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According to Business Wire, global payments leader, Western Union is teaming up with 7-Eleven Convenience Stores to make available the Western Union (R) MoneyWise(TM) General Purpose Reloadable prepaid debit card in over 6,000 retail outlets in the United States. MoneyWise will be offered to the general public at select 7-Eleven outlets in early 2012.

Given the already successful money order joint venture, the prepaid card offering intends to complement the strong product offering by Western Union in the thousands of 7-Eleven locations throughout the country. This partnership should also position 7-Eleven as the dominant retailer of the MoneyWise prepaid debit card in the U.S.

Carter Hunt, Western Unions Senior Vice President of Global Key Accounts said,

The Western Union prepaid card will provide more options and convenience for consumers in managing their everyday finances.

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Non-revolving

The Federal Reserve’s definition of non-revolving credit includes student, auto, boats, and personal and mobile home loans.  For this report, debt secured by real estate such as residential mortgages and home equity lines of credit are not tracked. The increase in non-revolving debt was mostly federal government debt from student loans.   There was a slight increase in car borrowing, which increased from an annual rate of 11.41 million autos to 12.2 million.

Revolving

Revolving debt is 98%prised of credit cards. In July 2011, revolving credit had the largest decrease in six months. Consumer spending on retail sales in July was below themerce Department’s forecast.

Reasons for spending increase

Consumers are still cautious about spending.

Consumer confidence has fallen in recent months.

Consumers are more pessimistic about economic conditions and their own financial future.

Many consumers still have high debt.

Many college tuition are due in July.

According to Federal Reserve Chairman, Ben S. Bernan

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The way consumers feel about the economy plays a large part in the housing recovery – or non-recovery, but overall concern doesn’t seem to quite as strong as one would expect at first glance.

A National Housing Survey conducted by Fannie Mae this summer found that up to 70% of the population believes that the U.S. economy is on the wrong track. This leads to pessimism, concern about job security, and reluctance to commit to debt.

But while we think recovery efforts are misguided, are the majority of us really that worried about our personal finances?

This past April – June, Fannie Mae conducted a telephone survey of over 3,000 people. That survey revealed that while the majority think the economy is going the wrong direction, only 26% were concerned about job security. Of this group, 65% still view this as a good time to buy a house. In co

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Your credit score plays a crucial role in any of your future financial pursuits, which is why it is important to actively work on establishing and maintaining good credit. For some, this may involve implementing credit repair strategies and CreditRepair.org helps you do just that! Check out the following articles that elaborate on how to format credit repair letters, when to utilize this strategy, as well as explain the reasons why such proactive methods are important in rebuilding your credit score. Many of these resources also offer concrete examples which help you decide which letter is best suitable for your needs.

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It sounded like a harmless request this past weekend: Sign up to be a bone marrow donor to potentially help people who need life-saving transplants.

I was among tens of thousands of people who packed in to a popular live music festival held in Austin, Texas, each year. I had just arrived and was walking the perimeter of the festival, stopping in at different vendor booths. At one booth, a smiling man approached me asking if I’d like to sign up to be in a database of potential bone marrow donors. OK, I said, walking under the canopy.

Donating bone marrow is not like giving blood. As the Mayo Clinic explains, it can take one to two hours under anesthesia and may take a few days to recover fully. Doctors typically insert a needle into the back of the pelvic bone to extract the marrow. Read more…

Credit card approval is a bit of a mystery. But you can clear up those mysteries by reading on and finding out what exactly will get you the approval you need. One secret to getting an approval for your credit card application is to have a high FICO. Having a high credit score reflects that you are a responsible borrower and that you always pay your debts accordingly and on time.

Another secret is to stop applying too many times for a credit or bank card within a short period of time. This number of applications you make will go on your credit history and will only make you look like a desperate person trying to get a card. Whether or not you have a high credit score, if you make too many applications within a short period of time, the chances are you will be disapproved in the end.

The best way to clear the mystery after getting disapproval on your application is to ask the bank or the credit card company why you were not approved.

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