Only 1 in 10 consumers in debt-settlement programs actually end up debt free

Only about one in 10 consumers participating in debt-settlement programs actually ends up debt-free in the promised period of time.

Debt settlement companies claim that they can significantly reduce someones debt for just pennies on the dollar.  And desperate debtors are looking for a quick fix to a problem that they have spent years creating.  They want the phone calls and letters to stop.  They want to get rid of the stress they are experiencing.

 

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Dwolla drops fees for transactions under $10 in prelude to larger announcement

dwollalogo

Dwolla is forever changing the way credit cards are transacted.

Online and mobile payment service Dwolla has announced that all transactions under $10 will have no fee from now on. This is of course great news for small businesses and merchants whose average transaction is below that. Anything above still carries the flat $0.25 fee…

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Credit unions benefit from backlash against big banks

credit union

Credit unions added more new members during that month than in all of 2010.

Credit unions are benefiting from the backlash against big banks over new fees.   And in Texas, credit unions gained $326 million in new deposits from 47,000 new members during the month leading up to the so-called Bank Transfer Day. The Saturday event was orchestrated by an online campaign urging consumers to move their money from banks to the generally smaller credit unions.

 

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The Great Bank & Credit Card Backlash

Credit-Card-Backlash-782

The smell of corruption is offending more than few nostrils

Futurist Thomas Frey:  Recent attempts by Congress and the Federal Reserve Board to curb the excessive fees being charged by credit cards, banks, and finance companies have resulted in a punitive industry response with interest rates and fees climbing in almost every category. This action has resulted in nothing short of a full-scale revolt by a victimized-feeling public.

 

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Higher Education Reforms in England Will Triple Fees in 2012

higher education

Two thirds of universities will charge the highest possible tuition fee.

The Coalition’s policy on tuition fees risked descending into chaos after it emerged that two thirds of universities would charge the maximum £9,000 a year for degree courses.  Ministers were accused of “losing control” of their flagship higher education reforms as growing numbers of vice-chancellors unveiled plans to almost triple fees in 2012.

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Adoption of Mobile Wallets Being Slowed by Behind-the-Scenes Battle Among Corporate Giants

mobile wallet

Consumers would wave their phones instead of swiping credit cards at the checkout counter.

The cellphone has been more than a cellphone for years, but soon it could take on an entirely new role — standing in for all of the credit and debit cards crammed into wallets.  Instead of swiping a plastic card at the checkout counter, consumers would merely wave their phones.

 

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More Airline Passenger Carry-Ons Costing Taxpayers Millions

 Airlines luggage bag fees

Luggage fees have prompted more passengers to carry-on their bags.

When airline passengers choose to carry their luggage onto a plane instead of checking it with an airline it may save them a few bucks in bag fees, but it’s costing taxpayers about a quarter-billion dollars a year.

 

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Consumers Beware – Reloadable Prepaid Debit Cards Loaded with Fees

reloadable-prepaid-cards

Reloadable prepaid debit cards represent one of the fastest-growing segments of the financial services industry.

Last year, Michael Abukhader’s 12-year-old son, Jacob, received a $30 NASCAR prepaid Visa card from an aunt who thought it would provide a convenient way to give him cash for birthdays and other events. But once Abukhader, who lives in Queen Creek, Ariz., reviewed the terms of the card, he closed the account.

 

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New Law Makes Gift Cards a Popular Option for Holiday Shoppers This Year

GIFT CARDS

Gift card kiosk

Gift cards have long been a popular option for holiday shoppers who are short on time and bereft of ideas. But in the past, givers had to make a difficult choice. Gift cards from credit card issuers or banks could be used almost everywhere but were often loaded with expiration dates and inactivity fees. Retail cards were usually free of such restrictions but required givers to select an appropriate retailer — a challenge if you had trend-conscious teenagers on your list.

 

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