Argue Over Money? Your Kids May Suffer

Posted by administrator | 19/10/12 | Tagged Credit Card Debt

Argue Over Money? Your Kids May Suffer
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Children whose parents argue about finances rack up more credit-card debt in their college years than kids of parents who don’t fight over money, new research finds.

The findings point to the need for parents to help their children learn good financial skills, the East Carolina University researchers reported online in the Journal of Family and Economic Issues.

The researchers surveyed 413 undergraduates from seven U.S. universities, asking them about their credit card debt, the number of cards owned, their financial knowledge and their interactions with their parents regarding money when the students were younger.

They found that two-thirds of students have credit car…………… continues on

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Consumer Reports: Best credit cards for big debt
News from NewsChannel 9 WSYR:

Syracuse (Consumer Reports) — The economy may still be wavering, but not the banks. They’re still sending consumers plenty of credit-card offers with enticing rewards, cash-back offers, and low interest rates. Consumer Reports just analyzed more than 50 cards, including ones that are good for those struggling to pay off their credit-card debt.

For those people, Consumer Reports recommends transferring the balances to a card with a lower APR. You can often find cards with very low interest rates, even down to zero, for balance transfers. But Consumer Reports cautions that you look carefully at the terms because they can vary a lot from card to card. You’re often charged a balance transfer fee—usually 3 to 4 percent upfront. And the zero percent or low APR often lasts only 12 to 18 months.

Consumer Reports found the Chase Slate card is good for people who can pay off the balance quickly. It has zero interest for 15 months and no transfer fees in the first 60 days.

But if you calculate that you won’t be able to pay off your debt that quickly, you’re better off with a card with a low, fixed interest rate.

Consumer Reports found one of the best such credit cards is the PenFed Promise. It currently has a low APR of 4.99 percent on transfers made before the end of the year and has no balance transfer fee. Be aware that you need to be a member of the PenFed cr…………… continues on NewsChannel 9 WSYR

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How to Have $8500 in Credit Card Debt –

Posted by administrator | 19/10/12 | Tagged Credit Card Debt

How to Have $ 8500 in Credit Card Debt –
News from and a Great Credit Score –

NEW YORK (TheStreet) — What do U.S. consumers with a sterling FICO credit rating know that the rest of the country doesn’t?

MyFICO, the consumer division of the credit ratings giant FICO, takes a good whack at that question, with data out today examining what formula makes for a sky-high credit score.

What the company found is that consumers with a credit score of more than 785 — the “gold standard,” according to MyFICO — actually have debt. It’s just that those high-end consumers manage that debt masterfully.


In fact, MyFICO says that “many individuals with the highest credit scor…………… continues on and a Great Credit Score –

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US Households: Less Debt, More Pocket Money
News from Businessweek:

Anita Bullock-Morley was $ 57,000 in debt on 27 credit cards and close to filing for bankruptcy in 2007. With help from an Atlanta counseling service, she says she paid about $ 1,400 a month to clear her credit-card balances. Recently she forked over cash for an $ 800 iPad and an iPhone upgrade.

Americans are finally getting their finances in order. According to data from the Federal Reserve, household debt as a share of disposable income sank to 113 percent in the second quarter from a record 134 percent in 2007. Debt service payments are the smallest in almost 18 years, while the credit-card delinquency rate is the lowest since late 2008. “The household deleveraging process is largely over,” says Mark Zandi, chief economist at Moody’s Analytics (MCO).

This progress will help keep the economy expanding even as the government steps up efforts to cut the deficit, Zandi says. That’s because consumers who have reduced their debt pile will be willing to use credit to make long-deferred purchases. Carmakers stand to benefit, says Brian Johnson, a senior res…………… continues on Businessweek

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