Posted on February - 12 - 2012
Federal tax laws requiring creditors to report forgiven credit card and other debts as income are so confusing and riddled with problems that taxpayers are burdened by the process, according to a national taxpayer advocate’s report.
The Taxpayer Advocate Service, a national consumer advocacy arm of the IRS, has cited numerous problems with canceled debt, including the need for the IRS to establish a special unit devoted to helping consumers avoid tax penalties and overpaying taxes.
Problems with the so-called 1099-C canceled debt tax notices “are impacting significantly more taxpayers as a result of current economic conditions,” Nina Olson, the national taxpayer advocate, wrote in her 2010 report to Congress.
Canceled debt notices skyrocket during recession The faltering economy has fueled a rise in credit card charge-offs — when banks and credit unions write credit card debts off their books as uncollectable.
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Posted on February - 03 - 2012
In the ever more competitive world of credit cards, balance transfers are the most effective means of which to lure new customers. This is, of course, good news for consumers as, in a bid to win your custom, some companies are offering up to an incredible 12 months interest free on balance transfers as well as new purchases.
What is a balance transfer?
Simply put, transferring the balance form one or more credit cards to another, usually to take advantage of a special offer. The most popular cards at the moment offer a period of 0% interest on the balance you transfer, some even on new purchases for the same or shorter term. The other main reason for transferring is to take advantage of a low APR.
Advantages of 0% interest offer
Obviously, nobody wants to pay interest if they can help it, and transferring your balance to one of the many cards offering an interest free period is an attractive option, especially if your balance is quite large.
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Posted on January - 21 - 2012
Do You Want to Feel Like a Financial Genius? How would you feel about being rewarded with the opportunity to win awesome prizes every time you contribute to your savings account? Haven’t you ever wondered what it would be like if paying off your loans felt less like losing money and more like taking positive steps toward financial fitness? Well let CreditCardChaser recommend SaveUp.com as a great resource for daily opportunities to win back some of your money, great services, and cool gadgets for simply keeping your finances under control.
What Is SaveUp.com All About?
SaveUp.com is intended to “help Americans succeed financially,” as stated by CEO and co-founder, Priya Haji. This i
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Posted on January - 16 - 2012
December rings in the Christmas bells as well as the holiday season. If you have planned a foreign holiday, you have to decide the mode of carrying foreign exchange. This depends on various factors such as duration of stay, mode of transport when in a foreign country, among other things. Carrying cash might be easiest for a traveller but it is risky too. Moreover, at a time when the rupee is touching newer lows every other day, it is better you opt for prepaid cards or travellers cheques. Firstly, it is a good substitute to cash for security reasons and these are good hedges against exchange rate fluctuations.
PREPAID CARDS
As the name suggests, these cards are issued by banks as well as forex dealers and are pre-loaded with funds. Just like a credit card, you can use this plastic across the globe at merchant outlets.
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