By Eamon QuinnA UK watchdog may recommend removing minimum repayments from credit card statements because it feels it encourages users to build up debt at expensive costs.The Financial Conduct Authority said that it is considering to ‘de-anchor’ the minimum repayment to encourage more people to pay more than the minimum repayments and to stop using credit cards for long-term borrowing.It made the proposals after carrying out research on the way consumers use credit cards.“Given the effects we observed during our testing, we are considering consulting on changing our rules and guidance to mandate the removal of the minimum repayment anchor,” the authority said.“We consider a de-anchoring measure has the potential to increase consumers’ credit card repayments where they can afford to do so while preserving the flexibility of credit cards, which millions of consumers value,” the watchdog said.It said academic studies had previously showed credit … [Read more...] about UK plan for credit cards
Stop paying credit cards
Robert Powell Special to USA TODAY Published 11:43 p.m. UTC Jul 18, 2018 Question: I’m 64. My credit score is about 656. For different reasons over a long period of time — including unemployment and health issues — I accumulated credit card debt of about $50,000. I intend to take out an unsecured personal loan, but I don’t want it to have a negative impact on my credit score. I have a job now and I will pay my monthly payments on time. But what will happen if I cannot continue my payments to the lender? If I should file for bankruptcy, which is worse: defaulting on credit card debt or an unsecured personal loan? If I try to negotiate a reduction of my debt with the creditors, do you think this procedure will be successful and not take too long? And what is a nonprofit debt relief company/agency, and how could they help me? Bottom line: What strategy would you implement to resolve the debt problem if you were in my … [Read more...] about How do I get out of $50,000 in credit card debt: personal loan or repayment plan?
YOU'VE already started counting the days until you jet off to the beach - but have you given any thought to which debit card you are going to use while away? Using the wrong plastic abroad comes with hefty fees which can be a nasty surprise when your next statement rolls round. Here's what you need to know. Why can't I use my normal credit card for spending when I'm abroad? No one is stopping you from using it. But if you do, it's likely you'll be hit by a host of hidden charges. There are lots of different fees to be aware of, according to Andrew Hagger of personal finance website MoneyComms. One of the most common ones is something called a "non sterling transaction fee." This will typically add up to 3 per cent to the cost of any purchases you make when abroad. You should also avoid withdrawing cash on a credit card unless you have to or you'll also have to count in the ATM withdrawal charge - typically between £1.50 and £5.00. To make matter worse some cards … [Read more...] about The credit cards that will rip you off if you use them on holiday
A 14-year-old boy spent £5000 on his dad’s credit card in a single month buying add-ons for an online game. The teenager told his parents the purchases cost £10 each before racking up the bill. His parents had no idea he had spent the huge amount until the statement arrived. The family sought advice from a counsellor who specialises in internet addiction. Experts have warned Scotland is facing a potential crisis, with extreme cases of people hooked online for 48 hours at a time. Therapists say the number of patients citing addictions to gaming, gambling, social media, shopping and pornography has doubled. They warned of a “rabid” industry fuelled by online gaming while relationships experts said sites like Facebook, Twitter and online sleaze were having a damaging effect. Specialist addiction therapist Tony Marini, who works at Castle Craig Hospital in Peeblesshire, said: “Over the past five years we have seen at least a 50 per cent … [Read more...] about Child racks up £5000 bill on dad’s credit card buying add-ons for games
IT was meant to be their dream retirement – living in a lavish villa set amid the palms of Jamaica’s stunning Mount Pleasant. But British couple Charlie and Gayle Anderson last week became the latest victims of a deadly trend sweeping the island, and their tortured remains were found just feet from their home. We can reveal that hundreds of others who have moved back to the Caribbean paradise after living abroad have been killed for cash as part of a credit card scam. Most who emigrated are wealthier than their countrymen and become instant targets. Percival Latouche, who runs a group for returning islanders, told The Sun that he had been to 166 funerals since 2005 — ALL of them murdered returnees. He said: “That is a horrifying number and it is just the ones where I have attended the funeral. "There are dozens more. "It is absolute carnage.” Loved-ones of the Andersons, who were found burned and shot, are convinced they were executed because they raised … [Read more...] about Brits murdered in Jamaica may have been latest victims of credit card scam linked to hundreds of killings in the Caribbean