Eliminate Credit Card Debt for Good

Posted by administrator | 20/11/12 | Tagged Credit Card Debt

Eliminate Credit Card Debt for Good
News from NASDAQ:

The easiest way to handle credit card debt is never to let yourself get into debt in the first place. But if you’ve gotten yourself in over your head, never fear: you can still eliminate credit card debt once and for all if you can follow a few simple steps.

Later in this article, I’ll give you my simple four-step plan to getting rid of your debt. But first, I want to warn you about some of the things that credit card companies do that make it harder than you might think to get your debt paid off .

It’s a money game
If you’ve ever wondered why you get so many credit card offers in the mail, the answer is simple: credit cards are a huge moneymaker for the entire industry. On one hand, Visa ( V ) and MasterCard (

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Credit card debt increases, Coloradans rank second
News from Denver Post:

As the tight economy eases and consumer spending thaws along with it, credit-card debt is climbing again — and Coloradans are among the nation’s leaders — according to a report issued Monday by Trans-Union, one of the three main credit-reporting bureaus.

The average credit-card debt per American borrower jumped up to $ 4,996 — a 4.9 percent increase — in the third quarter of the year, and Coloradans ranked behind only Alaska for the most card debt per consumer, at $ 5,696, the report found.

That’s down slightly from the previous quarter, when Coloradans on average carried $ 5,728 in credit-card debt. But, experts say, the upcoming shopping season means debt is likely to get even deeper.

“The increase in credit-card debt may reinforce the latest research from the Federal Reserve that shows bankers have eased up slightly on lending standards and demand is increasing for credit cards,” said Bill Hardekopf at LowCards.com.

The Federal Reserve recently reported that 17 percent of all banks and 26 percent of large banks reported moderately stronger demand for credit-card loans over the past three months.

…………… continues on Denver Post
… Read the full article

Consumer Credit, Debt and Bankruptcy

After a long period of prosperity and steady economic growth, the world's leading economies are now in crisis, and although there will be debate about its origins, the scale and seriousness of the crisis is in no doubt. There is also no doubt that excessive amounts of consumer credit, allied to a weak understanding of how globalised credit markets might react to a crisis, have played a significant part. This book, which is primarily about credit, debt and the trouble they have led to, is written by authors who have specialised in researching into over-indebtedness, that is, situations in which an individual's debt burden has become overwhelming. For these authors the plight of individuals is a primary concern, but the wider issue is how credit is used and how it changes societies. The essays in this volume, addressing topics which are fundamental to our understanding of the current crisis, range widely across the whole sector of consumer finance, including mortgages, 'credit-binges', the regulation of consumer lending, insolvency, repayment plans, debt counselling and much more besides. The conclusions drawn from the book are equally wide-ranging, but above all the lesson learned from these essays is that the financialisation of contemporary life ensures that issues of the appropriate role of credit remain of critical importance in society.
List Price:
Price: 117.00

Starwatch Consumer | Credit card use increases

Posted by administrator | 20/11/12 | Tagged Credit Card

Starwatch Consumer | Credit card use increases
News from Kansas City Star:

Credit card use

Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer credit data shows. The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-September period from a year earlier to $ 4,996, credit reporting agency TransUnion said Monday. At the same time, the rate of credit card payments at least 90 days overdue hit 0.75 percent, up from 0.71 percent in the third quarter of last year, the agency said. While higher, the late payment rate is rising from historically low levels. The lowest late payment rate on TransUnion records going back to the mid-1990s was 0.56 percent, set in the third quarter of 1994. More recently, it was at 0.60 percent in the second quarter of last year. Mortgage settlementsThe five largest U.S. mortgage servicers have provided about $ 26.1 billion for borrowers so far under a $ 25 billion settlement over abusive foreclosure practices, according to a court-appointed monitor. The aid included $ 2.6 billion in principal relief for about 22,000 borrowers, the Office of Mortgage Settlement Oversight said in a report released Monday. Lenders, including Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co.,…………… continues on Kansas City Star

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When Good Credit Marries Bad Credit
News from Fox Business:

Your new spouse has many wonderful qualities, but soon after the wedding you learn that a high credit score is not among them. What should you do?

Take steps now to manage credit cards well so you both have good credit when it comes time to apply for car loans or a mortgage. Here’s how:

1. Credit score: how bad is it?

Get copies of your credit reports from AnnualCreditReport.com and get your FICO or VantageScore credit scores to learn where you stand. You’re entitled to free copies of your credit reports once a year from each of the credit reporting bureaus, but you might have to pay a small fee to learn your credit scores. Check reports for accuracy, and follow credit bureau instructions to correct any factual errors.

2. Keep credit in your name

You each maintain individual credit scores when you’re married, but both scores factor into a lender’s decision if you apply for…………… continues on Fox Business

… Read the full article

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