Consumers using credit and debit cards more often
News from Debtmerica Relief:

Though consumers are now being far more cautious about dealing with credit card debt, they are still relying on those accounts, and their debit cards, more often than cash when making purchases from retailers.

Debit and credit, respectively, have both surpassed cash and checks as the most common type of payments at real-world retail stores in the U.S., according to new data from Javelin Strategy and Research. Further, over the next several years, both card-related payment methods are expected to grow even more popular and increase their share of total transaction volume, thanks in large part to an increase in use for both prepaid cards and mobile wallet credit…………… continues on Debtmerica Relief

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Fastest Way to Pay Down $ 50K Credit Card Debt
News from Fox Business:

Dear Debt Adviser,
I have a debt of $ 50,000 from balance transfers and credit line accounts. If I were to pay just the minimum due every month (which is what I can afford now) how long will it take to clear including 24% interest per year? I really want to clear it fast.
— Alicia

Dear Alicia,
It sounds as though you have been juggling your debts for some time. Balance transfers, teaser interest rates and interest-only payments on lines of credit only serve to put off the day of reckoning. I hope you’ve been putting some money aside while delaying paying down your debt, because it sounds like you’re ready to take on your debt, and the extra savings will soften the blow to your monthly cash flow.

As long as you are paying the minimum amount due on your revolving credit card accounts, you will not get anywhere “fast.” Here’s why. As you pay down the principal amount each month, the minimum payment decreases as well. The result is that you make less progress each month.

Here’s an illustration: You made a minimum payment of $ 1,500 this month. The principal amount reduces by $ 500 to $ 49,500, and your next month’s minimum payment decreases to $ 1,485. So, after making a year’s worth of minimum payments only, although your principal amount would be down to $ 44,319.01, your minimum payment will drop to $ 1,342.99. By year five…………… continues on Fox Business

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