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...]
Are Bank Fees Less at Credit Unions?
October 4, 2011 By Leave a Comment
Bank of America just announced that 38.7 million of its customers will soon receive a $5 fee for swiping their debit cards. The Credit Union National Association is responding with a call to consumers, saying there is another option where fees are lower and service is better. "We want consumers to know … [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...]
Study: Brits Turn to Credit 21 Days After Pay Day
July 15, 2011 By Leave a Comment
New research from MoneySupermarket.com found that in the UK, people turn to their credit cards on average 21 days after they've been paid each month. This is called "credit card crunch day." It's when cash runs low and the only place to turn is plastic. The study found that roughly 11 million Brits, … [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...]
How the Debt Consolidation Business Works
April 3, 2011 By Leave a Comment
The debt consolidation industry has always been around, but it seems that it's only recently that more and more people are starting to become aware of it. In light of the current recession, it stands to reason that there would be more people trying to escape debt once and for all rather than suffer … [Read more...]