Credit Cards News

Crackdown on credit cards interest rate and the cost of credit card borrowing will save consumers could save around £300million a year, the British Prime Minister, Gordon Brown said.
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Desperate families turning to high interest credit cards with as much as 60% interest rates as number of applications accepted by high street banks plunge.

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Will indeed your credit score drop if you tell your card issuer to stick their plastic somewhere other than an ATM? Part of the problem is that the methodology of determining your credit score is a secret formula held by FICO, a.k.a. Fair Isaac, the company behind the most widely-used credit scoring system in the US.
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Student credit card borrowing is now set to be tougher for all under 21’s starting from today as the new credit card rules comes into effect.

Sarah Bush got her first credit card at 20 and and has “regretted it ever since.” A student at Belmont University in Nashville, Tenn., she is now 24 and enrolled in a debt management program, which has helped her whittle credit card debt down to $7,500.
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Barclaycard, Britain’s biggest credit card provider has had to write of £1.8billion as bad debt as more and more people bust.

The amount Barclaycard said it has written off climbed 64 per cent during last year, it said yesterday.

Industry analysts believe the total UK credit card debt written off this year could reach £5billion as the plastic spending bubble bursts.
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