Tag Archives: credit cards

Consumer Borrowing Surges in Late 2011 | AllBusiness.com

Consumers were confident enough at the end of 2011 to push borrowing levels up by $20.4 billion in November, the Federal Reserve reported late Monday.

Outstanding consumer credit rose to $2.48 trillion during that month, the Fed said. That was the highest level since November 2001, and it was more than twice the predictions of economists surveyed before the report was released.

The credit increase corresponded with healthier employment numbers; people are more likely to borrow if they believe they will have the wherewithal to pay the money back without serious penalty. So, it is likely that the December credit levels are higher than they have been for the past several years during the recession and slow recovery.

Is Increase Sustainable?

Still, the increase might not be sustainable, so small businesses shouldn’t adjust their sales forecasts just yet.

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Seven Problems a Recovery Won’t Fix – Umair Haque – Harvard Business Review

It’s time to stop looking for “recovery” (as in ways to resurrect this drooling zombie of an industrial economy) and start seeding transformation (as in building a 21st century economy, that turns most or all of the toxic dynamics above upside down). It’s time to stop thinking about getting back to yesterday’s prosperity — and time to start thinking about how to get past it.

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‘Anonymous’ Allegedly Demands Resignation Of Fed Chair Bernanke

In the video, uploaded on Saturday, the anonymous group, self-described as loosely connected and Internet based, allegedly claims that the Federal Reserve is guilty of “crimes against humanity” and calls for the resignation of Ben Bernanke. In addition, the group would seem to demand the break up of the Federal Reserve and other major banking institutions

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Sony breach could cost card lenders $300 million | Reuters

Each customer request to replace a credit card would cost lenders about $3 to $5 per card, several analysts told Reuters on Wednesday and Thursday. Those costs would include the new piece of plastic itself, postage, and various customer service costs.

Hackers earlier in April broke into Sony’s PlayStation Network, stealing names, addresses and possibly credit card details from 77 million users. Sony shut down the network on April 19 but waited about a week to disclose that the system had been hacked and users’ data could have been stolen.

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How Credit Card Data Is Stolen and Sold | NYTimes.com

Hackers who claim they are responsible for the Sony breach wrote on underground forums last week that they had access to over 2.2 million credit cards. If these millions of new stolen cards were sold online, the price could fall to well below the standard rate to as low as $1 or $2 each.

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Is Credit Card Debt a Hindrance? | usfst.com

With the recession forcing more and more Americans to burden their credit cards with debt, it’s time to ask whether the increasing accrued costs are manageable, or are detrimentally impacting lives.

View Graphic.

Bright idea cuts ATM fraud | NZ Herald News

When Michael Turner started at the BNZ in his mid-20s, he was stuffing credit cards into envelopes in the mailroom.

Now, aged 46, he has invented a system to prevent one the most common causes of credit card fraud.

Read More.

USB Credit Card – Korea’s Shinhan Card|Trendhunter.com

“The USB credit card provides the online and contactless payment function and works the post-paid transportation card as well,” the Electronic Times wrote.

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Pay Your Bill On Time? Bank of America Has Your Reward |AP

B of A announced new fees for a select number of customers based on risk and profitability. You’ll never guess who has to pay.

Why we aren’t in front of these banks with torches and pitch forks is beyond me.