Debt | Credit Card Topics

15 Shocking Credit Card Debt Statistics

By: Marcie Geffner, 8/10/2020

The fact that U.S. consumers owe almost $900 billion in credit card debt may not be shocking, but $900 billion is an enormous amount of debt, especially when you consider that not everyone in the country has a credit card account. The average credit card balance is more likely in the range of $6,000 to $8,000. Why do these credit card debt statistics matter? Broadly speaking, they show how important credit card debt is in the U.S. economy. Without credit cards, would that $900... read more »

9 Ways to Refinance Credit Card Debt

By: Marcie Geffner, 3/5/2020

Card payments can take a big bite out of your monthly paycheck. If you're struggling to make those monthly payments, you may feel like you're fighting a never-ending battle. But what if there were a way — or several ways — to refinance, restructure or even eliminate your card debt and make your monthly payment smaller or even zero? Fortunately, there are such ways and you may be able to take advantage of them. Here are nine with some important pros and cons for each. 1.... read more »

11 Best Credit Cards to Pay Off Debt

By: Adam West, 6/10/2019

If there were a true national pastime in America, acquiring debt might be it. From car loans to credit cards to student loans and even medical debt, Americans now owe more than at any point in history. In fact, according to the 2018 Planning and Progress Study by Northwestern Mutual, the average American has around $38,000 in personal debt, not including mortgage debt. If you’re feeling anxious lately about the amount of debt you are carrying, you’re not alone. Short of a huge... read more »

Donaldson Williams: An Ethical Approach to Credit Card Debt Settlement that Helps Clients Save Money and Avoid Bankruptcy

By: Matt Walker, 5/28/2019

In a Nutshell: Credit cards provide a convenient way to purchase big-ticket items and serve as a safety net in case of emergencies. Unfortunately, there are times when credit card debt can reach unsustainable levels before the consumer can regain control over it. When bankruptcy or credit counseling is not the right solution, Donaldson Williams helps these consumers achieve financial freedom through its debt settlement program. The company works with creditors to reach settlement... read more »

Adopt These 7 Credit Card Habits to Stay Out of Debt

By: Andrea Woroch, 4/24/2019

The average credit card debt per U.S. household hovers over $8,000. Although this number is shocking, it doesn’t mean you should cut up your cards and banish them from your life altogether. In fact, when used wisely, credit cards can actually improve your financial health. From increasing your credit score to offsetting everyday costs and travel expenses, and providing additional protection for big-ticket purchases, credit cards can be valuable tools toward managing your money... read more »

The Best Way to Consolidate Credit Card Debt

By: Erica Sandberg, 4/10/2019

When you’re juggling multiple credit cards, managing them all like a pro while paying down the balances can be a major challenge. Wouldn’t it be nice to send just one payment every month and not have to worry about a variety of due dates? If you were to consolidate your accounts, you could. More so, consolidation may reduce the finance fees you’re currently paying and sometimes even increase your credit rating. But before you say, “sign me up,” get to know the different... read more »

Household Credit Card Debt is on the Rise

By: John Ulzheimer, 2/5/2019

Although credit card debt can represent 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 suggests... read more »

7 Steps to Effectively Manage Post-Holiday Credit Card Debt

By: Andrea Woroch, 1/28/2019

No matter how long ago the holiday season was, that debt can often linger for much of the following year. And just when you've escaped last year's debt, the next holiday season starts to loom. If your credit card bill is making you feel stressed, you’re not alone. A report from Magnify Money found that consumers who took on holiday debt in 2018 racked up an average of $1,230, and the average seems to rise every year. Although there’s not much you can do about your past... 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 »

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