Low Interest Credit Cards

Credit card debt is one of the many foes consumers may face as they deal with budgeting and saving money, though a recent report shows that their debt fell in November.

According to the Federal Reserve System, the total amount of consumer credit fell at an annual rate of 8.5 percent in November, which translates to a total of $17.5 billion. That furthers a trend that has seen total consumer credit dropping since the fourth quarter of 2008.

Both revolving and nonrevolving credit decreased during the month, though the former made the more significant decline in percentage. The Fed report noted that revolving credit, which consists mainly of credit card debt, fell $13.7 billion, which comes to an annual rate of 18.5 percent.

Though this drop may suggest that consumers are trying to reduce the amount of credit card debt they have, it could also mean that lenders are being forced to write off more of their accounts as consumers continue to find difficulty paying what they owe.

A recent report from Fitch Ratings noted that delinquencies of more than 60 days on credit card debt hit an all-time high in December at 4.52 percent. Read more…

In February reforms will go into effect restricting the way credit card companies do business. Grand Valley State University Professor Greg Dimkoff said, “The reform will knock out to billion in revenue.”

When you have less-than-stellar credit, you may need to apply for a secured credit card or a prepaid card rather than a traditional credit card. Each type of card is designed to take care of different types of credit card challenges. Only a secured card will help you rebuild your credit, though.

SIMILARITIES BETWEEN PREPAID AND SECURED CARDS

• Money up front
  Both prepaid credit cards and secured credit cards require money up front from the consumer. The amount of money is different for each type of card.
• Fees
  There are sometimes application and transaction fees associated with these cards; shop around for the best terms.
• Easy to get
  Both of these cards are easy for consumers with bad credit to get once they find the card they want.

HOW THESE CARDS WORK

• Secured cards
  Secured credit cards work the same as regular credit cards, except your own savings account acts as the collateral for your secured-card purchases.

Read more…

Barclaycard Platinum Credit Cards
Find information and apply online for a Barclaycard Platinum credit card or platinum visa today … With a Platinum credit card from Barclaycard, you can be …
www.barclaycard.co.uk Friday, 8 Jan 2010, 6:17pm

Britons should look into the possibility of taking out a balance transfer credit card, according to lovemoney.com.

Britons should look into the possibility of securing a balance transfer credit card if they are struggling with their finances, it was suggested on Wednesday (January 6th).

Many households are currently weighing up their options now that the new year is well underway after accumulating excessive debt over the festive period.

Ed Bowsher, head of consumer finance at lovemoney.com, admitted that the prospect of rearranging commitments can be daunting, particularly with so many choices available.

However, he explained that securing a balance transfer credit card to shift debts – even if they are on a different card – could be a useful short-term measure to ease some pressure.

He said: “If you have got a credit card at 17 or 20 per cent, try if possible to get your consumer debt onto the lowest interest rate as possible. Read more…

Longtime U.S. Sen. Christopher Dodd will not seek re-election this year and will retire at the end of the 2010.

“This is my moment to step aside,” Dodd said Wednesday during a news conference at his home. (Read his full statement.)

Heads a powerful committeeThe Connecticut Democrat is chairman of the Senate Banking Committee. If you’ve followed credit card and financial reform as closely as I have over the past two years, you’ll know that no significant changes in credit card and banking rules happen without first going through this powerful Senate committee.

The chairman controls the agenda and decides if a particular bill bubbles up for scrutiny and a vote or dies in obscurity. There have been dozens of credit card related bills introduced over the past two years — covering everything from capping credit card interest rates to limiting interchange fees charged to merchants. Only a fraction have made it onto the banking committee agenda. Of course

Read more…