Student credit card consolidation – Close the doors on your credit card debt
News from The City Wire:

If your revolving credit card debt is keeping you awake at night, you may be thinking about getting professional debt help. While credit card consolidation can be a beneficial tool to expedite your debt repayment procedure, it can even backfire terribly if you do not watch your steps. Being a student, you have to be extra watchful about your personal finances as your credit score will be checked by your employers in the near future. You must be aware that debts can have a drastic effect on your credit score and therefore, you need to make sure that no wrong steps on your behalf will push you further towards the debt hole. Here are some benefits of credit card consolidation that you may reap.

  • Revised interest rates: The main reason for the increasingly large number of credit card defaults among the students is the outrageously high interest rates. The double-digit unemployment rate is also barring the students from getting jobs that can supply them with money with which they can pay off their credit card obligations. Debt consolidation can easily lower the interest rates on all your debt accounts and therefore you can make affordable repayments, thereby freeing yourself of debt.
  • Revised monthly payments: You can extend the repaymen…………… continues on The City Wire

… Read the full article

Related News:

New York Fed Says Household Debt Fell 0.5% in Second Quarter
News from Bloomberg:

Household debt in the U.S. declined 0.5 percent in the second quarter, led by a drop in debt tied to real estate, according to the Federal Reserve Bank of New York.

Consumer indebtedness shrank by $ 53 billion from the first quarter to $ 11.38 trillion as of the end of June, according to the quarterly report on household debt and credit released today by the district bank. Delinquency rates for mortgages, credit cards and car loans declined, while rates for student loans and home equity lines of credit rose, the report said.

“The continuing decrease in delinquency rates suggests that consumers are managing their debts better,” Wilbert van Der Klaauw, a vice president and economist at the New York Fed, said in a statement today. “As they continue to pay down debt and take advantage of low interest rates, Americans are moving forward with…………… continues on Bloomberg

… Read the full article