Study: Higher Credit Card Balances Tied to Unhealthy Eating Habits

A new study from the Journal of Consumer Research has found that as you max out your credit card limit, you are also more likely to see your weight go up as well.

1,000 households were followed over a six month period, and the study followed their credit card activity and the household grocery list. As it turns out, there was a correlation between families who charged their grocery bill to their credit card and families who bought a significant amount of junk food. The study explains, “The pain of paying in cash can curb impulsive urges to purchase…unhealthy food products. Credit card payments, in contrast, are relatively painless and weaken impulse control.”

The results of the study make a lot of sense, especially if you understand how grocery stores are arranged to encourage impulse shopping. When a person comes to the store with a grocery list and a clear notion of what they need to get and how much they can spend, there isn’t room for impulse shopping. If they are planning to charge it to a credit card, however, it changes their attitude. A bag of chips doesn’t seem like a big deal. The sugary snacks are on sale and placed on the end of the aisles. In the check-out line, shoppers will wait their turn while surrounded by candy bars, and even the strongest of wills can break down.

To curb your credit card balance and your waistline, we recommend putting together a grocery budget and grocery list ahead of time, and bring cash or a debit card instead of a credit card to the store. Some stores also offer a candy-free check-out lane if you still aren't sure you can make it out of the store without a Butterfinger. It can be tough, but your physical health and financial health will be better for it.

You can get more tips for improving your credit by liking My Credit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com to find out if credit restoration is the right choice for you!

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Google Credit Card Gets the Ax

As Google I/O 2013 has been going on this week, the search engine and future world conqueror/benevolent overlord quietly announced that a Google credit card is not happening any time soon.

There were rumors that a Google credit card would be part of an update to Google Wallet, but with the recent departure of Osama Bedier, the VP of Payments with Google, it seems that the credit card has been put on hold. There are also reports that the credit card was presented to Google CEO Larry Page, but the product was “disappointing.”

Google used to offer pre-paid credit cards, but the cards were phased out near the end of 2012. Currently, Google allows consumers to use any credit or debit card with the Google Wallet service.

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Fewer Undergrads Carrying Credit Cards

The average American is starting to dip their toe into credit again by opening a new credit card or charging more purchases, but young people are noticeably absent when it comes to establishing credit.

In a survey of undergraduates ages 18 to 24 in 2012, only thirty-nine percent had a credit card, a significant drop from 49 percent in 2010. The median credit card balance has also dropped over the years down to $1700 in 2010. Part of the reason why fewer undergrads are applying for credit cards is the new regulations for lenders promoting credit cards on college campuses. Credit card companies used to offer free t-shirts, coffee mugs, or pizza in exchange for college students applying for a credit card, but new regulations prohibit this kind of promotion.

On the one hand, it is undoubtedly a good thing that credit card companies cannot target college students in this manner anymore. No one wants students graduating from college with staggering credit card debt on top of their student loans. On the other hand, it isn’t good that they aren’t establishing any credit at all. Young people should get a credit card, use it sparingly, pay it on time, and keep it open. It isn’t good to graduate with a pile of debt, but it also isn’t good to graduate with only student loans on a credit report. Hopefully a thorough credit education among young people can help them make better decisions and establish a strong credit report.

You can get more tips for improving your credit by liking MyCredit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com to find out if credit restoration is the right choice for you!

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McDonald’s Customers Get Fries, Supersized Credit Problems

Customers visiting a McDonald’s in Boca Raton got a Big Mac, fries, and Supersized credit problems.

McDonald’s employee Percival James has been charged with using a credit card scanner device on customer’s credit cards and selling their card information for $500 a card. According to James, he stole card information from 30 to 70 customers per day, and it is unknown yet how many customers were affected.

Patrons of the McDonald’s were getting calls and alerts that their credit card was being used in other cities or states. The common factor among the victims was that they used their card at the same McDonald’s restaurant. They reviewed the video surveillance footage and saw James swiping the card through a small scanning device and then writing down information on a piece of paper every time he processed a credit card transaction.

Identity theft can happen in an instant, and the only way to properly protect yourself is regularly checking your credit card activity and monitoring your credit report for any unfamiliar accounts or activity. If you have been a victim of identity theft and are running into problems with correcting your credit report, go to http://www.mycreditspecialist.com and contact a credit specialist today.

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My Credit Specialist – Now On Google+ Communities!

We are excited to announce that My Credit Specialist is now on Google+ Communities! When you join our community, you can get the latest news and tips from My Credit Specialist, give us feedback, and connect with other My Credit Specialist fans and customers!

Click here to check out our Google+ Community!

FICO Pulls Back Curtain on High Credit Scores

In the United States, a quarter of the American population has a credit score of 785 or higher. Over 50 million people have either figured out the secret to good credit or are really, really lucky. What do these 50 million people have in common? What do they know that the millions of Americans who have poor credit have not yet figured out? A recent study by FICO might hold the answer.

Looking closer at those prime credit consumers, their credit score has nothing to do with the amount of debt they are carrying. About a third of them have over $8,500 in nonmortgage debt. One in 9,000 has gone through a bankruptcy or tax lien. Around 1 percent of them have a collection account on their credit report. These customers are not necessarily perfect, but they still have stellar credit scores.

What gave these consumers an advantage? The biggest similarity between them was making their payments on time. Even the ones who had higher balances still had a tendency to pay on time. 96 percent of the group had zero missed payments listed on their credit report. If these consumers had any missed payments in their credit history, they happened so long ago that it is no longer listed on their report and affecting their scores. Overall, consumers with prime credit scores also tended to use a small percentage of their available credit, and as frequent readers will know, credit utilization has a huge effect on a credit score.

At My Credit Specialist, we want our readers to have the best credit score possible. Getting that prime credit score is tough, but we help you along the way with credit tips, consumer alerts, and our credit restoration services. To get the most out of My Credit Specialist’s services, be sure to like My Credit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! If you want to learn more about our credit restoration services, go to http://www.mycreditspecialist.com and find out if it is the right choice for you!

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Thief Steals Bartender’s Credit Card, Tries to Buy Beer

At My Credit Specialist, we love reading about dumb criminals getting caught. There is nothing more satisfying than seeing someone try to break the law and fail miserably, and it never fails to bring a smile to my face when a credit card thief is caught by the very person they are trying to steal from.

Last week in Miami, 53-year-old David Weber broke into a car and took the owner’s credit card. He then headed to a nearby bar and tried to buy a beer with the card. As it turns out, real cardholder is a bartender, and he just so happened to be working at that bar. Better yet, he was the bartender who took Weber’s beer order.

Weber has been arrested and charged with credit card fraud and theft. Currently, he is in the Miami-Dade County Jail and claiming that he is innocent. He says that he did not steal the card but rather found it on the ground outside the bar. Personally, I don’t know which is funnier, the manner in which Weber was caught or the fact that he thinks finding the card makes it okay to use it. If you find a credit card, you don’t head to the local bar and buy a beer. You either report it or try to find the card’s owner.

For that reason, we are bringing back the Navin R. Johnson Award for David Weber. It doesn’t matter if Weber found the card or broke into a car and stole it. Using a credit card that does not belong to you is fraud, plain and simple.

You can learn more about responsible credit card use, protecting your identity, and improving your credit by checking out http://blog.mycreditspecialist.com and going to http://www.mycreditspecialist.com. Also, make sure to follow us on Facebook, Twitter, and YouTube.

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