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News Tips & Updates on Credit Card Debt

Don't forget the misery of debt

Monday,01st December, 2014
Do you remember the credit crunch and the Great Recession that came in its wake? It's a question worth asking because many Americans seem not to. They appear to have forgotten the pain, fear and stress of unmanageable debt, and are borrowing again at unprecedented levels. True, credit card debt is still well down from its trillion-dollar high, but it's rising: In September it stood at $881.8 billion, according to the Federal Reserve, up $30-plus billion on the same month last year. But the really scary numbers concern "non-revolving" credit, which comprises installment loans with monthly payments and fixed end .......

Credit cards, mortgages, student loans … How our borrowing's changed in a decade

Monday,13th October, 2014
The credit crunch and recession caused financial fear -- or much worse -- for almost all Americans. So it's no great shock that our borrowing habits have changed. However, you might be surprised by a new report from TransUnion, one of the Big Three credit bureaus, that reveals just how different things are now from less than a decade ago. Debt shifting onto older shoulders One of the biggest and most significant shifts is in the age distribution of borrowers. Imagine everyone in the country (age 20 and older) who has one or more open loans of any of the types reported .......

Are too many seniors losing control of their credit cards?

Monday,08th September, 2014
TransUnion is one of the nation's biggest credit bureaus, and its Aug. 26 press release had a headline that could cheer up the most morose individual: "National credit card delinquency hits lowest level in at least seven years." In other words, the number of people getting into trouble with credit card debt is lower now than it has been since before the credit crunch and recession. And that fall in delinquencies applies across all age groups, with those over 50 years the least likely to have such problems. Swiping elders So far, so good. However, the press release went on to reveal .......

What happens to card debt when someone dies

Monday,07th July, 2014
If family births are the most joyous occasions for almost all of us, family deaths are the polar opposite. Especially if they involve a spouse, parent or grandparent, they're times of immense sadness and trauma. The last thing you want to think about in the midst of such grief is sorting out the deceased's financial affairs. However, all too soon, the pressure from creditors to do this is going to become intense, and someone must take over the reins. Who takes the reins? When people die, their assets (cash, real property, investments, savings, car and so on) become the property of their .......

Credit card debt not a sign of irresponsibility

Monday,16th June, 2014
Last month, IndexCreditCards.com asked, "Are you embarrassed by your credit card balances and credit score?" The question was prompted by a survey from the National Foundation for Credit Counseling that found three times more consumers being ashamed of their card balances than their weight. Now, think tank Demos has published a new study, "The Debt Disparity: What Drives Credit Card Debt in America," that suggests embarrassment is far from the apposite emotion for many of those who have to carry forward these balances every month. Resentment or even rage might be more appropriate. 'Responsible' credit card use The Demos researchers selected two .......

Are you embarrassed by your credit card balances and credit score?

Monday,05th May, 2014
Which would you be most embarrassed to reveal: your age, your weight, your credit card debt, your bank balance or your credit score? When the National Foundation for Credit Counseling asked people that question in March, the results were surprising: Age: 1 percent Bank balance: 10 percent Weight: 12 percent Credit score: 30 percent Credit card debt: 37 percent None of these: 9 percent Scores of red faces Come to think of it, perhaps those numbers aren't such a shock. Some of us may be self-conscious about our age and how heavy we are, but people can usually just look at us to see the reality. There's not .......

Don't let debt collectors ruin your life

Monday,07th April, 2014
The economic recovery may be gaining traction, but not everyone's yet feeling the benefit. Many are still recovering financially from an extended period of unemployment, or are finding themselves continuing to struggle with shorter working hours or stagnant wages. Small wonder then that the Consumer Federation of America's seventh annual savings survey, published in February, revealed more than one in three Americans have no rainy-day fund to see them through even a mini-crisis, such as unexpected car repairs or a doctor visit. With so many in such precarious circumstances, it's perhaps surprising that relatively few are failing to keep on top .......
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Recession, recovery, remember the lessons

Monday,24th February, 2014
Do you celebrate Dec. 5? It's the anniversary of the repeal of Prohibition, and, in 2013, parties were held across America to mark the occasion. If, 80 years on from the 21st Amendment, people still feel the need to raise a glass (or, more likely, several glasses) to the event, imagine how drinkers partied in 1933! It's normal to indulge oneself after a lean period: most Muslims still do this at Eid al-Fitr ("Festival of Breaking the Fast"), which is enjoyed each year when the month-long period of Ramadan finishes. Feasting after a fast is fine for the faithful, but .......