Credit Card Regulation–More to Come?
ABC News reported yesterday that, this week, the U.S. Congress may debate Senate proposals to limit the amount that Visa and MasterCard can charge merchants every time credit cards that carry their branding are swiped. The new credit card regulation would empower the Federal Reserve to ensure that such fees (known as “swipe” or “interchange” fees) are fair and reasonable.
At the moment, the fees–which vary considerably depending on what’s being bought, how, and where–average about two percent of the value of each transaction. Those two percents add up, and in 2008 amounted to roughly $48 billion.
And that’s close to $150 for every man, woman, and child in the country. Although merchant
Credit Card Debt–Moving Forward
The last edition of this column provided some advice for those who are struggling with credit card debt. It was directed toward people who still have some hope of digging themselves out of their hole, but ended up suggesting a way forward for those who’d hit bottom, and were now seeking ways to rebuild their credit scores.
It recommended signing up for a secured credit card, such as the Public Savings Bank Secured Card, the Applied Bank® Secured Visa® Credit Card, or the New Millennium Bank Secured Gold Visa® or Mastercard®. Secured
Bank of America acquired MBNA’s credit card accounts in 2006. Prior to the merger, MBNA offered a wide variety of credit card products and was well known for offering credit cards affiliated with organizations, academic institutions, and charitable groups. MBNA also offered credit cards featuring logos from sport teams.
Rewards cards were a main offering from this credit card company. MBNA credit card travel miles were accumulated when cardholders made qualifying purchases using MBNA travel reward credit cards. The miles were translated into points which were then eligible to be redeemed for airline rewards.
1. Credit Card Debt: Remember You’re Not Alone
It’s easy to feel helpless–and to see your situation as hopeless–when you’re up to your neck in credit card debt. But for most it doesn’t have to be like that.
The first thing to remember is that you’re not alone. Millions of Americans are in similar situations. Indeed, Fitch Ratings reported Friday that 4.18 percent of all credit cards are at least 60 days overdue, while 5.53 percent are 30 days late. You don’t have to be ashamed. You don’t have to feel helpless. You don’t have to give up hope of regaining control.
2. Time to Stop Being
Going out to eat can be awfully expensive, especially if you have kids. If you’re like me, you love to save, and since you’re on a coupon site right now, I wanted to give you some great tips on how you can save some killer money, no matter where you eat out. I wanted to give you some cool pointers that I use that allow me to save a ton of money!
#1 – Kids Eat Free
There are countless restaurants out there that allow your kids to eat free. If you have children that are 12, and under, I always recommend that you head out to a place that allows you to have your kids to eat for free. Do a
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