Low Interest Credit Cards

When you give a kid a credit card, expect trouble. That’s proving to be the universal truth as credit card use explodes across the globe.

Case in point: A recent Burson-Marsteller survey revealed that in Saudi Arabia, 52 percent of its 18- to 24-year-olds are struggling with credit card debt. The survey included both Arab nationals and Arab expatriates. Given the growth of credit cards in Saudi Arabia, it’s no surprise that young adults participated in their popularity.

According to ArabianBusiness.com, the number of credit cards issued in that country rose 104 percent between 2003 and 2008 to 12.3 million.

According to an article in Arab News about the study, “misuse of credit cards by young people is a major problem in Saudi Arabia.” Maybe Saudi Arabia ought to consider implementing laws similar to the American Credit CARD Act, which, since Feb.

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“Would you like a credit card with that?”

Credit cards have been served up like French fries at fast-food restaurants.

That’s about to change. According to a recent article in the Wall Street Journal (subscription required) about Chase dropping the Starbucks Duetto Visa card, credit card issuers are “pulling the plug on some of the specialized, reward-loaded plastic they pitched to consumers when credit was easy and wallets were wide open.”

Just as eating too many fries clogs your arteries, too many credit cards have caused financial arrest. The explosion of niche-branded cards — whose rewards are tied to a specific brand or product — has now imploded consumers’ bank accounts.

There’s still way too much plastic out there. Too much plastic can only lead to one thing: trouble. And trouble is why issuers are cutting back — niche-appeal cards (think retail and alumni cards, sports team and charity cards) are now costing banks instead of making them money. Read more…

The biggest news to take place last week (and the past few months) is the passage of the health care reform law. Once everything is finalized and in place, the controversial law should ensure coverage for more Americans, lower premiums and lessen discrimination for gender and preexisting conditions.

The cast of the “Jersey Shore” showcasing their signature, yet slightly manipulated, tans.

The price tag for the bill is a whopping $940 billion, according to the Congressional Budget Office, and while some of the changes will save money and pay for themselves in the long run, the government has to find other creative ways to finance the expanded health care coverage.

One such method is adding a 10 percent tax for visits to tanning salons, according to CNN.

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If you’ve ever defaulted on a loan or credit card, you have likely had creditors knocking on your door. If you fail to pay what you owe, many creditors hire private debt collection agencies to chase after you and try to recoup some of that cash, even if it’s just pennies on the dollar. But what happens if you fail to pay your city’s water or trash bill?

The practice of hiring debt collectors was primarily reserved for private companies, but things have changed in this shaky economic climate. Several city governments are now relying on private debt collectors to gather up funds from residents for unpaid utility bills, according to CNN Money.

Pittston, a small town in Pennsylvania with a population of just over 8,000, is one example. Residents currently owe the city about $250,000 in garbage fees. Rather than letting trash pile up around town, the city cleaned up anyway. Read more…

Chase and Marriott have now introduced an excellent offer of 50,000 bonus points upon first purchase with the Marriott Rewards Premier credit card for new cardholders. Its ongoing features include a free night certificate and other benefits that will earn you status faster. There is an annual fee of $65.

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