When most of us find ourselves so incredibly deep in debt — credit card or otherwise — there’s not much we can do. If we’re lucky, our creditors will work with us to make a deal and lower our interest rate or give us more time to pay off what we owe. Rarely is debt ever just forgotten or canceled — that is, unless you are an impoverished country.
It’s been announced that a group of countries are canceling about $1 billion of debt that Afghanistan owes them.
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.
Including the credit report from your bank along with the application form while applying for a loan increases the chances of getting it approved. This is the result of a new survey that has been conducted by FRANdata. This company has experience of over three decades in collating the information of the banking and financial industry which is then analyzed by a team of professionals who come up with the results.
The credit report of the bank helps analyze the performance of the brands franchise since it facilitates an independent analysis.
“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. 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. |