Debt | Credit Card Topics

7 Ways to Manage Credit Card Debt When Interest Rates Rise

By: Marcie Geffner, 2/1/2023

After decades of low interest rates, the Federal Reserve hiked its key bank rate multiple times in 2022. The Fed's actions were intended to slow US economic activity and tamp down rising rates of inflation. Consumers who used their credit cards to cope with higher prices now face the additional financial pinch of higher rates for their card debt. According to the Fed's data, the average annual percentage rate (APR) for US card accounts that were charged interest rose to 18% in the... read more »

5 Credit Card Debt Forgiveness Options

By: Erica Sandberg, 11/3/2022

There is nothing quite like being forgiven. Maybe you hurt a friend, and they told you everything is fine now. Or you made a mistake at work, and your boss gave you a reprieve. Credit card companies can also give you a break sometimes. And if not, there are other debt forgiveness options to explore. Here is how you may be able to walk away from some or even all of your credit card bills. 1. Negotiate With Your Credit Card Issuer If you can't afford to pay the entire... read more »

Can You Have Good Credit With Credit Card Debt?

By: John Ulzheimer, 11/1/2022

There’s no question that being in credit card debt is a bad deal financially. Credit card debt, especially if it’s too close to your credit limits, can damage your credit score. Having made that point, it’s not entirely impossible to still have respectable credit even if you have balances on one or more of your credit card accounts. If you’re working to pay down your credit card debt, which you should, you may be wondering just how serious your situation is in terms of... read more »

Average Credit Card Debt by Age, State, and Income

By: Marcie Geffner, 9/8/2022

Do you want to be average? Maybe yes. Maybe no. When it comes to credit card debt, being average gives you an idea of how much other people owe. That amount could be comfortable for you, or it could be more or less than you feel you can manage with your income and financial situation. Regardless of whether average is right for you, it gives you a benchmark against which to measure yourself. Is your credit card debt similar to everyone else's? Or do you owe a lot more or less than... read more »

4 Pillars Offers Debt and Credit Education to Help Consumers Rebuild Their Financial Lives

By: Jon McDonald, 7/5/2022

In a Nutshell: 4 Pillars has provided solutions to Canadians to find the best solution to deal with their debt and return to a positive financial standing for more than 20 years. The company has a much higher success rate than traditional credit counselors because it also helps consumers analyze their relationship with money. Consumers working with 4 Pillars are educated on all the options to get out of debt while learning lessons in money management and responsible credit use that... read more »

RIP Medical Debt Leverages Donor Support to Pay Off Billions of Dollars in Health Care Debt

By: Brandon Rossman, 4/6/2022

In a Nutshell: RIP Medical Debt is a nonprofit committed to eliminating crippling medical debt for millions of Americans. The nonprofit uses donations to purchase large bundles of medical debt from hospitals, hospital systems, and debt collection agencies. RIP Medical Debt forgives all of the bills – no questions asked. By buying debt already in collections, RIP Medical Debt only pays a fraction of the original bill. The nonprofit is at a point of efficiency where only $100 in... read more »

How to Pay Off Credit Card Debt

By: Andrea Woroch, 2/21/2022

Credit cards offer many perks, from convenient payment options to robust reward programs to multiple layers of protection, including extended warranties and fraud alerts. But carrying even a small balance on your credit card will cost you big thanks to interest charges. Paying interest doesn’t just make everything you buy more expensive, but it essentially voids any rewards you earned on those purchases. More importantly, interest will quickly accumulate when you carry... read more »

Pacific Debt Helps People Reduce Credit Card and Loan Debt Quickly and Conveniently

By: Matt Walker, 9/8/2021

In a Nutshell: Credit card and unsecured loan debt can add up quickly for some people, and before they know it, they are struggling to keep their heads above water and their financial lives are quickly spiraling out of control. Pacific Debt offers a solution to help these consumers avoid bankruptcy or potentially end up paying credit card interest forever. The debt relief program facilitates a settlement between issuers of unsecured loans and consumers. The process often gives... read more »

MoneyFit by Debt Reduction Services Helps Negotiate Lower Interest Rates on Credit Card Debt

By: Jon McDonald, 9/7/2021

In a Nutshell: People struggling with credit card debt often assume that card issuers will automatically refuse to negotiate more favorable rates with them. But the counselors at MoneyFit have the tools and experience to sometimes negotiate interest rates as low as a 2% to 8% range. That represents a huge savings to folks who are carrying sizable amounts of debt and may be paying 20% or more interest on loans. And because MoneyFit negotiates new agreements on existing total debt rather... read more »

Tally Automates Credit Card Payments to Help Consumers Save Money on Interest and Late Fees

By: Adam West, 5/11/2021

In a Nutshell: Credit cards can be extremely useful. But when people get in over their heads, not only are their financial options reduced, they're likely feeling way more stress than they need. Tally helps with both problems by strategically automating credit card debt payments to maximize savings on interest and late fees. Because Tally users are able to pay down their cards quicker and with less harm to their credit scores, they're able to get back to living with less stress sooner.... read more »

Independent Age: Guidance and Advocacy to Help Older Adults Preserve Credit, Benefits, and Health

By: Adam West, 4/7/2021

In a Nutshell: Older people and their families in the UK face challenges around healthcare, support, mobility, and isolation. They also may struggle to secure resources and preserve their credit while maintaining a reasonable quality of life. Independent Age has a history of advocacy that stretches back more than 150 years, and the organization serves UK seniors with free information, advice, and consultations. It aims to promote healthy independent living, social connections, and... read more »

Point Helps Consumers Access Their Home Equity to Make Improvements While Avoiding Credit and Debt

By: Matt Walker, 3/10/2021

In a Nutshell: Homeownership is an ongoing investment. Homeowners must regularly work to make sure their homes are in good condition while others may invest funds to make improvements to the home that will add value down the line. Traditional methods of leveraging home equity to pay down debt or invest in home maintenance can lead to more financial strife for some homeowners. That’s why Point offers a different approach. The company actually invests in your home through its Home... read more »

9 Things to Know About Credit Card Debt Forgiveness

By: Marcie Geffner, 3/1/2021

Credit card debt forgiveness sounds like an attractive proposition. Your card debt is wiped out; you don't have to pay any of it, you get to keep your card with a zero balance, and there’s no impact on your credit scores. If only it were that simple. Alas, it's not. More likely, you'll have to pay at least some of your card debt, you may have to give up your card, and your credit scores will drop, perhaps even plummet. That doesn't mean you shouldn't do it. In fact, there... read more »

NFCC’s Bruce McClary Discusses the Importance of Communicating About Credit Card Debt

By: Matt Walker, 10/13/2020

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 »

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. Perform a... 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 »

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 »

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

With so many credit cards out there these days, finding the best credit cards for paying down debt may seem like an impossible task. Well, you've come to the right place. 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... read more »

9 Best Debt Consolidation Loans & Credit Cards in 2023

By: Ashley Dull, 7/9/2018

When it comes to finding the best debt consolidation loans and other options, a solid strategy is key. In the article below, we've compiled some of our top picks for personal loans and credit cards to consolidate debt. 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... read more »

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