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Ever since “The Rock” back in the nineties, I’ve been a big fan of Nicolas Cage’s movies (I’m an action movie buff). True… he is the nephew of Francis Ford Coppola so it’s not surprising he “made it” but at the end of the day I think he does a good job in his work. To date he has done over 60 films – now pulling in over $20,000,000 a pop – so how exactly did he get in the financial mess he’s in now?
Mistake #1: Not Knowing Your Money
As the old saying goes “a fool and his money are soon parted.” You can be a smart person, but if you’re a “fool” when it comes to your money, a disaster is likely sooner or later. While I’m not going to speculate on what exactly did and didn’t happen, what can be said for sure is his money wasn’t not managed properly. Whether it’s his accountant’s fault
In what can only be seen as a good sign for the economy as a whole, it was recently reported that credit card marketing activity has increased.
A Chicago-based company that tracks marketing trends called Mintel Compermedia recently reported that credit card mail volume for the month of October rose for the first time in the year 2009.
Their study revealed that 180 million credit card solicitation pieces were mailed to consumers throughout the United States in the month of October.
When compared to the 134 million pieces sent in October you can see that it is a rather marked increase.
It is in fact the first increase month over month for the entire year.
While we certainly are not celebrating the fact that we will be receiving more junk mail, we are definitely pleased to see that the credit card issuers feel as though they are in a strong enough position to aggressively increase their advertisements.
In fact, Bank of America recently announced that it repaid in full the $45 billion taxpayer subsidized bailout that they received from the federal government.
There is no question that these are positive signs for the economy as a whole.
With that said however, we really won’t see a substantial turnaround until the unemployment rate begins to decline.
The issuance of credit is directly correlated to the unemployment rate. W
While most conventional commentators have noticed the seeming decline of the credit card industry, Financial Facts argues that the market is still strong, but fighting for its life more than ever before.
Over the last quarter, UK card-spending has improved. According to the the Payments Council, there was a 6.9% increase in card-usage despite only a 4.3% rise in the value of these purchases. Limited specifically to credit cards, the value of purchases dropped by 0.7% but the amount of sales increased by 2.5% – suggesting that while families are cutting costs, there is still a heavy reliance on card-based spending.
In America, the battle for credit-card supremacy has been waging for a long time, with competition at an all-time high. According to Mintel Comperemedia, the amount of promotional mail sent out by these companies increased to 180 million letters in October, an increase of 34% from the previous month. Andrew Davidson, of Mintel, comments: “it’s all about being the No. 1 card in the wallet. The battle will intensify because you will only use one or two cards with the fee. You are not going to have four or five cards.”
Along with an increased marketing push, especially present in companies like Chase and American Express, other companies have focused more heavily on providing additional enticements in the form of bonus offers. MBNA has brought out a slew of credit card deals, offering airmiles, charity donations and sports teams affiliation in an attempt to woo new customers.
Despite this, many people are still struggling to find credit cards, as banks are becoming increasingly selective about the recipients of these offers. With the recent recession, few are willing to take risks and will automatically target the wealthy, knowing that they are guaranteed to pay back any loaned money. However, as there are only so many consumers that fit within this bracket, it would seem a guarantee that the card companies will be forced to appeal to the less economically gifted in a matter of months. Which may not be good news for the Christmas season, but with savvy shopping, it should still be a happy holiday season.
About Writer:
I’d like to remain as a guest blogger from financialfacts.org. where we don’t promote get rich quick schemes, but encourage people to join in and help each other with all methods of saving money to stop the rich getting richer!
A recent survey just revealed that more than half of adults prefer to get gift cards as opposed to any other form of holiday gift. It is estimated that holiday shoppers will buy approximately $25 billion worth of gift cards this holiday season.
The National Retail Federation completed their survey in which they found 55.2% of adults prefer to receive gift cards. The average cost of a gift card purchase will be $40 and it will be for anything from local restaurants to nationwide retail stores.
This trend has been rising slowly but surely over the years. The survey found that holiday shoppers will on average buy four gift cards each.
Interestingly, at least we thought so, women prefer gift cards more than men. In fact, the survey found that 63.4% of women prefer gift cards as opposed to 46.6% for men.
The study also revealed that younger consumers favor gift cards as opposed to actual physical gifts.