Many people now use credit cards to make a large percentage of their purchases. A lot of credit cardholders are not able to pay off their balances every month and as a result there is a large outstanding balance on the credit card. Credit cards can have very high interest rates that add substantial … [Read more...]
Credit Card Delinquency Drops to Lowest Level in 17 Years
August 16, 2011 By Leave a Comment
The national credit card delinquency rate has hit its lowest mark in 17 years. The rate decreased for the sixth consecutive quarter, falling to .6% at the end of the second quarter of 2011 according to TransUnion. Credit card debt per borrower increased by $20 to $4,699 which is near a record-low. Recent … [Read more...]
Consumers Paying Off More Credit Card Debt, Buying Less
August 2, 2011 By Leave a Comment
Are consumers really paying off their credit cards at record rates? Or are they just defaulting on their debt? That's the debate going on now. Consumers made an estimated $72 billion more in payments on their credit cards than purchases between the first quarter of 2009 and the first quarter of 2010, … [Read more...]
Brits Using Credit Cards Less, Cash More
June 27, 2011 By Leave a Comment
A new survey published in the UK found that consumers aren't pulling out their credit cards quite as much. Instead they're using cash and debit to make purchases rather than racking up additional debt. A recent study published by the British Retail Consortium found that consumers are putting increasing … [Read more...]
The Worst Credit Cards Available
May 27, 2011 By Leave a Comment
If you're trying to get out of debt you may not be interested in credit cards-- but according to CardHub if you've got one of these babies in your wallet getting out of debt may be an even more difficult uphill battle. That's because they charge the highest interest rates, the biggest fees and have the … [Read more...]
Celebrate Financial Literacy Month This April
April 7, 2011 By Leave a Comment
April is Financial Literacy Month and in celebration consumers are invited to take part in the Shred Your Debt contest. One lucky winner will receive $2000 to pay down their debt as well as a free trip to Atlanta to receive free financial coaching from a personal finance expert. The contest is sponsored … [Read more...]
Do I Need Debt Consolidation?
November 4, 2010 By Leave a Comment
If you have a number of debts, you would definitely want a way out. For that matter, we are prone to committing impulsive actions just to clear our debts. You may think that the only way to do so is debt consolidation. Before going through debt consolidation process, you should ask yourself a very important … [Read more...]
Signs Your Debt is Getting Out of Hand
June 23, 2009 By Leave a Comment
One of the major problems with getting into debt is that most people don't realize it's happening until it's "too late". They often feel like, if they'd just discovered sooner that their debt was spiraling out of control, they would have abandoned their destructive spending habits, and stopped the problem … [Read more...]
Start Saving Before You Start Paying Off Debt
December 8, 2008 By Leave a Comment
It's a fact that a large majority of Americans are in debt. The economy is also suffering, and this too is something that can't be denied. However, the good news is that the current circumstances of the world and in the United States are causing the nation's citizens to realize the harsh disadvantages … [Read more...]
Home Equity Loans And The Debt They Cause
September 25, 2008 By Leave a Comment
What is home equity? When you take out a mortgage to buy a home, your home equity is the amount of your mortgage that you've already paid off. Your home equity is the "proportion" of your home that you own--up to the entire value of the home. If the market value of your home has increased, refinancing … [Read more...]