Debt | Credit Card Topics

NFCC’s Bruce McClary Discusses the Importance of Overcoming the Shame Cycle and Communicating About Credit Card Debt

By: Matt Walker, 11/7/2018

In a Nutshell: With credit card utilization rates increasing, consumers are taking on larger amounts of debt than in years past. This can lead to financial pitfalls that may be hard to overcome. One of the biggest barriers to receiving help can be the shame people associate with their mistakes. Bruce McClary of the National Foundation for Credit Counseling discussed these crucial issues with us, noting that consumers shouldn’t feel embarrassed about their missteps. Confronting them... read more »

Debt Collection Answers Empowers Consumers with Education on Legal Rights and Resources for Resolving Outstanding Debt

By: Jon McDonald, 11/2/2018

In a Nutshell: Frequent calls and demands from collection agencies can be intimidating to consumers who aren’t aware of their rights — or debt collectors’ legal boundaries. That’s why Gerri Detweiler and Mary Reed wrote the e-book “Debt Collections Answers: How to Use Debt Collection Laws to Protect Your Rights” to educate consumers on this important topic. In addition to the book, which the authors have recently updated, the Debt Collection Answers website provides answers... read more »

26 Best Balance Transfer Credit Cards of 2018

By: Brittney Mayer, 9/17/2018

Credit card debt is a drag. And that drag only gets worse when you're stuck paying high interest fees, making it seem as though you'll never pay down your balance. For many consumers, a balance transfer credit card can make a big difference in the time — and money — it takes to pay down credit card debt. But not all credit cards are good balance transfer cards. No, the best cards for balance transfers are cards with low fees and generous intro-APR offers, with features that fit... read more »

New Discover Survey Shows Many College Graduates May Need Multiple Jobs to Pay Off Student Loans

By: Ray FitzGerald, 8/2/2018

In a Nutshell: More than 1.1 million borrowers defaulted on their student loans in 2016 alone. While a sluggish job market caused some of those defaults, many of the issues stem from borrowers lacking the knowledge needed to prepare for repayment when they apply for loans. Discover Student Loans recently conducted a national online survey of 2,015 students, former students, and parents in the US to determine their perceptions on repaying student loans and the impact of repayment on... read more »

Advantage Credit Counseling Service Takes a Holistic, Non-Judgmental Approach to Tackling Consumer Credit Card Debt

By: Ray FitzGerald, 7/30/2018

In a Nutshell: The majority of Americans live in debt. While most of this debt is tied to mortgages and student loans, consumers owe trillions of dollars in combined credit card, medical, and other loan debts. With so many Americans living paycheck to paycheck, these debts can quickly spiral out of control and become a burden that is too heavy to bear. Since 1968, Advantage Credit Counseling Service (ACCS), a 501(c)3 nonprofit, has helped thousands of consumers better their financial... read more »

9 Best Credit Cards for Paying Down Debt

By: Mike Randall, 7/23/2018

Ten years ago in this country, a lot of things hit their peak; the stock market, government bond interest rates, and the amount of revolving debt carried by American consumers. The Great Recession led to a wave of contraction by the banks, the government, and by the rest of us. Since 2008, however, the stock market has recovered and the Federal Reserve has once again begun raising interest rates. Perhaps the biggest round-trip, however, has been the amount of debt Americans are once... read more »

9 Best Debt Consolidation Loans & Credit Cards in 2018

By: Ashley Dull, 7/9/2018

Many of the most successful chess players plan their moves out several rounds in advance, with contingencies already considered should their opponent not move as predicted. This ensures they're not making rash moves that could cost them a piece — or the game. The same strategy should apply to most personal finances. If you have your moves planned out in advance — i.e., have a workable budget — with well-thought contingencies in place, it's much easier to stay on track. But,... read more »

2018 Credit Card Debt Statistics: Average US Debt

By: Brittney Mayer, 4/6/2018

March of 2018 saw the sixth rise of the federal funds rate — and, thus, the US Prime Rate — since 2015, a marker of the continued growth of the US economy since its lows in the late 2000s. But while economists may hail the increase as a positive sign, average consumers may not feel so positive about an increase in their interest rates — particularly not the 50% of consumers with credit card debt that just got more expensive. And we're not talking about an insignificant... read more »

3 Best Credit Card Loans for Bad Credit in 2018

By: Ashley Dull, 3/23/2018

The concept of "everything in moderation" is one that is often easier said than done — as anyone who has ever waddled away from an all-you-can-eat buffet can surely attest. But while tossing moderation to the wind in favor of a third buttery yeast roll might just give you indigestion, other excesses can have much more lasting consequences — like bad credit. Indeed, one place you should always practice moderation is your personal finances, particularly when it comes to taking on... read more »

6 Best Loans to Pay Off Credit Card Debt in 2018

By: Adam West, 2/26/2018

It can be seriously tempting to try your hand at credit card churning after reading one of the thousands of online tales of cardholders using points and miles to practically get to the Moon and back. But what is a little less publicized is that for every successful churner, there's likely an unsuccessful cardholder sitting on a lot of credit card debt. Even if churning isn't an issue, the ease and convenience of credit cards — and their double-digit APRs — have gotten many... read more »

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