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Picking the Proper Plastic
By Martin H. Bosworth
ConsumerAffairs.Com
July 31, 2006
Using plastic for payment is becoming so commonplace that most shoppers don't think twice about which card they're pulling out of their wallet.
Indeed, from hidden fees to security risks to rewards and benefits, credit and debit cards are becoming more and more similar.
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I hope you have read my previous posting so that you realize I am interested in providing answers. With that being said, I urge you to read the review of Aaron Russo’s Film which just premiered in several major cities. It’ a film I will not miss when it come to a theater near me.
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Business & Technology | Personal Finance
By PATRICIA SABATINI
A new report on credit card debt accuses card issuers of pushing consumers to borrow beyond their means and calls for new regulations to end the most abusive industry practices.
The report, released by the National Consumer Law Center in Boston, says the industry's tactics are particularly devastating to older Americans who have fewer resources to dig themselves out of a hole.
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July 27th 2006
You've probably heard that debt consolidation can help you get control of your money and reduce your overall debt. And you probably know that you can finance it yourself, without using a professional debt consolidation company. But is that the right move for you? That depends on your personal situation, but, in most cases, it's a smart choice if: you have equity in your home
Click here to Read the article.
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Source Liberty Haven
By:Jorge Amador
This is a long article, worth reading and I want to highlight the last topic:
"Abolish" Interest?
Click here o Read the article.
The cyclical fluctuations of business are not an occurrence originating in the sphere of the unhampered market, but a product of government interference with business conditions designed to lower the rate of interest below the height at which the free market would have fixed it.
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Hypothetical Scenario:
Q. Mr.\Mrs Ave. American, there is a new poll that states that money troubles trumped terrorism as a cause of personal worry…. Does that surprise you?
A. No it doesn’t not at all. You see it’s a double whammy.
Q. What do you mean…I am confused?
A. Americans are worried by “money troubles” and then terrorized by Collection Practices
Q. I see what you mean.
A. Here’s another double whammy for you.. Do you know the top 2 causes for filing Bankruptcy? Medical Expenses and Credit Card Debt!
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My previous post spoke about the profits being made by the Banks on their Credit Card Business and I reference the 20-40% interest rate they charge American Consumers. This article tells us about the profits on FEES being made by Band of America since acquiring MBNA. Think Billions and Read the article.
Bank of America Profit Exceeds $5 Bln on Card Fees (Update3)
July 19 (Bloomberg) -- Bank of America Corp., the No. 2 U.S. bank by assets, said profit topped $5 billion for the first time last quarter as its acquisition of MBNA Corp. fueled a surge in credit-card fees.
Second-quarter net income exceeded analysts' highest estimate, rising 18 percent to $5.48 billion, or $1.19 a share, from $4.66 billion, or $1.14, a year earlier, the Charlotte, North Carolina-based bank said today in a statement. Excluding merger costs, earnings were $5.6 billion, or $1.22 a share.
Revenue at Bank of America's card-services unit accounted for almost a third of the total as the bank added 20 million customers from MBNA. Chief Executive Officer Kenneth Lewis boosted fees by selling MBNA-branded cards to existing Bank of America customers and cut 4,000 jobs to keep a lid on expenses.
P.S. I would re-phrase the statement above about cutting 4,000 jobs to a keep a lid on expenses to something more in line with revenue enhancing. Not only does BofA save on salaries and employee benefits but also think of the fees possible from these former job holders ….you know people with families. You know they must all be MBNA cardholder.
We urge you to visit www.creditcardrip.com. Follow the guide through the Law, Frequently Asked Questions, Testimonial and more. I urge you to listen to the 25 minute detailed overview. Take action and don't feed into feeling powerless. "If You Don't Know Your Rights ...You have none!"
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Debt
Are you wondering what kind off Profits are possible for “Lender” charging interest rates of 20% to 40% for unsecured non-funded “loans”…. Think Billions and Read the article.
JPMorgan's 2nd-Qr Profit Triples on Trading, Credit-Card Gains
July 19 (Bloomberg) -- JPMorgan Chase & Co., the third- biggest U.S. bank, said second-quarter profit more than tripled to a record as trading revenue rebounded and fewer credit-card customers defaulted on debts.
Net income climbed to $3.54 billion, or 99 cents a share, from $994 million, or 28 cents, a year ago, the New York-based company said today in a statement. Revenue rose 19 percent to $14.9 billion. JPMorgan was expected to earn 87 cents a share, according to a survey of 20 analysts by Thomson Financial.
We urge you to visit www.creditcardrip.com. Follow the guide through the Law, Frequently Asked Questions, Testimonial and more. I urge you to listen to the 25 minute detailed overview. Take action and don't feed into feeling powerless. "If You Don't Know Your Rights ...You have none!"
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Debt
By SEAN MUSSENDEN
Media General News Service
Jul 14, 2006
My Comment on this article Sneaky credit card tricks.
There is good advice from Mr. Mussenden and I like from where he is coming…
”Of all the industries that deserve our scorn, it's the credit racket” so I urge you to read the Article. Especially, if you are current on your accounts and you need to use Credit Cards. He addresses some practices that you really ought to know about.
“Credit card companies are powerful, and if you don't pay attention to the fine print, you could find yourself in a world of financial trouble. Every year, they find craftier ways to sneakily hike up interest charges, tack on extra fees, and send you closer to bankruptcy.
Are you way over your head and fear that you won’t be able to meet the credit card companies recent increases in minimum payments, then I urge you to take a serious look at these issues regarding Credit Card Debt Elimination.
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Please read this article by Ms. Cherryl and after you have read it, I want to make a few comments.
They won’t be what you might expect. After you read my take, I would like to hear yours.
Credit Card Crisis
YOUR MONEY
Cherryl Hanson-Simpson
Thursday, July 13, 2006
Help! I moved out of my parents' house six months ago, and I've run up balances of over $90,000 on three credit cards since then. I had to buy things for my apartment, and I think I went overboard. I can now only afford to pay a few thousand dollars every month on the cards, and it seems like it's taking forever to reduce the balances. What can I do? - Maxed out
You're not alone in your credit card crisis. News reports have indicated that credit card use in Jamaica has grown significantly in recent times. The resulting increase in credit card debt has left many customers feeling desperate for solutions to get rid of this seemingly endless liability.
Credit cards are not necessarily bad - they can be an extremely convenient way to pay bills, or to provide funds in the case of an emergency. However, a credit card can be like an out-of-control racehorse that has thrown its rider if proper money management skills are not used. In the coming weeks, we'll learn more about how the credit card companies charge you interest, and ways you can use credit cards to your benefit.
Let's look at some strategies to get you out of this debt:
Pay more than the minimum required
Paying only the minimum required by the credit card company is a recipe for debt disaster! You'll incur interest costs many times your original debt and extend the life of your loan for several years. Adding even a small amount extra each month can make a huge difference.
For example, if you owed $40,000 on a card with a 40% interest rate and paid $2,500 per month, it would take you 16 years and five months to pay off the debt. In that time you would have paid more than $45,000 in interest. However, if you paid just an extra $1,000 per month, your debt would be paid off in only two years and three months, with only one-third the interest - just over $15,000.
Visit www.genus.com to calculate your credit card payoff time.
Click here for the Article!
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At the center of the education offered by North American Educational Services (NAES) to consumers burdened with Credit card Debt is the right to dispute the accounting of their account(s) with the Credit Card Companies. This right in guaranteed by contract and Consumer Law Click here for Fair Credit Billing Act(15 USC ß1601). and Click here Fair Debt Collection Practices Act (15 USC ß1692). For several reasons the Banking Industry ignores the full requirements of these laws, Contract Law as well as their own Banking Law. This posting focuses on Generally Accepted Accounting Principles. Our experience over the last six years has been that when forced by Court Orders to produce document to verify the Debt they submit billing statements NOT evidence under GAAP.
The Sources of this information is Click here for Beginnersguide.com. I urge you to do your own search as I have done. I selected this site because it these Principles are explained step by step in a clear manner with links to more research.
GAAP Overview
by the Beginners Guide Staff
Last updated February 23, 2006
Every industry has certain rules and guidelines to follow and the accounting field is no different. Before you get involved in accounting you must know and follow these guidelines and principles. These guidelines and principles are known as Generally Accepted Accounting Principles (GAAP). If these rules and guidelines are followed on a regular basis, everything is fine. But when someone goes off course and decides to go by his own principles, accounting fraud develops. GAAP comprises many standards, interpretations, opinions, and more that is developed by the FASB (Financial Accounting Standards Board), the American Institute of Certified Public Accountants (AICPA), and the Securities and Exchange Commission (SEC).
FASB: FASB is the group that developed GAAP. They developed the standards and guidelines that make up GAAP, and put them into practice.
AICPA: This organization enforces GAAP for all accountants and CPAs. They make sure that anyone who is a CPA, CMA, or bookkeeper upholds the standards and set forth in the bylaws of the FASB.
SEC: Here is a government agency that is in force to make sure that all securities markets are handled correctly and properly going by GAAP.
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By Dave Anderton
Deseret Morning News
American households piled on more debt between 2001 and 2004, while their net worth barely increased.
According to the Federal Reserve Board's most recent Survey of Consumer Finances, U.S. families took on 34 percent more debt from 2001 to 2004, while net worth during the same period increased just 1.5 percent.
The triennial survey, which asked questions on income, assets and debt, tracked roughly 4,500 families representing a cross section of the country.
The report said that as debt levels rose during the three-year period, families devoted more of their incomes to servicing debts, despite a general decline in interest rates.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
With offers of loans and credit constantly filling the mailboxes of college-age students, few escape those years without some debt.
For the most part, student loans are expected. With their low interest rates and grace periods before payments begin, they are, according to many credit cards, however, are an entirely different matter. While some use of credit is beneficial to develop a credit rating, the inexperience of young adults often makes them prey to aggressive marketing tactics and ultimately unhealthy debt experts, one of the best ways to borrow money.
Click here for the Article!
Click here for announcement of the launch of "QuikNews"!
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Rip-off Report™ is a worldwide consumer reporting Website & Publication, by consumers, for consumers, to file & document complaints about companies or individuals who ripoff consumers.
Click here for the Article!
Please visit our blog where you are welcome to add your comments as well as to read more related information: Credit Card R.I.P BLOG.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Card Debt
AP New York
By MICHAEL GORMLEY
Associated Press Writer
July 2, 2006, 11:05 AM EDT
ALBANY, N.Y. -- A Georgia-based credit card company has agreed to pay $11 million in restitution to New Yorkers to settle Attorney General Eliot Spitzer's investigation into its practices.
Columbus Bank and Trust Co. and CompuCredit Corp., a marketing and collection company, agreed to reform practices for its sub-prime credit cards held by 60,000 New Yorkers, Spitzer said. The cards are marketed to consumers with lower incomes or credit problems who are willing to pay higher rates and fees to secure credit cards.
Click here for the Article!
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