Borrowers scaling back credit card debt as use continues to rise
News from Debtmerica Relief:

Americans are still being more cautious about carrying credit card debt from one month to the next, even as they continue to expand their credit card use.

Over the last two years, the purchase volume on consumer credit cards issued by the nation’s seven largest lenders has expanded 7.6 percent and 9.7 percent, respectively, but at the same time, the balances carried on those accounts has fallen, according to a report from Fitch Ratings. In 2010, consumers’ credit card balances slipped 8 percent, and another 1.6 percent in 2011.

This change comes because consumers, eager to reduce debt and get their accounts under control, are now focused more on becoming what are known as “transactors,” those who use credit cards in their everyday lives but pay off the balance every month, the report said. In the past, many had been known as “revolver…………… continues on Debtmerica Relief

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How to Teach Kids to Handle Credit Cards
News from NASDAQ:

One of the questions I’m often asked is how to teach kids to handle credit cards and other kinds of plastic. And I’ve always recommended a four-step sequence. First, children should learn to manage cold, hard cash in the form of an allowance. Then they can move on to making deposits into and withdrawals from a bank account using a basic ATM card. Next comes a debit card attached to a checking account, which lets them make purchases and teaches them how to balance their account. Finally, they can apply for a credit card on their own when they have the experience and maturity to handle it.

But there’s been an upheaval in the financial-services industry over the past few years: credit card legislation, new rules (and fees) for debit cards, a flurry of celebrity-endorsed prepaid cards, and the advent of digital wallets, which let you pay with a swipe of your smart phone and require no plastic at all. So I thought this would be a good time to take stock of my advice and see if it’s still valid.

After reevaluating my strategy, I’m sticking to it — with a few updates. I repeat my mantra: When dealing with children and their finances, we adults have to think like kids . Changes in the financial-services industry are generally aimed at adults, who value cost and convenienc…………… continues on NASDAQ

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