Finance Globe

U.S. financial and economic topics from several finance writers.

What's a Good Credit Card for After Bankruptcy

Bankruptcy is hailed as one of the most catastrophic of financial events. Fortunately, it’s not the end of the world. In fact, bankruptcy, in many ways, is more like a new beginning. It’s a time to start over without all, or at least most, of your debt. Of course, starting over means getting new credit and rebuilding your credit score. Your access to credit it limited after filing bankruptcy. You don’t want to spend precious time...
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Optional vs. Required Credit Card Fees

Capital One recently got in trouble with the Consumer Financial Protection Bureau for deceptively marketing add-on services like payment protection and credit monitoring services. Consumers complained that Capital One representatives made it seem as though the services were required, when in fact, services like these are purely optional. Millions of cardholders will receive a refund for these services, including cardholders who tried to cancel the services but were unsuccessful. It’s wonderful that Capital One has to...
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Swearing Off Credit Cards May Be a Bad Thing

Credit cards have sort of a bad reputation, which isn’t completely the fault of the credit card itself. Often, people get themselves into credit card trouble by mishandling them. Nevertheless, that bad reputation has many people swearing off cards so as to avoid debt. However, avoiding credit cards can have other negative consequences. Difficulty Building a Good Credit Score Your credit score is based primarily on your history with debt instruments like credit cards and loans....
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Don't Neglect Old Credit Cards

As you apply and are approved for newer credit cards with higher credit limits, attractive rewards, and better interest rates, you might forget about the cards you were using years ago. Because these old credit cards still impact your credit history – and sometimes even your monthly finances – it’s important that you pay attention to them, at least a few times a year. Be careful about letting old cards remain stagnant. If they remain dormant...
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A New Credit Card Fee May Be on the Way

Retailers may start charging a fee to consumers who use their credit cards. For years, merchants have paid a processing fee for credit card purchases. It’s one of the reasons that many smaller retailers don’t accept credit cards. The recent change is the result of a lawsuit settlement between merchants and processing networks Visa and MasterCard. Merchants can assess a fee for credit card purchases, but it doesn’t necessarily mean they will. Those stores that do...
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How to Cure a Credit Card Delinquency

The consequences of a credit card delinquency are too serious to ignore. Not only could you have to pay a late fee, your interest rate might increase to the highest default rate. Late payments past 30 days are reported to the credit bureaus monthly until you catch up again. The more serious the delinquency, the worse it is for your credit report.You only have a certain amount of time to correct a credit card delinquency before...
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Expensive Credit Card Slipups

You can use your credit card free, but it requires you to “color inside the lines” so to speak. Make a mistake and it could cost you. Paying on the due date. Normally, internet and phone credit card payments take a day or two to post to your account. Which means that if you make an internet or phone payment on the due date, it would actually be late. You can speak to a representative to...
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Credit Card Numbers are Stolen More Often Than Other Data

Of all the types of information that can be stolen, thieves steal credit card numbers the most. According to an Identity Fraud Report from Javelin Strategy & Research, most data breach victims in 2011 had their credit card numbers stolen – 43%. And only 22% of debit card numbers were stolen. Fewer people had their social security numbers compromised – 16% - and only 9% of checking account numbers were compromised. Credit card numbers could be...
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Check up on Credit Card Issuers Through CFPB Database

Consumers can now check up on credit card issuers on the U.S. Consumer Financial Protection Bureau website and find out what types of complaints have been filed against lenders as well as whether the issues were resolved within a reasonable time frame.CFPB Director Richard Cordray said in a press briefing, “The Consumer Complaint Database is a major milestone for consumers and all those who are interested in knowing more about their day-to-day experiences.” The beta version...
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Carrying a Credit Card Balance

Paying your credit card balance in full each month is the ideal way to use your credit card. You don’t risk getting into debt and you never have to pay interest on the balance (as long as the card has a grace period). However, many of us have fallen into the habit of carrying a credit card balance because it’s easier. Even if you carry a balance, do it the smart way. Avoid carrying a balance...
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