Data Hints at $ 20 Billion Credit Card Debt Increase in 2011
News from Technorati:

The first quarter consumer credit card debt pay down that we witnessed the past couple of years slowed dramatically this year, with Americans decreasing the money they owe by only about $ 32.3 billion, or 26% less than during the same period last year. This, according to a Card Hub study, foreshadows a significant impending debt build up that will result in consumers adding a net of $ 20 billion in new credit card debt during 2011.

It’s fairly normal for U.S. consumers to decrease their overall debt during the first quarter of each year, as this is typically the time when holiday bonuses and tax returns are received and many people put their noses to the grindstone in order to pay off holiday expenses. However, as first-quarter decreases have been followed by large debt additions the past two years, the same is expected in 2011, and given the apparent inverse relationship between first quarter pa…………… continues on Technorati
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Tips for effectively managing your debt crisis
News from Chicago Sun-Times:

How you can pick Terry’s brain

In this column, I’ll respond to your most frequently asked questions regularly. Of course, you always can submit individual questions on my Sun-Times blog, reached on the home page at www.TerrySavage.com.

Updated: June 23, 2011 2:12AM

Q. Because I was out of work for nearly a year, I have so much credit card debt that I can never repay it. What’s better — credit counseling, debt negotiation, or bankruptcy?

It’s important to know the difference between these alternatives and choose the one that best solves your pr…………… continues on Chicago Sun-Times
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