Credit card debt on the rise, again
News from CNNMoney:

NEW YORK (CNNMoney) — Consumers are racking up credit card debt like it’s 2008.

Americans added $ 18.4 billion to their debt load in the second quarter, a 66% increase from the debt they accumulated in the same quarter last year and 368% more than they tacked on in 2009, according to credit card research firm

In fact, the last time consumers charged up this much debt during this time period was in 2008 — several months after the recession officially began and when credit card balances climbed by $ 25.2 billion.

Despite the recent spending spree, the total amount of credit card debt consumers have accumulated is still significantly lower than in previous years. Total outstanding credit card debt as of July was $ 792 billion, down 18% from the September 2008 peak of $ 972 billion, according to data from the Federal Reserve.

If current trends continue, however, consumers could find themselves even deeper in the hole. CardHub, which analyzed the c…………… continues on CNNMoney
… Read the full article

Related News:

Five tips on paying down multiple debts
News from

Consolidate. Specifically, transfer your smallest debts into one low-interest loan or credit card. That way, you’ll be more likely to focus on paying off the loan with the highest interest rate first, saving you money over time, says Scott Rick, assistant marketing professor at the University of Michigan and co-author of the 2011 study “Winning the Battle but Losing the War: The Psychology of Debt Management.” 
Tally the interest you’re paying. Studies show our minds have trouble understanding how interest compounds over time. By focusing on the interest you’re racking up, researchers found, you’re more likely to pay the costlier card off quicker. 
Credit card statements don’t report accumulated interest. But money-management software can help. Users of, free online personal finance software, can create a…………… continues on

… Read the full article