Credit Cards VS Debit Cards
These days everyone needs a credit or debit card to not only buy things but to book airline tickets, reserve hotel rooms, and lease cars while traveling. You will need to pick between a debit card vs credit card. There are numerous advantages of both cards.
One advantage of using a debit card opposed to a credit card is that if your place of employment offers direct deposit, your paycheck can be credited to your debit card. This can also be done with social security and unemployment deposits. This gives people access to money much faster than waiting for a check in the mail and then having to deposit or cash it at a bank. The direct deposit also avoids a check cashing fee that some banks and check cashing stores charge.
The disadvantage is the debit cards charge a transaction fee every time you use your debit card. The fee varies from card to card and is usually around $3.00 per purchase. No matter how large or small the purchase the fee is the same.
There is a big advantage of using a credit card instead of debit or savings when purchasing gasoline at the pump. When using a debit card some gas stations will put a hold on your debit card for up to a week. This does not happen when using a credit card.
Debit card and credit card use has plenty of advantages and disadvantages. Credit is great if you always pay your balance before the payment due date is posted to avoid fees and interest charges. Few people do this however and this makes credit cards a bad option for most people making purchases, as they will end up having to pay a considerable amount of interest in addition to their purchase amount.
The advantage of conservative credit card use and paying on time is that it will greatly improve a person’s credit score rating. On the other hand, misuse of a credit card will harm a person’s credit rating, and any future requests for credit, such as; different credit cards and applying for home and auto loans. The way a person treats their credit can also affect the rates they are quoted for car insurance and the amount they will pay in rent at corporate owned and operated apartment complexes.
When it comes to the question of debit vs credit, the answer might be that both are good to have for their own reasons. And always use both wisely, if you are financially conservative then you will be able to handle a credit card easily, if you are somewhat financially reckless then you should probably limit how much you use credit and focus more on making your purchases with savings.
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FTC Announces Further Extension On ‘Red Flags’ Rule Implementation To November 1st
To support small businesses and other entities, the Federal Trade Commission faculty will intensify its efforts to educate them about compliance with the “Red Flags” Rule and ease compliance by provisioning additional resources and guidance to clarify whether businesses are covered by the Rule and what they must do to comply. To give creditors and financial institutions additional time to review this guidance and develop and implement written Identity Theft Prevention Programs, the FTC will further delay enforcement of the Rule until November 1, 2009.
The Red Flags Rule is an anti-fraud regulation, necessitating creditors and financial institutions with covered accounts to implement programs to identify, detect, and respond to the warning signs, or red flags, that could signify identity theft. FACTAs definition of creditor includes any being that regularly extends or renews credit ” or arranges for others to do so ” and includes all entities that systematically permit deferred payments for goods or services.
The FTCs Red Flags Web site, www.ftc.gov/redflagsrule, offers resources to help entities determine if they are covered and, if they are, how to conform with the Rule. It includes an online compliance template that enables companies to design their own Identity Theft Prevention Program through an easy-to-do form, as well as articles directed to specific businesses and industries, guidance manuals, and Frequently Asked Questions to help companies navigate the Rule.
Although many covered entities have already grown and implemented appropriate, risk-based programs, some ” particularly small businesses and entities with a low risk of identity theft ” remain uncertain about their obligations. Among other things, Commission staff will create a special link for small and low-risk entities on the Red Flags Rule Web site with materials that provide guidance and direction regarding the Rule.
The Commission has already posted FAQs that address how the FTC intends to enforce the Rule and other topics ” www.ftc.gov/bcp/edu/microsites/redflagsrule/faqs.shtm. The enforcement FAQ states that Commission staff would be unlikely to recommend bringing a law enforcement action if entities know their customers or clients individually, or if they perform services in or around their customers homes, or if they operate in sectors where identity theft is rare and they have not themselves been the target of identity theft.
Todays announcement that the Commission will delay enforcement of the Rule until November 1, 2009, does not affect other federal agencies enforcement of the original November 1, 2008, compliance deadline for institutions subject to their oversight.
Rapid Recovery Solution is a national collection agency.
Massachusetts Toughens Rules For Small Claims Collection Lawsuits
The Massachusetts Supreme Judicial Court released last week that it has altered some of the rules governing the use of small claims courts. The Court said that the changes were created specifically to address the number of debt collection cases that are filed in small claims courts.
The rule changes come on the suggestion of the Small Claims Working Group, a panel of legal experts that was convened in 2006 to analyze and improve current small claims practices. In a press release describing the changes, the Supreme Judicial Court noted that While the rules apply to all small claims matters, there will be a major impact on debt collection cases. The changes address many of the affairs labeled by the Working Group in collection cases, and four in particular: increased genuineness of service, incompletely detailed claims, increased analysis of default judgments, and notice to the court when a judgment is paid.
Adam Olshan, an attorney with Law Offices, Howard Lee Schiff, P.C. in Worcester, Mass., agrees that some collection law firms will be affected. This will impact the high-volume collection law firms.
But Olshan, who was on the Working Group representing credit card issuers, noted that most collection law firms ” including his own ” do not make use of small claims courts. If the plaintiff fails to confirm the address, the court may not enter a default judgment if the defendant later fails to appear for trial.
The changes also add enhanced scrutiny to default judgments that are entered. New small claims laws require plaintiffs to send word to the court in writing when a small claims judgment has been paid in full, or be responsible for any reasonable costs incurred by the defendant in later establishing that it was satisfied.
Another requirement is that the magistrate or judge is to analyze the terms of any agreement for judgment with the parties if they are present in court. This makes certain that the court does not order or otherwise endorse any private payment agreement that relies on exempt sources of income. This avoids any arbitrary surprise to the defendant by delaying any levy on the judgment until the defendant has had an opportunity to pay as ordered or to attend a payment hearing.
Rapid Recovery Solution is a New York debt collection agency.