Consumers cut credit card debt significantly in January
News from Debtmerica Relief:

Americans made significant efforts to reduce debt on their credit card accounts during the month of January, reversing several months of increases in the amount of credit card debt they carried.

During the month of January, the amount of debt carried on consumers’ credit cards slipped 4.4 percent to a nationwide total of $ 800.9 billion, down from December’s $ 803.8 billion, according to the latest statistics on consumer credit released by the Federal Reserve Board. In November, the amount borrowed on consumers’ cards increased 9.9 percent, followed by another 5.5 percent increase before the end of 2011.

But even as consumers continued to trim the amount they owed on their credit cards, they also significantly increased borrowing in other areas, the report said. Nonrevolving credit – installment loans like those for education or auto…………… continues on Debtmerica Relief

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student-loan debt surpasses credit-card debt
News from Baltimore Sun:

A good education can make dreams come true, but for millions of Americans, paying for that education has become a nightmare.

A new analysis from the Federal Reserve Bank of New York gives startling details on the rising levels of student loan debt in the U.S. The report finds that Americans had a total of about $ 870 billion in student loan debt in the third quarter of 2011.

The report, based on analysis of data on 241 million Americans from credit reporting agency Equifax, adds to a growing list of troubling indicators about the cost of higher education. Here are some startling figures that illustrate the growing specter of student debt:

It’s bigger than plastic. Outstanding student loan balance has surpassed the nation’s $ 693 billion credit card balance, according to the report. According to recent data, nearly 80 percent of Americans held credit cards as of 2008, compared to 15 percent of consumers who now hold student debt, according to the Fed report. That contrast il…………… continues on Baltimore Sun

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Getting by without a credit card

Posted by administrator | 10/03/12 | Tagged Credit Card

Getting by without a credit card
News from Stockton Record:


March 10, 2012 12:00 AM

Rachel Cruze has a perfectly plausible reason for not owning a credit card.

She’s a Ramsey.

As in the 23-year-old daughter of Dave Ramsey, the nationally known lecturer, author, financial education guru and founder of Financial Peace University.

If you’re not familiar with Ramsey’s mantra, it can be boiled down this way: Don’t use credit cards. Don’t pile up debt. Don’t live beyond your means.

No doubt about it, those principles have rubbed off on Rachel. And – like father, like daughter – she is now traveling the country talking to teenagers and young adults about the importance of sound money practices.

In a telephone interview from her home in Tennessee, Cruze talked about the money lessons she learned from her parents and why she believes it’s so important to share that information with young people.

It’s no surprise that Cruze’s biggest worry about her generation is the appetite for borrowing.

“There are good reas…………… continues on Stockton Record

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Barclays’ ‘social’ credit card lets users set terms
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