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Will proposed new bank rules really keep you out of debt?

Written on November 21, 2011 – 6:43 pm | by Adam Gomez

The way borrowers repay debts is to be overhauled, the Government announced this week.

Changes aim to give borrowers a better deal but will the measures really help you? Lauren Thompson gives her verdict…

Overdrafts

From March 2012, current account customers can opt to receive a text message or email alerting them when they are about to dip into an unauthorised overdraft.

And from March 2013, banks should ensure accounts have a buffer, so customers are not penalised for going a few pounds into the red.

They should also be made aware of a grace period, giving them time to put money back into their overdrawn account to avoid a penalty. And they will be sent an annual statement outlining the total amount of charges they have paid to their bank.

Verdict: Little that will make a  real difference.

Unauthorised overdrafts remain far too expensive, while many banks  still have punitive charges, which hit their poorest customers hardest. T

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Tags: Debt

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Is it Safe to Go Back to the Citi? Weighing in on Citibank’s Turmoil

Written on November 19, 2011 – 9:05 am | by Adam Gomez

Citibank has been in the news a lot lately, and not for the right reasons. In 2009, the company closed thousands of active credit card accounts without warning because it was losing money on its rewards system.

Then, exactly two years later, Citibank had 30 Occupy Wall Street protesters arrested for trying to close out their own accounts in protest of the company’s unfair practices. Most notably, though, the financial giant’s credit card division has been reeling ever since a massive database hack over the summer compromised the account information of 360,000 customers, resulting in nearly $3 million in fraudulent charges.

Following the incident, the Wall Street Journal reported that Citibank intended to close its private-label card division altogether. For many, it seemed like the era of “too-big-to-fail” credit card lending was finally coming to an end.

Private-label credit cards are not the same as standard credit cards. Also known as retailer credit cards, private label cards are issued through Citibank by a retail affiliate. They ty

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Tags: Citi, Citi Weighing

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Consumer Credit Dropped in August 2011

Written on November 17, 2011 – 10:34 am | by Nicole Gutierrez

Non-revolving debt (credit cards)

Most of the decrease was attributed to non-revolving credit, which decreased by 5.2 percent or $7.23 billion from July 2011; compared to a rise of $15.48 billion in July 2011.  This was the largest decline since August 2008. Non-revolving debt included student loans, auto loans and mobile home loans.  Loans secured by real estate, such as home mortgages and home equity lines of credit, are not tracked for this report.

Revolving debt

Revolving debt decreased $2.27 billion or -3.4 percent from July 2011.  Revolving debt is 99 percent of credit card debt.

Reasons for drop

ABA’s Chief Economist James Chessen commented: “The August drop in consumer credit is the result of economic uncertainty. The political debacle over raising the debt ceiling, the European debt problem, the decline in stock prices, and weak job outlook undermined consumer confidence. Consumers aren’t willing to make big purchases and borrow when they are unsure about the economy.”

Economic forecasters projected increases in consumer credit of anywhere from $2 billion to $10 billion for August.  There wer

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Tags: 2011

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What To Know About Debt Warrants

Written on November 17, 2011 – 5:42 am | by Alicia Ross

Ever since the 19th century, debtors’ jails in the U.S. have been against the law. This system of locking up people due to them be indebted of money was not just vindictive, it was quite a futile manner of handling bankruptcy, in view of the fact that citizens in defaulters’ penal complex were not given the chance to make the most of their income’s capability to settle up their money owing, that is if they had the opportunity at all to labor.

Being financially indebted is not regarded as a criminal offense, but under such circumstances huge liability settlement corporations all throughout the country have discovered a work-around in the form of debt warrants.

With the usual debt collection procedure, a debt collector acquires a court ruling to oblige the negligent debtor to disburse. If the borrower is not act in accordance with that directive, the court may detain the debtor, hand out a contempt citation along with a warrant. According to some researches, several debt collectors bring these contempt rulings to the authorities and have them imposed. The law enforcement practice has unsuspectingly turned into an instrument for the debt collectors. The d

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Tags: Debt, Debt Warrants

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Know your Financial Planner

Written on November 16, 2011 – 9:08 pm | by admin

Most of us discuss a lot about our finances, saving for the future, loans, expenses and of course choosing the right financial planner. However, most do not know much about the financial planners.

Financial Planners and you

A financial professional can advise you on anything and everything related to financial planning. You need to give details about your finances and your current and future planning and based on the same a financial planner will advise the best possible options for you to save and make the investments grow. You need to provide correct information in order to expect a correct reply. The topics that he is expected to cover includes retirement planning, tax exemption planning, type of insurance that will suit you the most and many more.

What to discuss?

During your first meeting with your financial planner, try to keep the conversation up to the point. You must provide him with your current financial situation, your long and short term goals, where all you have already invested, how much you are willing to invest at the moment, the risk tolerance capacity, current debts on you, the insurance cover and any immoveable property under your ownership. Read more…

Tags: Financial Planning Services

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Applying for an All-Round Credit Card

Written on November 11, 2011 – 1:30 pm | by admin

All-round credit cards are popular with consumers as they offer good rates and are useful for everyday spending. For instance, if you were to use an all-round credit card, you could expect to enjoy benefits such as 0% interest for 16 months on balance transfers and money transfers, a low balance transfer fee and 0% interest on your purchases for six months.

Before you commit to your all-round credit card application, it’s worth doing a little bit of research to make sure you are choosing the card that is best for your needs. For instance, while the balance transfer benefits are appealing to a lot of people, others find that they would rather have an extended interest free period on their purchases. If you think that would be better for you, you might want to consider an alternative such as a purchase credit card.

Looking at the APR before you apply for an all-round credit card – or any other type of credit card – is also important. This is because the APR is what tells you how much interest you will be paying once the initial 0% periods end. If Read more…

Tags: All-Round Credit Card

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