Credit card issuers feel the pinch

One more measure of the credit crunch: Direct mail credit card offers are down 28 percent from a year ago.

And card issuers are ratcheting up their standards for who they consider a desirable customer.

Half of all lenders in a recent Federal Reserve survey said they’d raised their minimum credit scores required, according to the Washington Post.

“This is a moving target because the most creditworthy a year ago was someone with a 700 FICO score. Now it’s more like 730,” said Curtis Arnold, founder of CardRatings.com.

During the third quarter, 1.34 billion credit card offers were mailed. That’s down 13 percent from the second quarter and 28 percent from a year ago, according to Mintel Comperemedia, a marketing research firm based in Chicago.

Don’t bet on a card

Gift cards are increasingly popular – some two-thirds of consumers plan to buy one for somebody this Christmas, according to the National Retail Federation.

But with retailers going out of business, some of the cards can be a little risky. Gift-card holders have few rights if a company goes bankrupt – and retail bankruptcies are rising and expected to keep rising, according to USA Today.

That’s why Consumers Union is recommending that people give cash instead of cards this year. The consumer advocacy group and several other groups are pushing the Federal Trade Commission to improve protections for gift-card holders, and to segregate funds from gift cards sales in a trust fund that would be protected in a bankruptcy.

If you’re determined to give gift cards this year, choose wisely. Consider the financial health of the retailer; opt for “open loop” gift cards that can be used anywhere or at least in more than one store; consider giving gift cards for necessities like gas; give cards that can be redeemed online.

Gadgets worth the price

Here are 10 kitchen gadgets that can save you money in the long run, compiled by Erin Hufstetler, the Frugal Living blogger at About.com.

An added bonus is that several of these – like a cast-iron pan or slow cooker – are also staples for good cooking, frugal or not. Others might be more or less useful depending on your habits.

Anyway, here’s the list: canning kit; food dehydrator; waffle maker; yogurt maker; slow cooker; oil sprayer; bread maker; ice cream maker; stand mixer; cast iron skillet.

Of course, like a lot of frugal choices, some of these money-savers are costly in terms of time.