Credit Card Debt Management

You may have racked up some hefty bills this holiday season with travel alone, not to mention gifts, decorations, baking, cards, tipping, party hosting, etc. Why not start now planning ahead for next year? Some might think that planning for the next holiday season while coming down off the rush of the current season can lead to mental instability, but your wallet will thank you.

Ironically enough, your wallet holds the key. If you simply must get out to see Great Aunt Myrtle in North Carolina next Christmas, but the distance is too far to drive, check out the Miles by Discover card. It offers double rewards on food and travel-related purchases, and one mile for each dollar spent on all other purchases. You receive one travel credit with no blackout dates on a major U.S. airline each time your mileage points reach 5,000. APR is quite competitive at 10.99% to 18.99%. Of course, this card is for those with elite credit. Apply for Miles by Discover through the Banks.com web site or check out our full list of airline miles rewards card. Rack up airline miles yearround and remove at least a little stress from your next holiday season.

Mr. Credit Card has an interesting blog post about the statute of limitations in dealing with debt. The statute of limitations, or time period after the date of delinquency during which the creditor could legally sue you, varies greatly from state to state. For instance, Alaska and North Carolina have three-year statutes of limitations, while Ohio’s and Kentucky’s run up to 15 years.

Mr. Credit Card points out that the statute of limitations can start over if you make a payment on the debt, or even acknowledge the debt in any way. Of course, after seven years, delinquent debt is removed from your credit report, but in some states you can still be sued for payment. The thing to keep in mind is that the laws in the state of current residence typically preside, according to Mr. Credit Card and the attorney friend he references. For instance, if the debt was incurred in North Carolina, but the debtor now lives in Tennessee, the latter state’s laws would trump that of North Carolina. As far as statutes of limitations go, that means adding three more years to the time period. This is important information to know when cleaning up your credit.

Kids are expensive. In forming a new partnership with Parents magazine, Discover may be keeping that fact in mind, banking on the fact that cash-strapped parents could use a little help. And that those cash-strapped parents will be among the 2.2 million reading Meredith Corporation’s parenting magazine where Discover’s brand will thoroughly appear.

According to a recent New York Times article, the ailing credit card company is trying to boost its positioning in the credit industry through strategic partnerships with a few select media partners.

“There’s always a temptation to really go wide and put your name everywhere,” said Mark Hosbein, a senior vice president of brand management and advertising at Discover. “One of the things you have to do is pick a couple and make something really solid work.”

According to the article, Discover has seen its stock value drop by half since it spun off from Morgan Stanley last summer. So the company is hoping to turn its fortunes around by providing “high quality information” in the Parents magazine and web site. One of the online activities mentioned, a printable thank you note that is toddler-friendly, sounds quite enticing. And if you get even 50 moms to use and print these notes, which are branded with the Discover logo, you’ve got an ad campaign that is virtually effortless and highly effective at increasing brand awareness. It’s sheer marketing genius.