Credit Card Solution

Debt preys on the mind in more ways than one. When it comes to spending money, some of us are savers and some of us are spenders. It further boils down to those who are impulse shoppers all the time and those of us who are frugal but tend to have an impulse buy here or there. The truth is, there is a lot of psychology behind debt. Debt can trigger guilt, depression, and a feeling of hopelessness. Debt can instill fear and anxiety to the point that we avoid it at all costs.

Todd Mark, vice president of education at Consumer Credit Counseling Services of Greater Dallas , teaches a class on the psychology of debt. He enlightens folks about the different things to consider – things that might be impacting their spending habits.

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Most times we go through life reacting to the various situations we encounter rather than planning for them. Different forms of insurance, like car insurance and health insurance, allow us to protect ourselves from unknown issues that we may encounter. Theft, though, is something we cant really anticipate. If your credit card is stolen, youre likely to call your credit card company, put a stop on your account, deny any fraudulent charges, and request a new credit card number. But what do you do when your debit card is stolen?

Because a debit card, ATM card, or check card is connected to your bank account, it is increasingly important to get in touch with your bank right away so you can block any purchases. Once the crook has your card, he or she can often swipe it just like a credit card without a signature, drawing funds from your account with ease.

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Unfortunately, there are bad people in the world and there really isn’t much we can do about it. Rather than worrying or avoiding certain the outside world for fear of encountering them, it makes sense to prepare a bit just in case. We never want or expect to be robbed or mugged, but there are a few things we can do to give ourselves a head start in case we are.

Consider these tips for how to protect yourself in case your wallet is ever stolen.

• Never carry your Social Security card in your wallet.
• Put all the customer service or fraud phone numbers from your credit cards and debit cards into your cell phone.
• Avoid carrying too much cash at one time.
• Never keep your bank passwords or PIN numbers in your wallet, and certainly not attached to the appropriate cards.
• Keep your wallet where you can monitor it .
• Use caution when keeping your home address or other personal identification information in your wallet.

By limiting what you carry in your wallet, you are essentially cutting back on the troubles you will face if your wallet is ever stolen.

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The new Consumer Financial Protection Bureau (CFPB) opens its doors for the first time today, albeit without a confirmed director.

The new financial watchdog will look to curb unfair and/or deceptive financial practices and maintain up-to-date rules governing financial products and services.

For example, the CFPB will take aim at protecting consumers from such events as falling prey to aggressive mortgage lending tactics, experiencing arbitrary credit card rate increases and paying unnecessary overdraft fees on bank accounts.

The CFPB is launching without a confirmed director despite President Barack Obama naming Ohio Democrat Richard Cordray as his choice.

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