credit cards – Blog Campcee http://blogcampcee.com/ Tue, 29 Mar 2022 08:47:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://blogcampcee.com/wp-content/uploads/2021/05/cropped-icon-32x32.png credit cards – Blog Campcee http://blogcampcee.com/ 32 32 Williamsport man charged with using stolen credit card | News https://blogcampcee.com/williamsport-man-charged-with-using-stolen-credit-card-news/ Sat, 19 Mar 2022 00:00:00 +0000 https://blogcampcee.com/williamsport-man-charged-with-using-stolen-credit-card-news/

Williamsport, Pa. — A man who used a stolen credit card to buy pizza and wings was identified by a police officer who was at the pizza place at the time of the robbery, charges allege.

Philip Trent Coleman, 32, shook hands and spoke briefly to Williamsport officer Andrew Stevens as Coleman waited to pick up a large pizza and order of chicken wings from Long Island Pizza on Hepburn Street on March 8 around 6:30 p.m.

Stevens was unaware that Coleman was using a stolen card at the time. Just an hour earlier, victim Eric Smeal had received a notification from American Express, saying his card had been declined for $45 at a Family Dollar on Memorial Avenue.

Smeal had not realized he had lost his wallet and credit cards before the alert, he told police.

Smeal checked his American Express account and saw that it would have been used to buy a $5 bottle of E&J Brandy at Fine Wine & Good Spirits on Hepburn Street and $30 worth of food at Long Island Pizza next door.

Coleman also tried to use the card to purchase several packs of Newport cigarettes and wrappers of Game cigars, but were denied, according to arrest documents. He was able to purchase a single pack of cigarettes and cigar wrappers for a total of $12.

When Stevens was called to investigate the robbery, he recognized Coleman from the liquor store surveillance video and his previous encounter at the pizzeria, records show.

Coleman, of Hepburn Street, was charged with forgery and four counts of access device fraud and receiving stolen property.

Our content is free, but our journalists work hard. 100% of your contribution to NorthcentralPa.com goes directly to help us cover important news and events in our area. Thanks for saying that local news matters!

]]>
A fragmented industry with 3,200 mostly small businesses https://blogcampcee.com/a-fragmented-industry-with-3200-mostly-small-businesses/ Wed, 16 Mar 2022 09:00:00 +0000 https://blogcampcee.com/a-fragmented-industry-with-3200-mostly-small-businesses/

DUBLIN, March 16, 2022 /PRNewswire/ — Marketdata LLC’s “US Debt Collection Agencies: An Industry Analysis” report has been added to from ResearchAndMarkets.com offer.

Research and Markets Logo

This recently updated bestseller by Marketdata examines the $15 billion activity of debt collection agencies. Consumer complaints about harassment by collectors still exist and top the list of complaints filed with the FTC. Federal and state regulations have reduced recovery rates, resulting in slow growth. However, the Covid-19 pandemic really didn’t hurt this business, as consumers used stimulus payments and enhanced unemployment benefits to pay off their debts in 2020.

Collections is a fragmented business of 3,200 mostly small companies. Industry consolidation continues and the company has become attractive to investors.

Technology such as artificial information makes businesses more efficient and skilled collectors are in high demand. Collections are moving overseas and the market for outsourced IRS debt has grown.

Main topics covered:

The study examines industry revenue/growth, consumer debt trends and industry issues, regulation, extended operating ratios, and more. industry operating ratios (national, state, city).

The study examines consumer debt trends, bankruptcy trends, debt buying market, outsourcing, major market segments and more.

Competitor profiles for: TransWorld Systems, Encore Capital, The Kaplan Group, Alorica Global Solutions and Portfolio Recovery Associates are included.

Report on the nature and state of the industry

  • Definition and characteristics of the enterprise: history and development, census NAICS codes, operation of services, no. nationwide services/recent consolidation/mergers

  • Status report: decline no. agencies in the United States, effects of the pandemic

  • Demand Factors

  • Industry Trends: Profit Margins, Offshoring, Consolidation, Adaptive Learning Systems:

  • Collection techniques: discussion of “traditional” collection techniques and how agencies operate (letters, phone calls, legal action, follow up on omissions, use of agents), which methods work best, current collection rates, contingent fees, client specializations.

Consumer Complaints, Industry Regulation

  • Discussion of major complaints regarding collection harassment and unethical/illegal practices, privacy issues.

  • Consumer Financial Protection Bureau Findings 2020: Number and Type of Complaints, Compared to 2018

  • Industry regulation, by: 1977 Fair Debt Collection Practices Act, Telephone Consumer Protection Act (1991), Fair Credit Reporting Act (1970), Health Insurance Portability and Accountability Act (1996).

  • Regulatory Agencies: FTC, FCC, CFPB

  • CFPB Annual Report 2021: Highlights of debt collection, new rules explained.

Key Industry Trends

  • Summary: Key Factors Influencing Industry Demand

  • Status of the industry in 2021: consolidation – number decreasing. of companies, declining profits, challenges for various aspects of the business (survey data from TransUnion)

  • Summary: Types of consumer debt held by type (amount in $: student loans, medical, credit cards, mortgages, car loans)

  • 2019 Major Debt Collection Trends: Compliance, Technology, Worker Skills, Company Cultures, Top 9 Collection Agency Trends for 2019

  • Discussion on: industry and customer consolidation, the emergence of artificial intelligence,

  • Impact of the Covid-19 pandemic on debt, by population segment (Millennials, Baby Boomers, Gen X, etc.)

  • Bankruptcy Trends: Personal vs. Business, Discussion of Chapter 7, 11, and 13 Types, Peak Levels and Reasons, Regional Differences

  • Growth of the debt buyback market.

  • Kaulkin Ginsberg Latest Research/Report Results

  • Emerging collection technologies – IT/Telecom systems integration, pre-authorized draft printing (large business, service operation, software vs. service desk approach), skip tracing, predictive dialing, check verification and computer databases.

Companies cited

  • Transworld Systems (including NCO Group, Altisource)

  • The Kaplan group

  • Encore Capital Group (including Midland Credit Management)

  • Portfolio Recovery Associates

  • Alorica Global Solutions (including Expert Global Solutions)

For more information about this report visit https://www.researchandmarkets.com/r/7jd70l

Source: Marketdata LLC

Media Contact:

Research and Markets
Laura Woodsenior
press@researchandmarkets.com

For EST office hours, call +1-917-300-0470
For USA/CAN call toll free +1-800-526-8630
For GMT office hours call +353-1-416-8900

US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716

Quote

Quote

View original content: https://www.prnewswire.com/news-releases/united-states-debt-collection-agencies-market-report-2022-a-fragmented-industry-with-3200-mostly-small-firms – 301503362.html

SOURCE Research and Markets

]]>
Flipkart Axis Bank Credit Card Surpasses 2 Million Users | Odisha News | Latest news from Odisha https://blogcampcee.com/flipkart-axis-bank-credit-card-surpasses-2-million-users-odisha-news-latest-news-from-odisha/ Wed, 16 Mar 2022 06:29:23 +0000 https://blogcampcee.com/flipkart-axis-bank-credit-card-surpasses-2-million-users-odisha-news-latest-news-from-odisha/

Mumbai: Flipkart, India’s e-commerce market and Axis Bank, the third largest private sector bank in India, today announced that their co-branded credit card “Flipkart Axis Bank Credit Card” has reached the two million milestone cards in force (CIF). Launched in 2019, the card offers convenience and benefits to its users with industry-leading cashback, features and seamless processes.

This co-branded credit card offers a simple and seamless onboarding experience and is designed to meet the needs of creditworthy consumer segments as well as consumers who have limited access to formal credit cards. This card has one of the largest distribution coverage with over 18,000 PINs across India, with nearly 1 million cards issued in less than a year due to increased adoption online and digital transactions.

The card’s growing user base is a testament to consumer demand for innovative financing options and credit builds in an increasingly digital ecosystem. Its features include unlimited cashback on all purchases, as well as unlimited 5% cashback on Flipkart and Myntra, and 4% cashback with renowned brands such as Cleartrip, Curefit, PVR, Tata 1Mg, Uber, etc. . This also includes a 1.5% cashback on all other spend** which is one of the highest in the industry. The card also offers a superior rewards experience with a hassle-free direct refund, which is reflected on the customer’s credit card statement.

Flipkart and Axis Bank have continuously innovated digital solutions to simplify customer journeys. The card issuance process is end-to-end digital, paperless and includes video verification to speed up the KYC process. Currently, more than 40% of cards are issued without any physical intervention.

By introducing the “Card Console” function, this card sets new benchmarks in usability. This feature provides users with a single cockpit view of map information on the Flipkart app. Users can access monthly statements, view transactions, choose from bill payment options, increase credit limit, and set a limit for contactless payments and other monthly transactions. These amenities have led to higher customer engagement and increased usage with over 85% card activation within the first three months of card issuance.

Sanjeev Moghe, EVP & Head – Cards and Payments, Axis Bank said: “Axis has adopted an OPEN philosophy in all its activities, focusing on customer obsession. This co-branded card is a shining example of that philosophy. It is one of the leading co-brands in the industry and the growing scale and adoption is testament to its popularity. While a solid proposition started our journey, what kept customers engaged was the accessibility of all features and controls in one easy-to-use console, which is clear from the emission and use measurements. We are dedicated to a digital-first approach with future-ready products for all customers across the country. »

Dheeraj Aneja, SVP & Head – Fintech and Payments Group, Flipkart, said, “Flipkart has always been a forerunner in providing a holistic, affordable and seamless experience to customers through the platform. Over the years, it has become one of the favorite shopping destinations for millions of Indians. We are committed to providing our customers with innovative and secure services that improve both accessibility and affordability and the Flipkart Axis Bank Credit Card is a true testament to that. Indian consumers have evolved, and now more than ever there is a strong and growing desire to improve their lifestyle. Co-branded credit cards seek to exploit this potential by helping to increase consumer purchasing power. »

While informal credit is still available in many forms today, many consumers still do not have access to credit offers from a formal institution. The Flipkart Axis Bank credit card aims to make formal lending and retail more inclusive. Some of the card’s main features include:

5% unlimited cashback on Flipkart and Myntra

4% unlimited cashback on favorite merchants

· Provides 1.5% unlimited cashback for spending on any other merchant (online and offline)**

Customers also enjoy a fuel surcharge waiver on monthly fuel expenses

4 free access to lounges in various national airports (1 per quarter)

]]>
Russians stranded abroad as flights and credit cards canceled https://blogcampcee.com/russians-stranded-abroad-as-flights-and-credit-cards-canceled/ Sat, 12 Mar 2022 23:00:00 +0000 https://blogcampcee.com/russians-stranded-abroad-as-flights-and-credit-cards-canceled/

The backlash against Russia has a very visible consequence. Tens of thousands of Russians are stranded abroad in cities and popular vacation hotspots. It comes as many airlines drop flights to Russia and national carrier Aeroflot suspends international flights. Compounding the problems of stranded Russians – suddenly their Western-branded credit cards no longer work.

Russia remains accessible but may involve a detour

If you want or need it, Russia remains accessible by air. Emirates, Etihad, Qatar Airways and Turkish Airlines continue to fly to Moscow. This means a detour to one of the Gulf hubs or Istanbul, but it’s easily doable. Other lesser-known carriers also keep Moscow on their departure list.

SIMPLEFLYING VIDEO OF THE DAY

Turkish Airlines, a prominent member of Star Alliance, serves Moscow four times a day and St. Petersburg twice a day. Simon Calder in The Independent reports that Belgrade-based Air Serbia is also doing a roaring trade on the Belgrade – Moscow route. The airline has increased its flights to the sector from two to three per day. The newspaper adds more than half of the passengers of Air Serbia flights departing from Moscow transferred to Belgrade on another flight to travel elsewhere.

But most airlines have suspended flights to Russia, impacting thousands of travelers already outside that country trying to get home. One of the latest is Air Astana, which suspended all flights to and over Russia at the end of last week.


Air-Serbia-Airbus-A319-London-Heathrow

Air Serbia, based in Belgrade, continues to serve Moscow and has increased its flights. Photo: Jake Hardiman/Simple Flying

Stranded Russians face canceled flights and canceled cards

On one level, the cancellations and challenges to and from Russia are similar to those many international travelers faced during the height of the pandemic – getting a flight could be tricky and involve detours and expense additional. But for Russians abroad, the Russian financial sector lockdown adds another layer of complexity. Most do not have access to the funds to pay for a plane ticket on one of the few airlines that still serve the country.

Associated Press reports that some 6,500 Russians are stranded in Phuket, Surat Thani, Krabi and Pattaya. Before the pandemic, Thailand was a popular vacation spot for Russians and was just starting to see tourist numbers picking up. Aeroflot normally flies to Bangkok and Phuket.


But many have had their return flights cancelled, whether on Aeroflot or another airline. They must buy another ticket or extend their stay. But most major credit card companies blocked their Russia-based customers, and the international banking system stopped processing financial transfers in and out of the country. Those who hold substantial amounts of hard currency or China-issued credit cards like Union Pay fare better.


Aeroflot-jet-parked-at-the-gate

Aeroflot has suspended international flights, including those to Thailand. Photo: Sumit Rehalimage/Simple Flying

Russia is still possible but the advice is not to fly

With thousands of Russians effectively barred from their own country, Thailand has extended visas and is sorting out some low-cost accommodation options. Thai tourism authorities are exploring out-of-the-square payment alternatives. Airlines are also exploring alternative options.

“Due to the suspension of Visa and MasterCard services in the Russian Federation, card payments are currently not possible with cards issued by Russian banks. Air Serbia is working to find an alternative option for online payments,says Air Serbia’s website.

Although access to Russia remains open to those without blocked credit cards and a willingness to detour, the US State Department strongly advises people against traveling there.

“Do not travel to Russia due to the unprovoked and unjustified attack of Russian military forces in Ukraine”, their advisory readings. This adds the potential for harassment of U.S. citizens by Russian government security officials, the embassy’s limited ability to assist U.S. citizens in Russia, COVID-19 and related entry restrictions, terrorism, restricted flights to and from Russia and arbitrary enforcement of local laws. law as reasons to fly elsewhere at this time.


McDonnell_Douglas_DC-10-10,_Laker_Airways_JP5833685

The Life and Times of Aircraft Entrepreneur Freddie Laker

Read more


About the Author

]]>
Loans as low as $1,000 https://blogcampcee.com/loans-as-low-as-1000/ Thu, 10 Mar 2022 04:00:34 +0000 https://blogcampcee.com/loans-as-low-as-1000/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Even if you’re married to your favorite credit card, you may find that there are times when it just doesn’t make sense to use it. For one thing, your credit limit may not be enough to cover a very large expense like a home renovation or a wedding. Also, credit cards usually carry high interest rates. These are areas where personal loans have the upper hand.

Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. And in some cases, it may actually be more affordable to use a personal loan than to use a credit card, since personal loans are known for their relatively low interest rates.

There are many personal lenders out there, so it can sometimes be difficult to determine what each loan offers, but there are a few highlights to look out for. Avoiding prepayment charges and origination fees can help you save money on the cost of borrowing so that it can work in your favor to seek out a lender who does not bear these charges, such as loans PNC Bank staff.

Of course, however, you should always do additional research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.

To help, Select has reviewed PNC Bank’s APR, benefits, fees, loan amounts, and terms. (Learn more about our methodology below.) Read on to find out if PNC Bank is the right lender for you.

PNC Bank Personal Loan Review

PNC Bank Personal Loans

  • Annual Percentage Rate (APR)

    5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)

  • Purpose of the loan

    Debt consolidation, home improvement, wedding, moving and moving or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

    10% of payment or $40, whichever is greater

Benefits

  • No setup fees, no prepayment fees
  • Fixed rate APR
  • Flexible repayment terms
  • Loan amounts start at $1,000
  • No collateral needed

The inconvenients

  • Late payment fee invoice
  • Not the fastest funding (may take up to 10 business days)
  • Rates and conditions may vary depending on your postal code

APR

APRs typically range from 5.99% to 28.74% for PNC Bank personal loans, but a more specific rate range (as well as other terms) will depend on your location and, of course, factors such as credit rating and amount of money needed. Prospective borrowers are encouraged to verify the rate range for their location by entering their zip code on the PNC Bank personal loan website.

Like many other personal lenders, PNC Bank offers a small discount on the interest rate for making payments automatically through a PNC Bank checking account (borrowers can receive a 0.25% discount for signing up so that their payments are automatically applied to your balance).

Personal loans from this lender also carry fixed interest rates that will not fluctuate over the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. PNC Bank does not disclose the exact minimum credit score required to qualify for its personal loan products.

Benefits

There is some flexibility regarding your loan repayment schedule; borrowers can choose loan terms of up to 60 months.

And, as we mentioned above, if you already have a checking account at PNC Bank and use it to make your monthly payments automatically, you can qualify for an interest rate reduction of 0 .25%.

Costs

PNC Bank does not charge an application fee or origination fee, and there are no prepayment penalties for making additional payments to pay off your loan early.

However, there are late fees. Borrowers will be charged 10% of the payment or $40, whichever is greater, if a late payment is made.

And as with any other loan or credit product, it’s important to keep in mind that failure to pay in full on time may result in the lender notifying a credit reporting agency, which may affect your credit score.

Amount of the loan

Loan amounts range from $1,000 to $35,000, making this lender an attractive option for those looking to borrow small amounts of money (personal lenders can offer up to $100,000). Keep in mind, however, that not all applicants will qualify for the maximum loan amount. Qualification can usually depend on factors such as your creditworthiness.

And while PNC Bank personal loans can be used for a variety of expenses — including debt consolidation, home renovation, wedding, moving, or even vacation — there are some things you can’t use for. this loan. Prohibited uses include post-secondary education expenses, student loan debt refinancing, or any unlawful purpose.

Mandate’s duration

Candidates have a range of term lengths of up to 60 months.

At the end of the line

PNC Bank personal loans are a solid option for those who want to avoid origination fees and prepayment penalties. Although you don’t need to be an existing customer to apply for the loan, the biggest benefit is for those who set up automatic monthly payments through an existing PNC Bank checking account – you will receive an interest rate by 0.25%.

Since personal loan products may vary by location, your actual interest rate range and other terms may depend on your zip code. So you will have to check this before applying for this loan.

If you’re not comfortable with the terms you receive and are looking for slightly lower interest rates, check out LightStream Personal Loans, which offers APRs as low as 2.99% and an APR deduction of 0 .25% to automatically pay your bill each month.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

]]>
Credit card spending plummeted in January thanks to Omicron https://blogcampcee.com/credit-card-spending-plummeted-in-january-thanks-to-omicron/ Mon, 07 Mar 2022 19:08:01 +0000 https://blogcampcee.com/credit-card-spending-plummeted-in-january-thanks-to-omicron/

Bombay : Credit card spending fell in January as consumer spending took a hit after states imposed restrictions to contain the spread of the Omicron strain of coronavirus.

Spending in January fell 6% on a monthly basis (mom) to 87.7 trillion, according to data from the Reserve Bank of India (RBI). Credit card spending amounted to 93.9 trillion in December last year.

Also on an annual basis, credit card spending growth slowed to 35% from 47% in December.

That said, January spending continues to be higher than last year, when it was 64.7 trillion.

The slowdown in spending comes after the industry saw $1 trillion spent in October due to holiday season. Spending momentum has slowed, but this is a temporary blow, analysts say.

“Credit card spending is higher than pre-pandemic days. January data shows a monthly decline, which occurred because of Omicron. That said, consumer confidence is back on track and the data will show an improvement from the second half of February when restrictions were eased,” an analyst at an overseas brokerage said.

Among banks, HDFC Bank, ICICI Bank and SBI Cards saw lower credit card spending in January.

HDFC Bank saw an almost 8% decline in spending for 21.7 trillion, while ICICI Bank saw a 5% mom fall to 18.8 trillion. Axis Bank was the outlier, as spending rose in January. He saw a 10% mom go to 7.6 trillion, while SBI cards saw 2% growth in spending for 19 trillion.

In terms of cards issued, banks added 130,000 new credit cards on a net basis in January, led by issuers such as ICICI Bank, Axis Bank, HDFC Bank and SBI Cards.

Among the top four banks, ICICI Bank was the most aggressive. It added 240,000 credit cards in January, bringing the total number of credit cards to 12.5 million. ICICI Bank’s co-branded credit card with Amazon was a huge market success, helping the bank gain 17.9% market share.

Axis Bank also gained market share to 11.9%, adding 219,000 new cards over the same period. Its co-branded credit card with Walmart-backed e-commerce giant Flipkart also performed well.

HDFC Bank added 209,000 credit cards in January, but lost market share for the second consecutive month at 22.8%. SBI Cards also added fewer credit cards, which led to a decline in market share.

To subscribe to Mint Bulletins

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now!!

]]>
How an installment loan can affect your credit score https://blogcampcee.com/how-an-installment-loan-can-affect-your-credit-score/ Sat, 05 Mar 2022 18:30:57 +0000 https://blogcampcee.com/how-an-installment-loan-can-affect-your-credit-score/

NEW YORK – March 5, 2022 – (Newswire.com)

iQuanti: Installment loans allow you to borrow money at a fixed interest rate and pay it back in fixed monthly installments of principal and interest. You can use them for a variety of purposes, such as refinancing debt, financing a home improvement, or building an emergency fund quickly.

If you’re working on building or repairing your credit, knowing how these types of loans can improve or hurt your credit score is essential. Let’s take a closer look at how an installment loan can affect your credit.

1. Applying for a loan can hurt your credit score slightly

When you apply for an installment loan, some lenders will do a thorough investigation, which means they will formally review your credit score and background. These challenging surveys damage your score a bit. However, as you increase your score over time, Serious Inquiries do less damage each time you get one. In addition, serious inquiries disappear from your credit file after two years. When they fall, your credit score may rise.

Although it may be difficult to find installment loans without credit check, many lenders will only conduct an informal inquiry during the approval decision process. Soft credit checks will not affect your credit score and will only be visible to you.

4. Making payments on time can boost your score

Two of the main factors used to calculate your score are your payment history and the length of your credit history. For this reason, making payments on time each month can add up significantly when it comes to improving your score. Likewise, missing payments can hurt your score, so try to make all your payments on time.

2. Adding the loan to your credit mix can improve your score

Your credit composition is an important factor in determining your credit score. It looks at the number of credit accounts you have opened and their diversity. By taking out an installment loan, you increase the number and diversity of your credit accounts, which can help boost your score quite quickly.

3. Paying off credit cards with the loan can improve your score

Credit utilization is another factor used to calculate your credit score. It measures the amount you borrow on your revolving credit accounts (credit cards and lines of credit) against your credit limits on those accounts. So if you get an installment loan to pay off your credit card balance, you could improve your score by reducing your credit usage.

The bottom line

Installment loans can impact your credit in several ways. The first thorough investigation hurts your score slightly, but you can easily make up for that damage by making timely monthly payments. Plus, adding the loan to your credit mix and using it to reduce credit card debt could provide another credit boost. Overall, be sure to only borrow what you can afford to repay to reap the benefits of installment loans.

Notice: The information provided in this article is provided for guidance only. Consult your financial advisor about your financial situation.

press release department
by
Newswire.com

Primary source:

How an installment loan can affect your credit score

]]>
How Crypto Can Help Pay Off Credit Card Debt – Hometown Station | KHTS FM 98.1 & AM 1220 — Santa Clarita Radio https://blogcampcee.com/how-crypto-can-help-pay-off-credit-card-debt-hometown-station-khts-fm-98-1-am-1220-santa-clarita-radio/ Fri, 04 Mar 2022 21:24:39 +0000 https://blogcampcee.com/how-crypto-can-help-pay-off-credit-card-debt-hometown-station-khts-fm-98-1-am-1220-santa-clarita-radio/

Just a few years ago, cryptocurrency mining was considered just a hobby for computer geeks. But today, the crypto phenomenon has exploded into a modern gold rush attracting the interest of millions.

And, although digital currencies are still in their infancy, they are finding their way into many aspects of everyone’s life and finances. But is the potential of crypto big enough to solve one of America’s biggest financial problems? It certainly seems so – find out how crypto can help you pay off your credit card debt below.

Crypto and Your Credit Card Debt: An Overview

With an average outstanding balance of $5,525, credit card holders in the United States often see their household finances rocked by their credit card debt. At the same time, your credit card balance shouldn’t define your financial stability.

From debt consolidation to healthier spending habits, there are plenty of options for paying off credit card debt or reducing the financial burden that comes with it.

And, today, thanks to emerging technologies such as DeFi and digital currencies, there are new alternatives to consider.

Decentralized and based on blockchain technologies, cryptocurrencies allow fast and secure financial transactions. While initially the crypto world only seemed accessible to a few experts, today’s trading platforms are bringing the benefits of digital currencies within everyone’s reach.

In the case of Santa Clarita, the proof of the potential of cryptos is just around the corner. What in 2019 was the US city with the second highest debt ratio in the country, in 2021 is the one with the highest debt repayment. And it’s thanks to crypto!

Crypto-backed loans for debt consolidation

As more traditional investors take an interest in crypto, digital currencies are becoming easier to trade, buy, and use — and they’re transforming the entire financial industry. In turn, more and more institutions and retailers have started accepting this digital asset as a form of payment or collateral, in a way not unlike using cash.

In the case of credit card debt, owning cryptocurrencies such as Bitcoin or Ether can help you secure a loan, which you can use to consolidate your debt or pay off your outstanding balance.

In crypto loans, your assets are treated as collateral for the borrowed money, which means you could end up losing your principal if you are unable to keep up with repayments.

However, crypto loans have significant advantages, including:

  • High borrowing limits, up to 50%-90% of the value of your digital asset
  • Availability of funds within hours
  • Low interest rates
  • No or few credit checks
  • Wide range of repayment terms

Credit cards with cryptocurrency cashback features

Choosing your credit card wisely is always important in managing the financial burden of credit card debt. But this is especially the case if you plan to take advantage of the debt repayment options offered by crypto – now or in the future.

In this case, choosing a credit card with crypto rewards features is a suitable option for earning while spending. If you choose cards that offer crypto cashback features, such as the SoFi credit card, you will also be able to accumulate points that can be redeemed for fractions of Bitcoin or Ether.

In turn, with the right investment strategy, these can help you grow your portfolio, create additional revenue streams, and start paying off your credit card debt.

Using Your Crypto Wallet to Pay Off Credit Card Debt

In 2018, almost 20% of bitcoin investors surveyed purchased their digital assets through their credit cards, thus increasing their debt. At the same time, the majority of them planned to pay off their balances in the future – thanks to the capital gains realized on the sale of their assets.

And, if you had invested back then, you might have found that the value of your assets had increased more than sevenfold. In this case, you might consider using a portion of your capital gains to pay off your credit card debt.

Conclusion

Due to the high level of risk and volatility of digital assets, investing in cryptos is not for everyone.

However, if you have been interested in the unexplored potential of digital currencies for some time and have taken all the necessary considerations, using crypto to pay off your credit card debt may be a valid alternative. But make sure you always partner with an expert financial advisor and find a reputable credit card provider.

]]>
How does Buy Now Pay Later (BNPL) work for businesses? https://blogcampcee.com/how-does-buy-now-pay-later-bnpl-work-for-businesses/ Fri, 04 Mar 2022 10:54:45 +0000 https://blogcampcee.com/how-does-buy-now-pay-later-bnpl-work-for-businesses/

To attract a wider range of customers, many owners of retail businesses with point-of-sale systems are adopting a Buy Now, Pay Later (BNPL) payment model. The BNPL method has evolved largely due to changes caused by COVID-19 and the increase we have seen in online shopping.

So what is BNPL for business and how can it help you accelerate your profits? We explore the answers to this question to help you get started and attract a new type of customer.

What is buy now, pay later? BNPL Definition

According to the latest figures from merchant services giant Worldpay, as noted by retail-week.com, “BNPL is now the fastest growing online payment method – accounting for more than 5% of all This has seen the size of the BNPL market triple in 2020, with 5 million people using BNPL since the start of the pandemic.

This payment method allows consumers to spread the cost of paying for their goods and services, usually over a six-week period, into four equal installments. The repayment period and the amount of the installments may vary.

At first glance, it looks like a layaway or just using a credit card. So what’s the difference? Well, one big difference is that many BNPL options are interest-free. Another point to note is that the retailer requires the consumer to select a payment option in advance, for example, six payments by a certain date, pre-determined with the purchase.