Credit Card debts: Causes and Prevention

Credit cards, if used properly they are convenient and a great budgeting tool. If it is abused, using credit cards can be the start of a years-long nightmare and unbelievable stress. There are some causes of credit card debts.

1. Spend, spend, and spend.Spending on credit card is same as borrowing money. If you using it without control, it will lead you to high debts situation. When you use credit card to purchase, one of the disadvantage is you will not be aware how much you have already spent, this may lead to over spending situation.

2. Income less, expenses more..
Nowadays, the price of groceries, utilities, and etc is rapidly increasing, but not in income. Because of this some group of people are forced to use credit card for purchase. This obviously leads to a risen in debts.

3. Poor money management

This is one of the reasons that why so many people accumulate a lot of debts. If you do not have a monthly spending plan or you do not keep track on the plan, you will not be aware what have you spending to, or you may spend on something which are not necessary.

How to prevent it?!

1. Having a good money management plan is very important. If you have planned properly for your expenses within the range of income you have, you can avoid using credit card.

2. Stop using credit card, unless they are necessary.Smart card user only used it to purchases something which within the range they are affordable to pay back.

3. Make sure that you settle the bills on time. if you really cannot pay back the whole balance, then you should try to paid as much as possible, or else the credit card debts will keep on grow up and up.

Review: Using Touch & Go card to buy fast food in Malaysia will be a reality

Imagine being able to buy all kinds of things just with a single card.. NO more bulky wallets, NO more long queues and most importantly.. it is convenient! With Touch & Go, all these are possible! As mentioned in Mr. Hen's post, now at the introductory stage, Touch & Go can be used at retail outlets such as Dunkin Donuts, Burger King and 7-eleven.

I personally think this would be a good move to bring technology into the daily lives of Malaysians. Emulating the success of the Octopus card in Hong Kong, we can actually see that Malaysia is trying to increase it's competitiveness internationally. With this system, we need not be afraid of bringing too much cash in hand as all cash is contained in the card itself. We just have to make sure that we have reload enough cash in the card otherwise it would be a little embarrassing if the card were to run short of credit to purchase a particular good!

However, i think it will take some time for people to actually get used to it though. As most of us have carried cash for like most of our lives, we may feel 'safer' with cash in our wallets. But i believe soon enough people will begin to realize that technology is beginning to take over in various sectors and industries.

With Touch & Go going retail, you do not have to worry about limited places to top up the card as they are also increasing the number of locations available for top-up to another 1000 locations.

Overall I think this is an informative post as I actually did not know that Touch&Go is providing this kind of service. That shows how long I have not touch the newspapers..Well, for you guys who would like to have a look at Mr. Hen's post, please visit this link: http://ecommerze.blogspot.com/search/label/e-Tailing

Electronic Currency

E-micropayment systems


What are MICROPAYMENT?

• Transactions that are for very small amount.
  


• Any purchase that is between %0.25 and $5.00 is considered a micropayment.
  
  

Paystone Technologies Corp

• Paystone Technologies Corp. is a private Internet payment and money transfer company dedicated to providing secure, easy, realtime Internet transactions.


• It offers micropayment systems for individuals as well as company.
  

What's really good about Paystone??

• Is an inexpensive online payment method without the risk of chargebacks from fraudulent credit card use




• Can efficiently handles small financial transactions (micropayments) as low as $0.25




• High level of security- Provide the security of 128-bit Secure socket Layer(SSL) encryption technology to protect the Internet communication between member and Paystone's server. All information transmitted to and from the member'c computer is not reedable by ant 3rd party.
  
  

Easy steps to become a member of Paystone..

1. Sign up - sign up for your free Paystone Personal Account.


2. Load Money- Paystone offers several ways to load money:
   

-Online Bill Payment/ Telephone Bill Payments

-Walk on deposit

-Mail in deposit (Canadian Residents only)

-Other Paystone Account

3. You are done- you are now ready to buy itms online from any merchant displaying the Paystone logo.

Next...

Micropayment process

1. Choose the content you would like to purchase then click buy. You will directed to a secure Paystone payment page.
   
   
2. Enter your email address and Paystoine password to confirm your purchase.
   
3. The purcahse is complete and the content can now be accessed.
   

Still not very clear how it works?

Please click the link to have a look on the Paystone's Micropayment Demo

Additional facility....

1. Send and receive money to and from anyone with e-mail address in a country that Paystone support




2. Cashing out your Paystone Account- You can transfer the money to your bank account if you have Paystone Express ATM card.

Reference

http://www.paystone.com/

Mobile Payment Systems in Malaysia: Its Potentials and Consumers' Adoption Strategies

Potentials

Mobile payment system is increasingly being adopted by Malaysian, young and old, nowadays. With mobile operators building a secure credit/debit/virtual card that can be used seamlessly to pay online and offline merchants, it definitely benefits our busy daily routine. Click the picture below for more info on mobile payment in Malaysia:One of the potential is the safety of the consumers because mobile phone is used to transmit payment information without the need to carry a credit card, don’t mention the cash. Secondly, such mobile service works on any mobile and it eliminates the hassle to queue up just to pay your electric bills. If you are worrying for the payment security, you can be rest assure that strong pin fraud protection patent will offer great security and inability to hack passwords.

CoNsuMers’ AdoPtioN sTraeGy

Different classes of people use mobile payment system for different purpose. The most common in Malaysia is using mobile payment to pay summons. Moreover, some use to donate to charities from their mobile devices. While busy working adults also can use their mobile devices to pay credit card debts, electric bills and phone bills. This is because all they have to activate their telephones by logging into websites. After registering their mobile telephone numbers, they can enjoy the services.

I believe with the advancement of technology and development of mobile payment software, soon, purchasing items through mobile devices will be made possible in Malaysia. Another linkto mobile payment in Malaysia,click the picture on the right-->