Archive for February, 2010

Bill Me Later Faces Class Action Lawsuit

Posted by: admin  Posted date: February 06, 2010 in Credit Cards Articles
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Bill Me Later, the online processor that lets you pay for purchases later, is facing a class-action lawsuit in California for skirting state interest and credit card fee laws. According to Business Journal, online message boards quote interest rates between 40% and 100%.

Forum poster HBSSLaw wants you to contact the law firm (Hagens Berman Sobol Shapiro)if you feel you’ve been overcharged interest from Bill Me Later. You can email billmelater@hbsslaw.com to give your story or to join the case.

More forum posts:

  • I filed bankruptcy. Will the credit card’s co-holder be affected?
  • What will closing a major credit card do to my credit?
  • Help! I live on a trust fund and can’t get a credit card.

Tags: Action Lawsuit Lawsuit

Credit card or debit card: Which one should you use?

Posted by: admin  Posted date: February 05, 2010 in Credit Cards Articles
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Are you new to the world of ‘plastic money’? Do credit cards and debit cards appear similar to you? While credit cards and debit cards may seem similar, they are quite different in the way they work and the services they offer. It’s useful to understand the differences and know the advantages and disadvantages of each.

Credit card Vs Debit Card

A credit card enables you to borrow money while making purchases. The borrowed amount is not directly debited from your account at the time of purchase instead you are sent a bill every month for the sum total of your purchases. You have an option to pay your bill either in full or in part. Paying part will attract an interest on the balance.

Keeping the target customers in mind, credit card issuers offer various categories of cards like lifestyle credit cards for premium segment clients, airline cards for frequent travelers etc.

Before the economic slump, the Indian credit card industry was growing at an annual rate of 25 percent to 30 percent but in the wake of the crisis, credit card transactions declined giving rise to debit card usage that is considered safer and requires no credit to be extended to the user.

The word debit means subtract. A

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Tags: Card Credit Card Debit Card

Secured and Prepaid Cards Still Options for Students

Posted by: admin  Posted date: February 03, 2010 in Credit Cards Articles
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With the CARD Act implementation date looming, many changes will be set on the way issuers are able to do things. Under the new law, those that are under the age of 21 will soon be required to have a co-signer, pass a financial literacy course, or show that they have the ability to re-pay amounts that are borrowed. While many students will be able to get a traditional credit card there will still be others that will not. For those that cannot, it look like an alternative will be needed and such an alternatives may be in the form of either a secured credit card or that of prepaid.

As the type of plastic students would probably migrate toward most, secured credit cards have been labeled as the best alternative. These types of cards for the most part are like any other traditional student credit card with the only difference being that a security deposit must first be put into an account.

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How to Stop Living Paycheck to Paycheck

Posted by: admin  Posted date: February 02, 2010 in Credit Cards Articles
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Payday is days away. You have no gas, little food, and no money. For some people, this only has to happen one time before they change their spending habits. For others, living paycheck to paycheck is a viciously uncomfortable way of life. But, it’s something that can be changed in just a few steps. Learn what you can do to stop living paycheck to paycheck.

Tags: Living Paycheck Paycheck

Fed: Credit Pull-Back Eases, But Loan Demand Weak

Posted by: admin  Posted date: February 01, 2010 in Credit Cards Articles
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According to a recent report from the Federal Reserve, the two-year long credit pull-back may be slowing, but there is still a long way to go before the banks’ lending practices are back to normal. While fewer banks are making it harder to get loans, they aren’t exactly making it easier to get loans either. The standards for most types of loans remain higher than normal, and consumer loan demand continues to weaken.

These are some of the main findings of the Fed’s recently released January 2010 Senior Loan Officer Opinion Survey on Bank Lending Practices. The quarterly Fed survey seeks to take the pulse of the economy by reviewing the supply and demand for loans to businesses and households. The survey included 55 U.S. banks

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Tags: Credit Credit Pullback

What is Equitable Relief for the Victims of a Ponzi Scheme?

Posted by: admin  Posted date: February 01, 2010 in Credit Cards Articles
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A Ponzi scheme uses money from later investors to pay unrealistically high returns to earlier investors. Accordingly, earlier participants are more likely to have received a financial benefit than later investors. When a Ponzi scheme unravels, a key question is how to fairly distribute any recoveries to the victims. Should earlier investors be required to return the amounts they withdrew? Should the recovered funds be distributed in proportion to the amounts invested (net of any withdrawals) or in proportion to the amounts reported on the last account statements? 

Similar issues were argued before Judge Burton R. Lifland on February 2, 2010, in connection with the proposed allocation of funds recovered from Bernie Madoff (Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC, 08-01789, U.S. Bankruptcy Court, Southern District of New York (Manhattan)).

The attorney for the trustee, Irving H.

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Tags: Ponzi Scheme Scheme

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