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Credit card debt management
Credit cards that are used in moderation could be helpful in
managing your finances. This means that splurging through the
use of credit cards is almost financial suicide.
Here are few tips to manage the way you use your credit card...
Managing Credit Cards Effectively
Credit cards are almost a necessity in today’s society. It has become harder and harder to get through life without plastic. If you want to make purchases over the Internet, guarantee a hotel room, or perform a wide variety of other financial...
Ten Steps To Building A Good Credit History
Are you thinking of buying a house? Do you want to buy a new car to replace that old wreck? Trying to get insurance on you home, auto, or life? In each of these situations, what’s on your credit report will determine if you can get a loan...
Use Your Credit Cards Responsibly
With Americans going deeper into debt every day, usually thanks to uncontrolled use of credit cards, you may wonder if there is any good way to use a credit card. If so, how can you control your credit card debt, as opposed to letting it control...
Visa & MasterCard Raise Credit Card Processing Rates
Visa & MasterCard have raised interchange rates
again effective April 2005, but before we explain the increase lets look at
what comprises a discount rate as these credit card processing rate increases
are not simple.
The discount...
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Debt Consolidation – How to Protect Your Credit Accounts from Theft
Last week, a security exploit at CardSystems Solutions, Inc, a credit card processor, may have allowed thieves to obtain as many as 40 million credit card numbers from unsuspecting victims. The theft was brought about though a virus introduced into the CardSystems that allowed external hackers to obtain access to the account information. Adding to the problem was the fact that CardSystems wasn’t supposed to have the account information at all. It appears that CardSystems “inappropriately” held onto the information after clearing the credit card transactions. At that point, the account information should have been deleted. CardSystems held onto the account information for supposed “research purposes.” Fortunately for those involved, the compromised information only included account numbers and not Social Security numbers, which would have assisted the thieves in identity theft scams. This latest security breach at a credit card processor outlines how anyone can be vulnerable to account or even identity theft. Is there anything that can be done about it?
The credit card companies largely dictate the relationships between the credit card companies and the credit card processors. They are supposed to keep tabs on the processors and make sure that the processors use secure measures to protect the data of customers. These issues are not governed by law, but the processors can be fined by the credit card companies for violations. So what can the average credit card customer do to make sure that their account information isn’t compromised? Not much, it would appear. The paper
transaction has long since been replaced almost universally by the electronic one, and anytime a customer uses a credit card, their account information is moved from one computer to another. Hackers continue to develop more sophisticated methods of stealing information, and their techniques are often ahead of the processing companies’ ability to develop comparable security measures. For the foreseeable future, credit card customers must consider that their accounts are vulnerable.
In time, the credit card companies and their associated processors will establish security guidelines that are more effective than the ones that are currently in place. In the meantime, the best thing cardholders can do is to simply minimize their exposure. The best way to do this is to have as few credit card accounts as possible and to use them sparingly. Granted, it is often difficult to avoid using credit cards, but there are times when people simply pull them out of the wallet out of habit when using a check or cash would suffice. This may sound inconvenient, but at the moment, the only way to make certain that your account numbers are safe is to avoid using them when possible.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding home equity loans.
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| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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