Debt | Credit Card Topics

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 »

Average Credit Card Debt by Age, State, and Income

By: Marcie Geffner, 10/6/2020

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 from which to measure yourself against. Is your credit card debt similar to everyone else's? Or do you owe a lot more or less... 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.... 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 »

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 2021

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 »

2018 Credit Card Debt Statistics: Average U.S. Debt

By: Brittney Mayer, 4/6/2018

Let's talk about credit card debt statistics. March of 2018 saw the sixth rise of the federal funds rate — and, thus, the U.S. Prime Rate — since 2015, a marker of the continued growth of the U.S. 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. ... read more »

3 Best Credit Card Loans for Bad Credit in 2021

By: Ashley Dull, 3/23/2018

Credit card loans for bad credit can offer opportunities to get out of the interest-heavy debt that those who have made some financial missteps often find themselves trying to escape. 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... read more »

6 Best Loans to Pay Off Credit Card Debt in 2021

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 »

Clarifi: Serving the Financial Counseling Needs of the Greater Delaware Valley for More Than 50 Years

By: Ray FitzGerald, 2/16/2018

In a Nutshell: For more than 50 years, residents of the Greater Delaware Valley area have turned to Clarifi for financial education, counseling, and coaching services designed to meet the expanding needs of today’s consumers. Originally founded as a nonprofit to help clients manage credit card debt, Clarifi has added expert advice on buying a home, eliminating alternative sources of debt, and starting a business to its existing lineup of services. In addition to one-on-one... read more »

What is the Average Credit Card Debt in American Households?

By: Brittney Mayer, 1/8/2018

No matter what you received under the tree, the average American adult started the new year with the gift that keeps on giving: credit card debt. In fact, more than two-thirds of shoppers used credit cards to finance their holiday purchases in 2017, which means many of us started 2018 with more than $1,000 in extra credit card debt. And that's hardly all the credit card debt Americans dealt with in 2018. Collectively, the total revolving debt in the U.S. has topped $1.011 trillion,... read more »

9 Best Ways to Pay Off Credit Card Debt from Debt Expert Beverly Harzog

By: Brittney Mayer, 11/9/2017

If your credit card spending has gotten out of hand and it's time to pump the brakes, you've come to the right place — keep reading for the best ways to pay off credit card debt. The convenience and rewards offered by credit cards have made them one of America's favorite ways to pay. But a significant thing happens if you start to mistake that little piece of plastic for free money: you end up with a big ole heap of credit card debt. Swiping a card is quick and easy, and for many... read more »

Credit Counselling Society: A Nonprofit Advocating on Behalf of Consumers to Address & Improve Canadian’s Financial Situations

By: Adam West, 10/9/2017

In a Nutshell: Since 1996, Canada’s largest network of credit counselors, the Credit Counselling Society, has helped hundreds of thousands of clients achieve financial literacy and climb out of debt with solutions tailored to their individual circumstances. Committed to providing educational resources and tools, CCS looks to solve financial problems at the root, which often tends to be due to a lack of financial literacy. As partners on the journey to financial wellness, CCS is in... read more »

LSS Financial Counseling: Expert Guidance Helps You Pay Off Credit Card Debt Through Individualized, Cost-Efficient Repayment Plans

By: Kristine Crane, 9/5/2017

In a Nutshell: Credit card debt is, unfortunately, about as American as apple pie, and in August of 2017, the Federal Reserve reported the highest collective debt in history. People often bear the burden of debt with shame and overwhelming confusion. That’s why organizations, like Minnesota-based LSS Financial Counseling, specialize in such crucial services. The nonprofit’s financial counselors help people wade the waters of student loans, foreclosure prevention, and credit scores,... read more »

How Consolidated Credit’s Debt Management Program Helps Lower Your Credit Card Interest and Pay Off Your Debts in 3 to 5 Years

By: Adam West, 8/9/2017

In a Nutshell: Combined credit card debt in the US is now over $1 trillion, which means more than a few Americans could use some help in getting out of the red. Consolidated Credit is a nonprofit that steps in when people need it most. Although it provides people with other types of financial advice on topics like purchasing homes and building savings, Consolidated Credit is best known for working with people to pay off credit card debt and reduce the high interest rates that often... read more »

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