BOSTON (TheStreet) -- The Kardashian Kard is no more.
The prepaid debit card promoted by the surgically enhanced coven of Kim, Khloe and Kourtney Kardashian will no longer occupy tweener wallets. It was announced Monday that the reality show trio has yanked the Master Card (MA)-branded plastic that bore their images following consumer group outrage and a threatened investigation by Connecticut's attorney general.
|Fees on credit and debit cards are just the beginning of calculating how much money consumers lose each year -- but a good one. Average credit card debt per spendthrift household is estimated at $15,788.|
Among the laundry list of fees attached to the card (which, a statement from the issuer showed, had only about 250 takers) were $99.95 for the initial card purchase and 12 months of fees, a $7.95 monthly fee after the initial purchase period, $1.50 for ATM withdrawals, $2 for bill pay (each item) and $9.95 for a card replacement. Even canceling the card would set you back $6.Before one gets too amazed at the audacity of these fees, keep in mind that millions of Americans lose thousands of dollars every year in equally unnecessary expenses, fees, interest, convenience charges and paid for, but unused, services. 1. Credit cards
Any conversation about wasted money will inevitable turn to credit cards and the hefty price paid for their convenience. There are approximately 610 million credit cards held in the United States, and the average credit card debt per household that has such debt is $15,788, according to the Federal Reserve Bank of Boston and CreditCards.com, part of the Bankrate Online Network. The site crunched out that the average APR on a credit card with a balance is just shy of 15%. Total U.S. revolving debt (98% of which is made up of credit card debt) was $852.6 billion as of March. All of these factoids add up to megabucks being handed over to credit cards companies each year. Even with regulations imposed by federal reforms this year, it is unlikely Americans will stop carrying over balances, and paying the price for doing so, any time soon. 2. Overdraft fees
Once considered a devastating and embarrassing faux pas, consumers these days actually seem to relish the opportunity to kite checks. As many as 75% of bank customers have opted to keep overdraft "protection" and the fees incurred, according to The Wall Street Journal. Illinois-based Moebs $ervices, a banking analyst, estimates banks will collect upward of $38 billion in overdraft fees next year, up from this year's estimated $35.4 billion. Last year, $37.1 billion was collected from overdrawn consumers, and the median overdraft price increased to $28 per check this year from $26 in 2009.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV