How To Choose A Credit Card For Your College-Bound Kid

Posted by administrator | 11/07/12 | Tagged Credit Card

How To Choose A Credit Card For Your College-Bound Kid
News from Huffington Post:























CHICAGO — Parents of college-bound students have a decision to make as offers stream in for their soon-to-depart teenagers.

Should they send their green freshmen off to campus armed with a debit or credit card to learn how to handle money? Or is it better to keep firm control through the Bank of Mom and Dad?


The “correct” answer will vary by family and personal preference.

The Credit Card Act that took…………… continues on Huffington Post

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US credit card use up in May
News from Nashua Telegraph:

WASHINGTON – Americans put more on their credit cards in May than in any single month since November 2007, one month before the Great Recession began.

But overall credit card use is still well below where it was just before the downturn. Economists say May’s increase was likely a temporary response to weaker hiring and poor wage growth and not a sign of sustained confidence in the economy.

“We might see additional increases in credit card debt in the coming months,” said Paul Edelstein, director of consumer financial economics at IHS Global Insight. “But they won’t match the May surge.”

Consumer borrowing rose by $ 17.1 billion in May from April, the Federal Reserve said Monday. The gain drove total borrowing to a seasonally adjusted $ 2.57 trillion, nearly matching the all-time high reached in July 2008.

Borrowing has increased steadily over the past two years. But most of the gains have been driven by auto and student loans, which rose to a record level of $ 1.7 trillion in May.

Consumers cut back sharply on credit card debt during the recession and immediately after. Only in the past year have they started to put more on their credit cards and the gains have mostly been modes…………… continues on Nashua Telegraph

… Read the full article


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Consumers Credit Card Balances Shoot up in May

Posted by administrator | 11/07/12 | Tagged Credit Card Debt

Consumers Credit Card Balances Shoot up in May
News from Fox Business:

Consumer credit card balances shot up in May after tumbling the previous month, according to new data from the Federal Reserve.

The Federal Reserve’s monthly G.19 consumer credit report, released Monday, showed a steep 11.2% rise in revolving debt as consumers resumed charging to their cards. Revolving debt, which in the report is made up almost entirely of credit card debt, rose by $ 8 billion in May to $ 870.2 billion.

Many experts had predicted that card debt would rise. However, “the size of the increase was a bit of a surprise,” says Paul Edelstein, director of financial economics at IHS Global Insight. 

A rise in credit card debt is often a positive economic sign, in that it may show consumers are confident enough to tackle more debt. But this may be a temporary blip, experts said: The report covers May, and consumers’ hopes have been dampened since then by reports of disappointing job growth.

“Consumers were still feeling pretty good in May, so it’s not surprising that they decided to take on some more credit card debt,” says Edelstein. However, “We know that consumer confidence took a hit in June. The jobs reports have been terrible. The stock market hasn’t been doing very well.” It’s possible that “some of the bad economic news took some time to c…………… continues on Fox Business

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Report: Dayton credit card debt falls 15%
News from Bizjournals.com:

Credit card debt in Dayton fell more than 15 percent in June compared to last year, according to a new report.

Olivia Barrow
Staff Reporter- Dayton Business Journal
Email

Credit card debt in Dayton fell more than 15 percent in June compared to last year, according to CreditKarma.com’s U.S. Credit Score Climate Report. The average consumer with an account in Dayton owed $ 5,496 in credit card debt.

Nationally credit card debt is down 8 percent to $ 5,576 since the beginning of the year.

“The lackluster economy is partially to blame for the positive trend of decreasing credit card debt,” said Ken Lin, CEO of CreditKarma.com. “Consumers tend to take on more cr…………… continues on Bizjournals.com

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Americans step up credit card use sharply in May

Posted by administrator | 11/07/12 | Tagged Credit Card

Americans step up credit card use sharply in May
News from Jamestown Sun:

WASHINGTON (AP) — Americans put more on their credit cards in May than in any single month since November 2007, one month before the Great Recession began.

But overall credit card use is still well below where it was just before the downturn. Economists say May’s increase was likely a temporary response to weaker hiring and poor wage growth and not a sign of sustained confidence in the economy.

“We might see additional increases in credit card debt in the coming months,” said Paul Edelstein, director of consumer financial economics at IHS Global Insight. “But they won’t match the May surge.”

Consumer borrowing rose by $ 17.1 billion in May from April, the Federal Reserve said Monday. The gain drove total borrowing to a seasonally adjusted $ 2.57 trillion, nearly matching the all-time high reached in July 2008.

Borrowing has increased steadily over the past two years. But most of the gains have been driven by auto and student loans, which rose to a record level of $ 1.7 trillion in May.

Consumers cut back sharply on credit card debt during the recession and immediately after. Only in the past year have they started to put more on their credit cards and the gains have mostly been modest.

That changed in May when the measure of credit card debt jumped by $ 8 billion. Still, the level of debt for that category increased to only $ 870 b…………… continues on Jamestown Sun

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Americans stepped up credit card use sharply in May
News from The Express Times – LehighValleyLive.com:

A FedEx employee arranges stacks of boxes for delivery, in New York. Americans stepped up their borrowing in May, helped by the largest one-month gain in credit card debt in more than four years. But overall credit card use is still well below where it was just before the Great Recession began.

Americans put more on their credit cards in May than in any single month since November 2007, one month before the Great Recession began.

But overall credit card use is still well below where it was just before the downturn. Economists say May’s increase was likely a temporary response to weaker hiring and poor wage growth and not a sign of sustained confidence in the economy.

“We might see additional increases in credit card debt in the coming months,” said Paul Edelstein, director of consumer financial economics at IHS Global Insight. “But they won’t match the May surge.”

Consumer borrowing rose by $ 17.1 billion in May from April, the Federal Reserve said Monday. The gain drove total borrowing to a seasonally adjusted $ 2.57 trillion, nearly matching the all-time high reached in July 2008.

Borrowing has increased steadily ov…………… continues on The Express Times – LehighValleyLive.com

… Read the full article


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