Ask Creditnet: Is it Worth Paying Off Debt in Collections?

May 9th, 2012 by Joshua Heckathorn

Dear Creditnet: What's the advantage of paying off credit card debt that's still within the statute of limitations but already charged off and sold to a collection agency? If it's not going to help improve my credit scores right away, I'm beginning to think I might be better off just keeping the cash in my own pocket. -Adam from VA

Have credit card write offs reached their bottom?

by admin on May 8, 2012

Some analysts are now predicting that credit card charge offs are likely to decrease somewhat between the first and second quarters, and then start expanding again in the final half of 2012, leading to charge off rates for the nation's largest lenders finishing the year higher than when it began, according to the new report from Fitch Ratings entitled "Credit Cards: Asset Quality Review." Currently, the net charge off rate for the nation's seven largest credit card lenders stands at just 4.02 percent of all accounts, and based on current trends in delinquency - which are usually considered

Consumers carried far more credit card debt in March

by admin on May 7, 2012

Though many Americans have been conscientious in recent years about the amount of credit card debt they carried, there was a spike in revolving credit in the month of March as more consumers carried a balance from one month to the next, according to the latest statistical release on consumer credit from the Federal Reserve Board. In all, the amount of debt owed on these accounts by consumers nationwide spiked 7.8 percent to a total of $803.6 billion in March, up from $798.5 billion in February.

Chase Slate: No Balance Transfer Fee and 15 Months 0% Interest

May 7th, 2012 by Joshua Heckathorn

0% interest credit card promotions with no balance transfer fees haven't come along too often during the past few years. In fact, I think the last one we saw hit the market was for the Discover More card over a year ago. And while we don't know how much longer this latest deal from Chase will last, the good news is that the Chase Slate Card is still offering 0% interest on balance transfers for up to 15 months with no balance transfer fee. This offer was launched towards the end of 2011 and has been quite popular among consumers since all the other balance transfer credit cards on the market right now are either charging 3% or 5% balance transfer fees.

Coming years may see spike in credit card borrowing

by Alice Bryant on May 6, 2012

Between 2007 and 2012, a number of economic factors came together to create tough conditions for the credit card issuing industry, including higher unemployment, declining home prices and tightening credit conditions in general, according to a new report from industry research firm IBISWorld. During that time, the revenues for the credit card issuing industry fell commensurately, by about 4 percent annually to a projected value of $50.8 billion by the end of the year.

Some credit scores improving despite recent economic issues

by admin on May 4, 2012

The economic recession had a significant financial impact on many consumers during the past several years. However, new analysis shows that many people still have very strong credit scores.

Ask Creditnet: Is Failure to Pay Off Credit Card Considered Fraud?

May 4th, 2012 by Elisabeth Chan

Dear Creditnet: I've heard that it's considered fraud if you get a credit card, use it, and then can't make any payments. If I unexpectedly lose my job and can't make my credit card payments, could I get sued?

5 Ways to Save Money with Credit Cards

May 2nd, 2012 by Joshua Heckathorn

Credit card issuers proved to us in 2011 that they are once again prepared to compete for the best customers by offering some amazing sign-up bonuses. Based on what we've seen so far this year, I think we can expect to see more of the same throughout 2012, but taking advantage of sign-up bonuses and earning rewards for the money you spend aren't the only ways you can profit from credit cards. Here are 5 ways credit cards can actually help keep more cash in your bank account this year:

Credit card fraud risk diminished by lenders' increased efforts

by admin on May 1, 2012

As recently as 2009, instances of credit card fraud were on the upswing as thieves were successfully ripping off millions of consumers' accounts every year, but instances of this type of crime have been falling since 2010, according to a report from MarketWatch. The reason credit card fraud is now in decline is that the confluence of efforts on the part of merchants, card issuers and payment processors to increase automated vigilance for suspicious transactions have been largely successful.

Notify Your Credit Card Company Before Traveling Overseas

If you're getting ready to head out of the country on vacation, don't forget to call your credit issuer and let them know when and where you're traveling. It can be a huge inconvenience when you're in a foreign country and all of sudden your credit card is declined when making a purchase, so a quick phone call before you leave is most definitely worth the effort.

Updated by Joshua Heckathorn on Tue, 2012-05-01 17:00