8 Fascinating Insights about Credit Cards
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I combed the internet to find the most interesting stories about credit cards for you. Here are 7 of my favorites.
1. The Tactics of Discover Card Reps
How did the telemarketers supposedly trick customers into signing up for the products? The Minnesota attorney general’s office gave us audio files of some of the calls,
2. I am a Fraud prevention agent for a major credit card company. Ask me anything.
An anonymous fraud-prevention specialist from Visa answers questions. Lots of fascinating behind-the-scenes Q&A
3. Credit Bailout: Issuers Slashing Card Balances
Credit cards are now allowing people to settle balances for less than the full amount they owe. They’ve done this for years but now it’s finally getting publicity. Note 2009 pub date. Counterargument here.
4. The Real Problem with Credit Cards: The Cardholders
Lots of examples of how consumers make decision-making errors about credit cards (teaser rates, etc), even if all the information is in front of them. “Informational influence” is the least persuasive of all. Yet clueless politicians (and regular Americans) will continue calling for “more disclosure,” as if that alone will solve the problem. Wrong, wrong, wrong.
6. The Debt Trap
Very sad short video about a woman who got into too much credit-card debt.
7. How Much Do You Owe? Guess Again
“It would appear that Americans don’t even know how much they owe. Households underreport the magnitude of their credit card debts by at least one-third, according to a new study from the Federal Reserve Bank of New York. The difference for the average household is more than $2,000. Only 50 percent of households reported any credit card debt, while credit card companies reported that 76 percent of households owed them money.” WTF, but also not surprising.
New tool: Credit Card Payment Calculator
I’ve written about credit card benefits before, but as I was combing the internet, I read more and more about credit card debt and decided to do something about it. Check out my new credit card payment calculator to see how you can tackle your outstanding credit card balance (or any other debt).
The debt calculator follows the same rules as my book – give it a try and let me know in the comments how it helps:
Credit Card Payment Calculator from I Will Teach You To Be Rich
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