Debt | Credit Card Topics

Household Credit Card Debt is on the Rise

By: John Ulzheimer, 2/5/2019

Although credit card debt typically represents one of the most expensive ways to borrow money, the numbers show that Americans are relying more and more on this plastic form of financing. The average American household carries an alarming $8,284 in credit card debt, according to a recent study released by WalletHub. Even more disturbing than this sizable number is the fact that this study also finds many Americans are hardly managing their credit card debt effectively. The study... read more »

7 Steps to Effectively Manage Post-Holiday Credit Card Debt

By: Andrea Woroch, 1/28/2019

The holiday season may feel like a distant memory, but for many, the repercussions of overspending on holiday purchases will linger well into 2019. If your credit card bill is making you feel stressed, you’re not alone. A recent report from Magnify Money found that consumers who took on holiday debt this past season racked up an average of $1,230. Although there’s not much you can do about your past spending behavior, taking action now to pay off your holiday debt can help... read more »

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 2019

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 2019

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 »

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