antony Clark

Credit card companies are using “shameful practices” to maximise profits from customers on interest-free balance transfer deals, the managing director of a bank has claimed.

Brian Cole, of Capital One in the UK, the bank that first introduced zero-interest balance transfers to Britain in the 90s, says: “There’s a lot of practice in the [banking] marketplace that is shameful, and credit card companies are not immune. [Balance transfer] customers think they’re going to progress in getting out of debt, and get some relief from interest payments. But make a mistake and you will end up making money for your credit card company.”

Cole stopped Capital One making interest-free balance transfers available to mainstream customers in 2008. He says: “When we first introduced the interest-free balance transfer it was a very different product to now. The interest-free period lasted six months and it was a loyalty based play: we hoped the customer would stay at the end of the interest-free period, but if they didn’t, we didn’t lose lots of cash.”

Borrowers loved the idea of interest-free credit, and soon banks were vying for business by extending the interest-free period.

Read more…

Tags: Card, Credit Card

Reactions and comments on the release of the new OFT Debt Management Guidance


Written on April 10, 2012 – 1:26 pm | by Carleen Anderson

Here are some of the comments and reactions to the release of the new OFT Debt Management Guidance.

Tags: Debt Management, Debt Management Guidance, Guidance, Management Guidance

Guide to Purchasing a Swiss High End Watch.


Written on April 5, 2012 – 2:58 pm | by David Jones

Watch connoisseurs will agree that a real high end watch should bear the passing of time, both in style and expertise. Many mens and womens watches fall in the class of a luxury watch.

Its possible to find substantial rebates online and one could get a starter level high end watch for about a hundred greenbacks. These are some features you need to consider in selecting in a luxury watch : o Band : A metal wristband, leather strap, or possibly an elastic band. O Materials : Gold, platinum, silver, chrome steel, titanium, or ceramic. O Movement : Mechanical, automated or quartz. O Specs : analogue or digital dial, a divers watch with water resistance, a timepiece with a stop watch setting, calendars, moon phase dials, and so on. O Brand : A standard and mythical Swiss company like Omega or Patek or a more recent designer label like Franck Muller. Many people that are fighting to repay credit card arrears say that their best choice is to file Visa card insolvency.

While this should have been true during the past it really isnt any longer. So what is it? For buyers that financially cant pay back their Mastercard bills or are trying to meet the minimal payments, there are truly only 2 options.

Read more…

Tags: End Watch, High End, High End Watch, Watch