U.S. Consumers Doing Better at Paying Retail and Bank Credit Card Bills
News from Sacramento Bee:

/PRNewswire/ — U.S. consumers continue to make timely payments and pay down their retail credit card and bank card balances, resulting in a significant reduction in the number of card write-offs over 2010 levels, according to Equifax’s latest National Credit Trends Report.

The improvement in bank and retail credit card write-offs reflects a steady level of improvement over the past 18 months.

  • Bank credit card write-offs peaked at nearly 13% in July 2010 and retail credit card write-offs peaked at more than 14% in July 2010.
  • Bank credit card write-offs currently stand at 5.53% (39% lower than 2010 levels) and retail credit card write-offs are at 8.4% (representing a 26% decline over 2010 levels).
  • Cumulative revolving card balances peaked in October 2008 at more than $ 752 billion, and despite a recent uptick attributable to seasonal purchase activity, have since declined by almost 20% (December 2011 cumulative revolving card balances stand at $ 604 billion).
  • Total consumer debt outstanding (which includes First Mortgage, Home Equity, Consumer Finance, Auto, Student Loan, Retail Credit Card and Bank Credit Card) also peaked in October 2008 at $ 12.4 trillion, and in December 2011, U.S. consumers carried $ 11.1 trillion in total consumer…………… continues on Sacramento Bee

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Related News:

CardRatings Hall of Shame: Worst Credit Cards of 2011
News from Huffington Post:

Editor’s Note: The CardRatings.com team of credit card experts picked the worst credit cards of 2011 based on their terms, fees and overall value to consumers. CardRatings.com was recently ranked the No. 1 credit card comparison site in Bing Editor’s Picks.

While we prefer to focus on the best credit cards on the market, it’s hard to avoid noticing some offers that would have been better left on a marketing team’s whiteboard. Our panel of credit card experts found this year’s five worst credit card offers, along with one account that’s worthy of a second look.

Highest interest rate

First Premier Gold. In 2010, the CEO of First Premier Bank complained that consumer protection rules forced him to lay off a third of his workforce. Those remaining employees must hold a grudge, because the bank spent 2011 hawking a partially secured credit card with a fixed APR of 49.9 percent. After leaving $ 95 on deposit and paying a first-year fee of $ 75, you’re still on the hook…………… continues on Huffington Post

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