Credit Card Debt: Study Predicts Millions Will Die In The Red
News from Huffington Post:

Millions of young Americans will die in debt to credit card companies, according to new research from Ohio State.

People in their late 20s and early 30s (born 1980 to 1984) carry significantly higher credit card debt than older generations and pay it off more slowly, the study found. They have about $ 5,700 more than people born 1950 to 1954, and $ 8,200 more than those born 1920 to 1924. And they’ll continue to charge well into their 70s, the study predicts.

Researchers examined Capitol One credit card data for more than 32,000 people from 1997 to 2009, including borrowers age 18 to 85. The study, which appears in the January issue of the journal Economic Inquiry, was the first to examine both sides of the equation — how people borrow and how they pay off their cards — allowing researchers to forecast payoff times.

It’s not surprising that younger generations carry more debt, given stagnant wages; the rising cost of basics, such a…………… continues on Huffington Post

… Read the full article
.

Related News:

Action Line: Credit card debt reduction takes a plan
News from Tulsa World:

Tips for paying down debt in 2013 are offered by Bill Hardekopf, CEO of LowCards.com.

Total owed: Round up each of your bills with outstanding debts, including credit cards, mortgage, student loans, auto loans, personal loans and bank loans. Create a list of all the creditors with the monthly payment amount, balance, interest rate and credit limit for each. Verify the payment due dates and the status of the accounts.

Pay cash: If you carry a balance on credit cards month to month, stop paying for purchases and daily expenses with cards. You pay a high interest penalty on every purchase made. If you charge meals, entertainment or clothing, you will still be paying these off years later. Put away the credit cards and use cash for such purchases.

Seek lower rates: Credit card issuers don’t act on this as often as they used to, but it doesn’t hurt to ask. If you have received an offer for a card with a lower rate, ask your issuer to match it. Tell them you will be shopping around for another card if they don’t lower your rate. If your rate is lowered, add the amount you saved to your payment so you can pay down your balance faster.

Pay over minimum: Pay more than t…………… continues on Tulsa World

… Read the full article