Consumer Debt Continues to Decline

The amount of credit card debt that Americans currently hold has fallen a remarkable $86.2 billion from its peak of $975.2 billion in September 2008. That’s nearly a 10% decline according to recently released data from the Federal Reserve.
Credit cards are considered to be revolving debt while student loans and car loans are considered to [...]

More and More Americans Turning to Credit Cards to Cover the Basics

We all know that the economy has been lousy not only in the United States but throughout the world over the past few years. It’s the recession that never seems to end.
The poor economy has forced low and middle income Americans to rely more and more on their credit cards to cover their basic needs.
A [...]

The Simple Formula for Paying Off Your Credit Card Debt

As a native of Chicago, I personally have been a fan of Terry Savage’s work for quite some time now. Terry Savage is a registered investment advisor and syndicated columnist for the Chicago Sun-Times.
She has an exceptionally outstanding article which was published in the Chicago Sun-Times on July 13, 2009 that I feel compelled to [...]

Do Relatives Assume Credit Card Debt

Now here is a rather common question that will no doubt become even more common now that credit card debt has risen so sharply over the past decade. When a relative such as a parent, child or sibling dies is their credit card debt transferable to their relatives?
This is a rather common question that causes [...]

Student Credit Card Debt Reaches Record Levels

We all know that college tuitions are spiraling out of control. And now I’m afraid there is some more bad news to add to the equation. Credit card debt for college students has now hit record levels according to Sallie Mae, the college financing company.
The average undergraduate now carries $3,173 in credit card debt. That [...]

5 Things You Should Not Do When Your Credit Cards Are Maxed Out

Times are tough for all of us right now. Both the housing market and the stock market seem to be in a free-fall with no end in sight. Many people have lost their jobs or have seen their income reduced significantly.
Having credit cards is a nice safety net in tough economic times. But when those [...]