According to CNN, reports of Christmas tree theft are soaring this holiday season.
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Credit Cards
Those credit card reforms that the House of Representatives pushed forward in September might become law sooner than later. The Board of Governors of the Federal Reserve Board is voting tomorrow on new credit card industry rules. They haven’t announced the exact reforms yet, but here’s what is expected:
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The prime rate – usually calculated as prime plus 3% – is now 3.25%. Which means if your credit card APR is set as “prime plus” APR, you might see your rates drop a bit. If you don’t see a rate drop, you could try calling your credit card company to ask for a rate reduction. Or you could shop for a low rate (currently around 8%) credit card online.
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Discover’s new eco-friendly credit card, identifiable by the small biodegradable symbol on its back, will decompose if “water, soil, compost or wherever microorganisms are present.”
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My wife and I buy almost everything – groceries, gas, sundries, hardware – on our credit card. We pay it off fully every month. We are never late on a payment. We could just as easily buy everything with cash, but we thought this would help our credit score and we also get 1% to 5% cash back depending on what is bought, so that pays us a couple hundred dollars every few months. I read in a NY Times piece that you folks think this is bad for the credit score. Is that true? If so, why?
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Wild interest rate increases: Okay, this one isn’t that surprising on the surface. Credit card companies always like to increase rates. But increasing rates by 10-20% on good account holders at a time thatfed rates are plummeting? And increasing rates across the board on super-prime credit accounts?
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Some of the simplest questions have the most complicated answers. For example, here’s what Tom wrote in with today: How can I fix my credit right now? Figure out what is breaking your credit first: A doctor can’t prescribe without first knowing what’s wrong. Take a look at your credit reports and credit scores.
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Hey Emily, Thanks for the highly informative article. I had a query regarding when the debt is calculated. You said your monthly balance is taken as the debt. What happens in the following case. I have a limit of $1,000 dollars. Every week of the month I spend $900 dollars and pay it off as soon as the amount shows up online on the bank site. Doing this I end up spending $3,600 during the month, but by the time the cut off date comes up for the card I have a balance of about $50 dollars only. So eventually the monthly bill of the card shows a balance of say $50. So in this case what is debt taken for the month. $3650 or just $50?
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U.S. Public Interest Research Group (PIRG) warned about the long-standing problem of credit card companies aggressively marketing their products to college students.
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"Max" is worried about whether his credit card issuer might lower his credit limit:
I heard you on a talk …
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