The so called ‘Durbin Amendment’ passed by congress last year, limits the amount of interchange fees (or swipe fees) that credit card companies can charge retailers.  Because of this, several big credit card companies (Chase, Citi, Bank of America) are retaliating.

These major creditors are considering capping debit card use to $50 or $100 for transactions.  Why?  Well, creditors are losing money it’s no surprise.  People have been burned by credit card companies by getting into so much debt they cant get out.  As we also know, creditors don’t make it easy to get out.  Consumers have resorted to using debit cards as a practical means to manage debt.  Retailers have complained about rising swipe fees.  Everyone is fighting back.

As a means for credit card companies to recoup lost revenue, these caps would restrict consumer transactions, thus hurting retailers.  Starting to see who is in control here?  Well, congress last year finally recognized the mob-like fees and charges credit card companies squeeze out of retailers and customers alike.  The Durbin Amendment saved over $1 billion for users and merchants.  While creditors won’t go on record about potential caps, the more likely solution would be annual fees for debit cards.  Either way the consumer loses.

Prior to the Durbin Amendment, credit card companies collected $0.63 cents per swipe, per transaction or $15 billion dollars per year.  The new rate is $0.12 cents per transaction.  The banks accuse the Fed of price fixing.  The final ruling will be released in April.

Trapped in credit card debt?  Consolidation or settlement not working for you?  Consider debt resolution.  More information can be found by visiting www.reducemydebtquick.com

Mastercard reported their profits ’soared’ in the 4th Quarter of 2010 as consumers returned to using their plastic even more towards the end of the year.

For the last 3 months, OCT-DEC, the credit network giant earned $415 million, a jump of 11% in revenue.  For the year, purchases also rose 11% as compared to 2009.  The total number you ask? $560 billion dollars.

They also report a boost in debit card use, where Visa is their biggest competitor.  The company also reports the number of total transactions rose to 6.2 billion, an increase of 6.2% over prior year.  Why?  The company reports a steady climb since the dropoff of use during the recession in 2010.  Wall Street experts expect an overall profit of $3.03 per share.

Give yourself a clean start with debt.  Use Performance Debt Resolution to eliminate balances and reduce your monthly payment.  Our attorneys will dispute your debt and settle your credit card balances by up to 60%.  If you are considering debt settlement or debt consolidation, ask the important questions.  Visit our FAQ to learn more or call us at (866) 401-6148 to find out how much you can $AVE!

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Credit card interest rates are SOARING to all-time new highs according to this week’s report by CNN (found HERE).

The average interest rates for plastic are now hovering around 15%.  If your credit is poor however, you can pay dearly.  In fact, credit challenged consumers with low scores can be expected to pay ridiculous rates, up to 59%!  Yes, you are reading correctly.  There is also no cap in sight on what creditors can charge.

The infamous CARD ACT passed in the fall of last year does not address interest rates, only fees and double-dipping on charges imposed by lenders.  Credit card companies are now employing a strategy, it seems, to set their interest up front.  Keep in mind that legislation prevented raising rates to high levels retroactively, so companies now are starting their customers off with higher interest in the beginning.

What does this mean to consumers?  Well, if your credit is good, you can get a reasonable rate.  If you have  scores below 599, expect to pay 24% or even higher.  If you’re in the 600-650 range, while considered a good FICO score, you’re still facing a 20% rate.  If your credit is immaculate you have great choices, including a 7.25% interest option from Simmons First Bank.

If you have credit challenges, well you’re facing much higher rates, even if you can manage to get a card at all.  If you’re struggling with high credit card debt now, consider debt resolution.  Unlike debt settlement, debt resolution can eliminate your balances by as much as 60%.  Stop struggling with minimum payments and lifelong balances.  Call today at 866-401-6148.  Our attorney-backed system generates no taxes on settled amounts.  Try that with debt settlement and you’ll soon see the clear choice.  Start living debt-free!  Call or visit our website to speak with a specialist.

More information can be found by visiting www.reducemydebtquick.com

The so called ‘greatest generation’, people now in their senior years, are racking up huge amounts of credit card debt.  According to surveys, nearly 40% of seniors have said they’ve accumulated credit card debt in their retirement years.  Many have no intention of even paying it off.

From vacations, to medical bills to just plain old spending, seniors are buying on plastic like never before.  This indeed may be a surprise to their children and younger people alike, as the general thinking was that this generation was the most financially responsible.

In their lifetime, they’re simply not worried about paying it off, according to a survey released by CESI Debt Solutions.  When you’re young, it’s a little bit easier to pay down big spends on plastic, but when you’re approaching retirement, it obviously gets more challenging.  Greater than 40% of seniors surveyed reported that they have saved less than $50K when retirement arrived.  4% of that 40% saved nothing.

Some of the reasons why they’re not paying down their debts is that most elders don’t know where to begin.  Others in that generation were taught to keep finances to themselves, and so are embarrassed to admit it or get the help they need to get out of debt.

While many seniors are racking up credit card debt, they are under the false assumption that they’re protecting their children from the debt.  The fact is that on their death, the debt is paid out from estate assets before any monies get willed to their kids.  In many cases, family siblings squabbling over who gets their parents’ house wind up getting nothing.  This is because the house is sold 1st to pay off the debt.

If you have parents or relatives with high amounts of debt, it may be time to have them consider a debt resolution program.  Performance Debt Resolution offers a low fee, no interest payment program to save up to 50% in credit card debt totals.  Imagine the peace of mind knowing your parents’ debt is being paid down for them, with NO TAXES!  Call today at (866) 401-6148 for a free consultation.

More information can be found by visiting www.reducemydebtquick.com

Black Friday deals, sleeping in tents outside big box retailers, stampeding  department stores.  It’s all part of the holiday rush to find a deal.  There are some deals however that should definitely be avoided.

This year, bargain hunters are faced with a very tempting offer.  Credit card companies are offering rewards to cardholders that use credit instead of cash.  And while credit card companies routinely offer rewards for using their plastic, this year they will be aggressively targeting consumers.  And that’s a good strategy, since over 70% of consumers will use credit cards for their purchases this holiday season, according to national surveys.

Discover is ‘rewarding’ customers with $100 cash back for spending over $500 within 3 months of opening a new credit account.  Chase is offering a similar $500 for customers who spend $800 on their new card within 3 months.  These are seemingly good deals in terms of the savings, however it may also cause shoppers to spend more than they intended, and on things they don’t really need.

Keep in mind, interest rates are typically higher on reward cards, making it even easier for consumers to get into debt.  Instead of focusing on rewards, consumers should be focusing on getting out of debt.  Pay with cash or debit cards this holiday season and you’ll thank yourself come January when you haven’t racked up more debt.

If you’re entering this holiday season already in debt and you want to get out, consider giving yourself a gift.  Enroll your cards in the Performance Debt Resolution program.  We’ll reduce your debt by up to 50% with no interest and a flexible payment program.  The best part is that you’ll pay no taxes on the reduced amount, unlike traditional debt settlement programs.

So give yourself the gift of giving this season.  Get out of debt fast and rebuild your financial future.  Call (866) 401-6148 today to learn more about our program.  We’ll answer any questions you may have and help you enroll.  Call today!  It could be the best gift your get this year!

More information can be found by visiting www.reducemydebtquick.com

Remember our very recent post regarding Facebook and credit card debt collectors?  Well, to refresh your memory, debt collectors are now using social media such as Facebook, Myspace and LinkedIn to track you down.

It happened to one woman in Florida.  In fact, it’s being called a ‘first of its kind’ case amongst legal professionals.  The offender?  Mark One Financial, LLC.  The woman claims the Florida based company harassed her and family members over Facebook to try to get her to pay a debt they claimed she owed.

The company says that it’s policy is indeed to use Facebook, within the scope of the law, to contact clients when they have been unresponsive otherwise.  They believe the facts will demonstrate the claims of harassment are false and that they operated within their rights.  The suit claims that Mark One Financial, LLC violated the Fair Debt Collection Practices Act (FDCPA) by contacting relatives through Facebook.

Screenshots taken from user computers illustrate that a representative wrote ‘Please have her call me’ leaving contact information including the representative’s phone number.  Regardless of how debt collectors reach consumers, they are not allowed to reveal information to third parties.

The woman is seeking damages in addition to court intervention to stop MarkOne Financial from using Facebook to contact her and her relatives.

If you owe debt to unsecured creditors and need a sound debt settlement or debt management program, consider the services of Performance Debt Resolution.  Get out of debt permanently and reduce your balances by up to 50% without taxes!  Call today at (866) 401-6148 to see how you can live debt-free, starting TODAY!

More information can be found by visiting www.reducemydebtquick.com

It seems debt collectors and debt collection agencies are getting more tech savvy these days.  In the past, collectors would use things like ’skip-tracing’, personal investigations, phone records, and utility bills to find you.

Their job seems to be getting easier now with the advent of social media.  Facebook, My Space, Linked In and Twitter are among the sites they now visit to track you down for your credit card debt.

The fact is, many people update social media statuses with news about a new job, or a financial windfall.  People with high credit card debt, not paying their bills are essentially sending out a beacon on the internet.  Debt collectors are reading their daily digest of confessions too, and are then reaching out on the same social network where they’re posting.  According to some collectors its like ’shooting fish in a barrel’ making it far too easy to track people down.

Fortunately, Federal laws still apply on the internet.  Debt collectors must identify themselves to you and give you the reason why they are contacting you.  They cannot ‘pose’ as your friend in a sole effort to collect your debt.   They can however, read up on your activities like everyone else.  Some people also have no idea how to engage the security measures available on social media sites, making it even easier for collectors to get more information.  It comes as a shock to most people that these tactics are being used, but think about it; your daily life is being broadcast on these sites.

Experts advise not to share personal information on these sites.  Data such as where you live, phone numbers, employers and updates about vacation status or purchases make you vulnerable.  Since credit card debt collectors are using social networking sites, it’s wise to safeguard your information even more.

If you are carrying credit card debt, consider a sound debt management program to redistribute your finances.  Get out of credit card debt even faster with a debt settlement program or debt resolution program.  Performance Debt Resolution will save you up to 60% on your total debt with NO TAXES!  The program is lawyer backed and you’ll work directly with an attorney’s office to settle your debt permanently.  Visit our website below or call us today at (866) 401-6148.  We’re different that debt consolidation or debt settlement.  Find out why and get out of debt today!

More information can be found by visiting www.reducemydebtquick.com

If you have difficulties curbing your spending and getting out of debt with your credit cards, you are not alone.  Hundreds of thousands of Americans still struggle with credit card debt.

Credit card debt is a never ending cycle.  Credit card companies know this, and by keeping you in debt, they profit by millions of dollars.

There is hope however!  Once you decide and commit to changing your spending habits, it is possible to manage your debt, and eventually break free from the cycle.

Use our 6 tips below for reducing your credit card debt.  Once you gain some momentum and change some SIMPLE habits, you’ll be on your way to reducing your debt permanently.

1. DON’T PAY JUST THE MINIMUM – Keep compound interest from working against you! Paying only the minimum each month will result in your total balance growing, especially at the high interest rates currently charged on credit cards.  Try reducing your debt by paying as much as you possibly can above the minimum.
2. DON’T USE CREDIT CARDS FOR DAILY ITEMS – Everyday items such as groceries should be paid from your paycheck.  Break this habit and you’ll soon realize that the $3.00 gallon of milk you put on your Visa was costing you $30.00.
3. DON’T BE FOOLED BY ‘REWARDS’ – Credit card ‘rewards’ are typically worth far less than the interest you paid to use the card.  Unless you pay you balances in full each month, these rewards are generally not worth it. Avoid the lure of these programs and simply spend wisely.
4. DON’T USE CASH ADVANCES – Credit card companies usually charge an immediate 2-4% of the advance plus higher interest rates than normal card usage.  Avoid using the checks you receive in the mail as well.
5. DON’T USE CREDIT CARDS FOR MEDICAL BILLS – If you’ve got uninsured medical bills, don’t be tempted to use the high interest rate credit cards.  Attempt to negotiate a payment plan with your provider instead.  Most providers are flexible and offer more affordable solutions as compared to credit cards.
6. DON’T IGNORE YOUR DEBT – The absolute worst thing to do is hide from your debt.  Interest will continue to grow your balances beyond control.  Try to call your creditors and work out a repayment program.  If they do not cooperate, try debt consolidation, debt settlement or debt resolution.  See below for more information.

By changing your spending habits and avoiding the above 6 mistakes, you will have already begun to curb your credit card debt.  If you need additional help, consider Performance Debt Resolution.  Our experienced attorneys will dispute and resolve your debt with your creditors, typically reducing your balances by up to 60% and cutting monthly payments in half.  Call today at (866) 401-6148 or visit our website below to find out what we can do for you!

More information can be found by visiting www.reducemydebtquick.com

What this means is that if you sign up for one of these offers (whether you have a business or not is irrelevant), you could get targeted for huge interest rate hikes, late fees, and double-penalties.  These are all the ‘nasties’ credit card companies like, and what the new laws attempt to help avoid.

So before you get tempted, read carefully.  Don’t allow yourself to be put back into debt with the lure of new credit.

Performance Debt Resolution can help you get out of debt, with a sound debt dispute program.  Our attorneys will use laws to your advantage and save you up to 60% on your current balances.  In contrast to debt settlement, debt resolution will also save you the taxes associated with reduced amounts.  If you’re considering a debt management program such as debt consolidation, think again.  Avoid taxes, and enjoy the peace of mind knowing that your debt reduction program is backed by attorneys.

Performance Debt Resolution is a division of National Debt Management, a non-profit company.  Give us a call at (866) 401-6148 or visit our website below.  Get a FREE consultation and find out how much lower your monthly payments can be!

More information can be found by visiting www.reducemydebtquick.com

Despite all the new regulations imposed by the government, credit card companies still somehow manage to squeeze consumers for every penny.  If you have credit card debt, you know what we mean.  There are still pitfalls, traps, and tricks credit card companies use, especially now, to make up for lost revenue.

Consumer Reports recently published their results on the major things to watch out for when using that plastic.  The full report can be viewed HERE.

A recent survey of Americans reports that the average credit card balance is down overall to $3,800, just about a $1,000 decrease from last year in 2009.  With the ’seemingly’ lower balances, consumers are still not happy with credit card companies.  Despite the reform laws, interest rates are the highest they’ve been in over 10 years.  Fees are increasing as well.  Believe it or not there is a 59.9% interest card out there from First Premier Bank.  Add a $75 yearly fee and $95 for processing, and that’s one expensive card!

In addition to increasing rates & fees, there are still other traps credit card companies are deploying to gain ground from their losses.  If you think you’ve been treated unfairly or detect abusive practices by your credit card company, you should file a complaint with the FTC HERE.

Alternatively, call your credit card company if you’re trying to get out of debt.  Ask for lower interest rates or a payoff program.  IF you’re frustrated with progress, consider a debt management or debt reduction program.

Performance Debt Resolution disputes your debt with your creditors, holding their feet to the fire on the law.  We offer one of the most effective debt reduction programs available to eliminate up to 60% of your credit debt.  Give us a call today at (866) 401-6148 or visit our website to schedule a FREE consultation.  You’ll be glad you did!

More information can be found by visiting www.reducemydebtquick.com