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.

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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!

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