Debt | Credit Card Topics | CardRates.com

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 (Oct. 2023)

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 (Oct. 2023)

By: Ashley Fricker, 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 »

2023 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. And... read more »

3 Best Credit Card Loans for Bad Credit (Oct. 2023)

By: Ashley Fricker, 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 (Oct. 2023)

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 »

Average Credit Card Debt in American Households (2023)

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, a... read more »

9 Best Ways to Pay Off Credit Card Debt (From Expert Beverly Harzog) (Oct. 2023)

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 »

Get Out of Debt and Into Earnings: GreenPath™ Guides Your Financial Journey, Helping You Pay Off Loans and Reach Your Financial Goals

By: Ray FitzGerald, 8/3/2017

In a Nutshell: GreenPath was born as a budgeting and financial education service out of the Michigan Credit Union League in 1961. A decade later, it was already expanding into other states, and today, it has offices in 18 states, at 60 different locations, with more than 450 employees. Although founded to help people through financial crises, the nonprofit has expanded its focus to help people achieve their financial goals. Its team of experts in various areas of finance, including... read more »

Bills.com: Educational Resources & Tools that Help Americans Understand Their Options for Getting Out of Debt & Improving Credit

By: Mike Randall, 6/30/2017

In a Nutshell: Consumer debt remains one of the biggest challenges many Americans face in their struggle for financial freedom. Consider that the average household with credit card debt pays nearly $1,300 per year in interest payments alone. Bills.com is a consumer finance portal that provides tips and advice designed to help consumers understand their options for handling debt, improving their credit score, and even finding the best mortgage. Using tools like Debt Navigator and Money... read more »

7 Best Credit Cards After Bankruptcy Discharge (Oct. 2023)

By: Sean Garrity, 1/26/2017

While no one likes to admit defeat, sometimes our debts simply get the better of us and bankruptcy may become the only option for a better financial future. Unfortunately, your credit will see lasting negative impacts from a bankruptcy, but you can repair your credit with some hard work -- and a lot of patience. One of the first steps you should take after your bankruptcy is complete is to check all three of your credit reports. Make sure all of the accounts that were affected by... read more »

Money Under 30: How David Weliver Paid $80K in Debt in 3 Years & Documented It as a Resource for Young Adults

By: Ashley Fricker, 12/2/2015

In a Nutshell: David Weliver paid off $80,000 in combined student loan and credit card debt in just three years by committing to increasing his income and decreasing expenditures. During his journey to overcome substantial debt, he began blogging about his accomplishments and MoneyUnder30.com was established as a resource for young adults in similar situations. Today it is a leading personal finance website that provides approachable, nonjudgmental financial advice to 500,000+ monthly... read more »

Grads Can Save Nearly $19K with SoFi: The First Marketplace Lender to Offer Student Loan Refinancing

By: Ashley Fricker, 10/26/2015

In a nutshell: Graduates who used student loans to fund their education face an average of $33,000 in resulting debt. Throw in a graduate school degree and the debt can easily exceed $100,000. Furthermore, many of those grads pay interest rates of up to 7 percent or higher on their loans. SoFi, a leading marketplace lender, stepped in to alleviate some of that financial strain by establishing the first student loan refinancing model in 2011. With variable rates as low as 2.14 percent,... read more »

6 Tips to Increase Your Credit Limit Today (Oct. 2023)

By: Ashley Fricker, 8/21/2015

Are you interested in learning how to increase your credit limit? First and foremost, ask yourself why you want to increase your credit limit. If it’s to go on a shopping spree or purchase things you can’t afford without credit, stop right there. You'll need to have proven to yourself and the bank that you know how to use credit responsibly in order for them to approve you. This means that you’ve exemplified yourself as a good customer for at least 6 months. If your cards are... read more »

11 (Need-to-Know) Credit Card Debt Settlement Facts

By: Mike Randall, 6/11/2015

If the burden of overwhelming credit card debt has you feeling like there’s nowhere to turn, consider a solution that works for many people just like you: Credit card debt settlement. But debt settlement isn't for everyone - here are 11 credit card debt settlement facts that can help you decide if it's the correct solution to your financial woes: 11. Debt Settlement Companies Are For-Profit Enterprises That means they make their money from people like you, who they are... read more »

What Happens to Credit Card Debt During Bankruptcy?

By: Linsey Knerl, 4/27/2015

Bankruptcy isn’t as popular an option as it used to be for dealing with debt. While it may not be the first resort, however, it’s still a necessary alternative for many, and credit card debt is often a driving factor for considering this serious step in finance management. Before you consider bankruptcy as a viable option for overwhelming debt or crippling payments, it’s wise to understand how the process will affect your credit card obligations, specifically. Here are... read more »

5 Steps to Pay Off Credit Card Debt

By: Alexandra Leslie, 11/6/2014

Credit card debt is incredibly common in America, but letting it get out of control can result in financial destruction. Follow these steps to effectively pay off your debt and enjoy financial freedom. 1. Assess the damage Sometimes when people are in major credit card debt, they feel overwhelmed and may stop opening the bills. If you’re going to take control of your credit card debt, it’s time to take the music and tally up the damage. It may be difficult to take an honest... read more »

• About Us »	• Editorial Policy »
• In the Press »	• Media Assets »

All articles tagged Debt (page 2)