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US Consumer credit shows a sharp decline in May

Written on July 19, 2010 – 8:41 am | by Nicole Gutierrez

The market post recession has been recovering but is still sluggish and U.S. consumer credit has been dropping sharply indicating that customers are wary to borrow considering the uncertainty about the prospects economically.

According to the report the decrease as projected by economists is 2.3 billion dollars but in may the consumer borrowing dropped by 9.1 billion dollars much over the projected amounts.

April’s figure has been revised following this observation by the federal authorities. They are expecting the slump to be by about 14.9 billion dollars rather than the initial expected increase of 1 billion dollars. T

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Senate set to vote on jobless benefits bill

Written on July 17, 2010 – 11:33 pm | by Alicia Ross

Unemployed Americans await Senate vote aimed at reinstituting jobless benefits to millions living on savings and credit

Many unemployed Americans may be paying close attention to the bill set to go before the Senate on Tuesday, which is intended to provide jobless benefits through November to the nearly 1 million Americans who stopped receiving unemployment checks after the expiration of the June deadline. Read more…

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Practice of Consumer Profiling Widely Used

Written on July 16, 2010 – 8:07 pm | by Adam Gomez

Credit card companies have long been in the practice of collecting data on cardholders for the purposes of determining credit risk for each current and future cardholders.  The Federal Reserve Board is one of the major oversight and regulatory agencies for these card issuers. The Board frequently does research and issues reports about the industry.

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Mastercard and MLB

Written on July 16, 2010 – 6:00 pm | by Nicole Gutierrez

Alright sports fans! It’s finally here; MasterCard Worldwide and Major League Baseball have teamed to launch the “Priceless Perks” online portal. Weather you’re a Mets or Phillies fan, Yankees or BoSox fan, prefer the National League or advocate the DH, you could all agree on saving through exclusive discounts on officially licensed MLB merchandise and game tickets. Ultimately, bringing you, the fan, closer to the game with these savings, the partnership gives MasterCard cardholders access to exclusive MLB fan experiences; gives you 20% off MLB Shop merchandise; and exclusive MasterCard ticket offers to see their favorite teams.

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New credit card from Halifax helps holidaymakers

Written on July 16, 2010 – 11:01 am | by Katie Perry

A new credit card from Halifax could help holidaymakers save money while they are on their travels.

The firm’s Clarity card will not charge a foreign exchange fee on any transaction or a cash withdrawal fee when used abroad, meaning savings for anyone leaving British shores.

Other benefits of the card include no balance transfer fee and no annual fee, while a rate of 12.9 per cent APR applies to all transactions including purchases, balance transfers and cash withdrawals.

Mark Powys of Halifax Credit Cards said: “Our research shows that three quarters of holidaymakers would be more likely to use a credit card abroad if they knew they wouldn’t incur any fees.

“The Halifax Clarity card is the best value option for customers planning their holiday budget, and with no cash fees and a single low rate however you use the card it’s a winner at home too.”

Another way in which holidaymakers can save money is to use prepaid cards, which not only provide an alternative to travellers’ cheques, but can also help to cut costs on budget airline flights . Read more…

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Financial reform bill brings sweeping changes for consumers

Written on July 15, 2010 – 11:30 am | by Alicia Ross

Financial reform bill brings sweeping changes for consumers.

Consumers that have found themselves deeply in debt thanks to the recession are about to receive some help from the federal government.

Thanks to the new financial reform bill, which passed the Senate with a 60-39 vote and only awaits the signature of President Barack Obama to make it law, Americans are going to get more safety from the predatory practices of lenders in the form of a new body which will oversee these banks.

The Consumer Financial Protection Bureau, which will operate as part of the Federal Reserve System, will have unprecedented power to govern the rates and fees lenders issue on everything from credit cards to mortgages. Read more…

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