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    News and Articles on Credit Card Debt

    Archives: Credit Card Debt

    How to Avoid Debt with Bank Prepaid...  Nov 23, 2009
    Avoid Credit Card Debt by Using a Prepaid Bank Card for Bad Credit ... Prepaid Bank Cards Help Consumers Avoid Credit Card Debt ... This doesn't just help someone to avoid credit card debt, it can be the difference between acceptance and rejection. (Suite101.com)

    Thanks, Congress, for making my life worse  Nov 22, 2009
    The law was well-intentioned, and provides for a reasonable measure of help to the millions of beleaguered consumers who carry monthly credit card debt. The great flaw was in the execution: Congress essentially gave these companies - the same ones that were deemed in need of control in the first place - a huge head start in finding ways around the spirit, if not the letter, of the law. (Boston Globe -- Editorial)

    Yoon pushes proposed ordinance on term limits for mayor  Nov 22, 2009
    Among liabilities, he listed mortgages on the rental properties totaling $165,000 to $380,000 and credit card debt of $15,000 to $50,000. Under agreements and arrangements, the Duxbury businessman reported he will take leaves of absence from his positions at three companies if elected. (Boston Globe)

    Former Lehigh U. employee sentenced for theft  Nov 22, 2009
    She says she had a lot of credit card debt that she hadnt told her husband about. Sterner pleaded guilty to one count of theft in Northampton County Court on Friday. (Carlisle Sentinel, PA)

    Borrowing money 101  Nov 22, 2009
    For example, you may want to use a credit card to help pay for a large item such as furniture or electrical goods knowing that you will be able to pay off the credit card debt in three or four months. If you need a credit card you should aim to get one with an interest rate of around 20 percent, though some charge as high as 30 percent whilst others charge lower interest rates of 18 percent. (iAfrica.com)

    Defaulting on Unsecured Lines of Cr...  Nov 21, 2009
    How to Avoid a Lawsuit and Wage Garnishment Over Credit Card Debt. The best way to avoid a lawsuit is for consumers who have trouble keeping up with credit card debt to restructure their budgets to allow for regular credit card payments. (Suite101.com)

    Credit card Catch-22  Nov 21, 2009
    For months, consumers have been trying to shed credit card debt and right their balance sheets. And for months, credit card issuers have been raising interest rates, reducing credit limits, closing accounts and taking other measures in advance of new legislation that goes into effect early next year. (Atlanta Journal-Constitution -- Business)

    Romantic Gift Ideas for Men  Nov 21, 2009
    The chaos of the holidays, coupled with the pressure to buy a great gift for one's beloved, can cause a person to overspend and can wreak havoc on one's credit card debt management. Shop early, comparison shop, and include some homemade touches in the gift, to create a gift he'll love. (Suite101.com)

    Senate Embarks on Health Care Battle  Nov 20, 2009
    people took out mortgages they couldn't afford, credit card debt they didn't need and bought cars on 5 yr financing. Surprise, surprise when they couldn't pay it back and defaulted causing this financial mess. (CBS News)

    Top Eurobank prepares for 'global economic collapse'...  Nov 20, 2009
    People should just walk away from their mortgage and credit card debt. Better to burn right now and rebuild than keep printing money and prolonging the endgame. (The Drudge Report)

    Capping credit card rates would benefit banks and consumers  Nov 20, 2009
    Credit card debt wasn t the economy s only problem, or even its biggest. But it inflicted real harm and interest rate caps would push banks to do better. (Boston Globe)

    WISPIRG simulation places UW students in role of homeless  Nov 20, 2009
    We need to not only look out for ourselves and realize that this could happen to us through credit card debt and increased student tuition, but also help the people who are currently in this situation and realize that they are in dire need of our help, she said. It s not so much a matter of survival of the fittest. (The Digital Cardinal, WI)

    Get Out of Debt - Paying Down Credi...  Nov 19, 2009
    Learn how to create a financial plan for reducing credit card debt ... The best way to pay down credit card debt is to create a financial plan ... The First Step to Credit Card Debt Relief. (Suite101.com)

    'It's horrifying': Bankruptcies among middle class are rising  Nov 19, 2009
    Credit card debt reached $65,000. She tried to find a full-time job without much luck, because the job market was saturated. (USA Today -- Money)

    Frost: Laws will protect us from Big Finance  Nov 19, 2009
    Frost: Laws will protect us from Big Finance - Lincoln, MA - Lincoln Journal. Frost: Laws will protect us from Big Finance. (Lincoln Journal, MA)

    Click to read:The Dumb Things You Do With Your Money  Nov 19, 2009
    Of Thrives customers who have more than $500 in credit card debt, almost 40 percent have more than enough in savings to pay it off, he says ... Consider a person with $5,000 in credit card debt and $10,000 in savings. (CBS News)

    Civil debt summonses soar  Nov 19, 2009
    6 percentage points) (this category includes credit card debt) and 'other debts' (2. 2 percentage points), Statistics SA said. (iAfrica.com)

    Waiting for thetrain wreck  Nov 18, 2009
    US real wages will be forced downwards by high unemployment, while banks' relief on the home mortgage front will be balanced by a tsunami of collapsed credit card debt and other consumer debt. Not far ahead, 2011 and 2012 will be very unpleasant years, as the Obama administration struggles to get closer to budget balance without pushing up taxes so far as to cause yet a third recession. (Asia Times Online)

    Hawaiis credit score beats U.S. average  Nov 17, 2009
    Meanwhile, average consumer credit card debt jumped 14 percent from September to October, according to Credit Karma. The Midwest and Northeast areas of the United States had the biggest rises in credit card debt, at 16 percent and 17 percent, respectively ... $8,180 in credit card debt. (Pacific Business News, HI)

    Changes to credit cards add up  Nov 16, 2009
    The ratio of credit card debt that cannot be collected generally tracks the unemployment rate, industry experts said, and has risen to about 10 percent ... She has been able to manage thousands of dollars in personal and business credit card debt through balance transfer offers that have allowed her to keep her rates low. (Atlanta Journal-Constitution -- Metro)

    South Africa: The Cost of Drug Addiction  Nov 15, 2009
    The addiction pushed him into credit card debt of more than R50 000. However, like all addicts, that did not stop him from coming up with innovative ways of getting more substance into his system. (allAfrica.com)

    Kauai Komedy  Nov 14, 2009
    FDA officials say that while the drugs may not have extended patients lives, paying for the drugs did manage to considerably extend patients credit card debt. Pay Toilets: The chief executive of the European budget airline Ryanair says he plans to begin charging passengers to use to the bathroom. (Lihue Garden Island, HA)

    Chinese Go Wild on Credit Cards  Nov 13, 2009
    While U.S. consumers are unwinding their massive credit card debt, card issuance has jumped 32 percent in China over the last year, according to official and private data. The results havent been pretty. (Newsmax)

    Financial tips for job seekers  Nov 13, 2009
    Examine credit card debt ... If you have credit card debt, you may need to make just the minimum payments until you get back to work. (Ontario Argus Observer, OR)

    Establishing credit with no credit history  Nov 12, 2009
    While may help students avoid coming out of school with thousands of dollars in credit card debt, it won t help them establish a credit history. Building credit is important. (Atlanta Journal-Constitution -- Metro)

    Talk to the hand  Nov 11, 2009
    They think nothing of getting bank fees for using the wrong ATM. All women should be aware of how much they owe and not have credit card debt at exorbitant interest rates. Buy shares in the bank instead. (Sydney Morning Herald -- Business)

    Suicides raise worries about recessions real cost  Nov 10, 2009
    A 45-year-old Grand Rapids man shot himself in June after telling family members he was overwhelmed with credit card debt. And a 31-year-old Kentwood, Mich. (MSNBC -- Health)

    Business: Changes comingfor credit cards  Nov 8, 2009
    " Giving consumers information and time to respond to changes is good for everyone, Cude said. Ubiquitous credit cards Although it might be years before it can be determined if the CARD Act was successful in its thrust to aid consumers, what cannot be questioned is the pervasive nature of credit cards in our lives. According to www.creditcards. com, the top five credit card companies in America are owed some $550 billion by approximately 200 million customers armed with more than 900 million... (Athens Banner-Herald)

    Hobson Advises College Students About Good Financial Practices  Nov 7, 2009
    The average student graduates with about $4,000 in credit card debt, she said ... "If credit card debt in general is bad, store cards are the absolute worst debt that you could have.". (ABC News -- Business)

    Bishop: The woes of credit cards  Nov 7, 2009
    These are the people who find themselves up to their armpits in credit card debt and eventually ask themselves, How the hell did this happen and where s my mommy. I joke about credit cards and their abuses, the latter not really being a joke. (Medfield Press, MA)

    U.S.: Israeli Settlement Growth Must Stop  Nov 5, 2009
    The average American operates the same way with $8-10k in credit card debt and more with mortgages and so on. So how does a nation like ours fund wars, operate a currency export economy and financially support Israel, Egypt, the Palestinians and many others and still stay financially sound. (CBS News -- World)

    Do parents get a say on finances?  Nov 5, 2009
    It s a good question, and one that I m sure is coming up more often in an economy where young adults are moving back home to lick their financial wounds received from a lost job, divorce, credit card debts, or student loans ... After graduating college, I had minor credit card debt. (Boston Globe)

    Stolen goods scheme backfires (1223)  Nov 5, 2009
    Defense attorney Albert Mais said Lamp told him he was trying to pay off a large credit card debt. "I hope he learned his lesson," Mais said. (St. Joseph Herald-Pallidium, MI)

    Credit burns consumers  Nov 5, 2009
    Last Upd: 10:50am 29 Oct 2009. Life Insurance Quote. (iAfrica.com)

    Fed Will Hold Rates at Record Lows  Nov 5, 2009
    For thrills, you invest most of the rest of it in toxic mortgages, car loans and credit card debt (where is the fun without the danger)to people who might not have a job tomorrow. Then you give yourself a big bonus for being such an astute business man and go to lunch and play golf. (CBS News)

    In unusual times, stores do the usual  Nov 4, 2009
    This year, Flickinger said, consumers are facing the reality of a sky-high unemployment rate and growing concerns about credit card debt. Shoppers are more scared going into this holiday season than any time in the last 50 years, he said. (MSNBC -- Business)

    Banks await guidelines on credit card tax  Nov 1, 2009
    It will also discourage the use of cards as a source of easy credit and reduce credit card debt problems ... How much time will those who need to settle their credit card debt be given to clear the outstanding amount before cancelling their card. (The Star Online, Malaysia)

    Drop in Maryland jobless claims signals layoff slowdown  Oct 30, 2009
    We re getting deeper in credit card debt. We can barely pay our mortgage, Rush said. (Baltimore Business Journal, MD)

    The Date of Last Activity for Defau...  Oct 30, 2009
    The date of last activity comes into play most often with credit card debt and medical debt since these are the two most common varieties of unsecured debt that consumers face. With few exceptions, all unsecured debt reporting periods run for seven years. (Suite101.com)

    Colorful Animal Print Accessories Under $50  Oct 30, 2009
    Unleash your animal instincts, without letting your credit card debt run wild, with these spot-on accessories for under $50. 1 of 9. (Teen Vogue)

    Five-year block on repossession  Oct 30, 2009
    Page last updated at 20:10 GMT, Thursday, 29 October 2009. Judge Milwyn Jarman's order of 28 October 2009. (BBC News -- Business)

    PNC official: Recession leveling off  Oct 29, 2009
    He also said economic indicators show mortgage delinquencies and credit card debt are reaching their respective peaks. However, job loss is expected to continue through the first quarter of 2010. (Dayton Business Journal, OH)

    Student Use Video Game to Learn Finance  Oct 29, 2009
    Miller says even at a time when teachers are being asked to do more with less, he hopes they'll help our future Americans avoid the bad loans, depreciated saving accounts, and credit card debt many of their parents are stuck in today. The game was created by Visa and comes with a curriculum for teachers. (KLAS-TV)

    Can you go cashless?  Oct 29, 2009
    every transaction he makes in the next three months. Users will see the pros and cons of living a cashless lifestyle through my eyes, in real time. (iAfrica.com)

    Time for some fancy footwork  Oct 28, 2009
    Reserve Bank statistics released last week show credit card debt is actually higher than a year ago ... gov.au), if you pay just the minimum 2 per cent each month on a $10,000 credit card debt and don't spend any more it will take 62 years and 8 months to clear the debt, at the cost of $32,457 in interest ... However, if you borrow money to pay off your credit card debt, your credit score won't improve and your credit report is likely to show the [loan] inquiry making it harder to get [more]... (Sydney Morning Herald -- Business)

    Saving Cents: Erasing credit card debt  Oct 27, 2009
    HOUSTON -- Credit card counseling experts agree that the first thing to do if you are trying to get rid of your credit card debt is to stop using the cards. Some even advise freezing them in a small block of ice and keeping them, literally, in the deep freeze. (KHOU.com, TX)

    Putting prepaid cards on the table  Oct 27, 2009
    Megan Niedermeyer, 24, graduated from college in 2007 with thousands of dollars in credit card debt ... She managed to pay off her credit card debt and used the prepaid card to make purchases for things such as gasoline that she previously managed on credit. (Boston Globe)

    Match solutions to goals  Oct 27, 2009
    Do you have credit card debt. Do you want to pay off your home loan more quickly. (iAfrica.com)

    Credit cards to face restrictions  Oct 27, 2009
    Britain's credit card debt is 53bn. The government is planning a crackdown on the credit card industry to curb the temptation to get into debt. (BBC News -- UK)

    Debt Consolidation FAQ  Oct 26, 2009
    Consolidating debt involves paying off unpaid credit card debt, small loans, medical bills, repossession deficiencies and other debts with a loan and making a single repayment each month ... Is Consolidating Credit Card Debt with a Secured Loan Sensible ... Unpaid credit card debt is unsecured which means that the creditor has fewer powers to recover their money in the event of default. (Suite101.com)

    Laid off and need a bridge job? Don't lose sight of goals  Oct 25, 2009
    "If you are $22,000 in credit card debt, and you are struggling, you're going to be totally grateful for that entry-level position. But that's not going to be able to sustain you in the long term. That's why we call these bridge jobs. It's got to be a bridge job to somewhere.". So how can you take a bridge job and stay on track. (Albany Times Union)

    How to manage debt and risk?  Oct 25, 2009
    Personal loan or credit card debt is more expensive. Unless you want to avail tax benefits, repaying your home loan is not a bad idea. (India Times)

    Thriftiness Can Build That Cash  Oct 24, 2009
    A few years ago, she and her family had accumulated $50,000 in car, home equity and credit card debt. They've managed to knock it down and save each month. (Investors Business Daily)

    How Debt Settlement Reduction Can H...  Oct 24, 2009
    A debt settlement reduction plan can help a client to tackle unsecured loan debt, unpaid medical bills and credit card debt. However, it is not appropriate for dealing with secured debts and student loans. (Suite101.com)

    Down, but not out  Oct 24, 2009
    He said demand for commercial loans is down substantially and that people are trying to pay off big-ticket items and credit card debt during this time of uncertainty in the marketplace. He added that existing businesses are struggling to maintain. (Muscatine Journal, IO)

    Your views: Letters to the editor  Oct 24, 2009
    This seems incongruous from a generation that has largely invested in home ownership while avoiding massive credit card debt, forgoing gratification until they could afford material purchases. How is it they dont expect the same financial restraint from their elected officials. (Florida Today)

    Companies are moving toward offering improved 401(k) options  Oct 24, 2009
    Q. Is it better to use a 401(k) loan at 5 percent to pay off $18,000 in credit card debt than keep the 29 percent interest rate I have on a credit card ... A. I d bet there is no fund choice in your 401(k) plan that will return a certain 24 percent - the difference between what you will pay on the 401(k) loan and the rate on your credit card debt ... If you made the same monthly payment as the 5 percent loan, you would have to make nearly 69 payments before the credit card debt was paid off. (Boston Globe)

    How to ditch all debt  Oct 23, 2009
    I've started being more frugal as I want to pay extra cash into the bond, but I have about R10000 credit card debt. Is it better to pay off the credit card first and then start paying extra cash into my bond. (iAfrica.com)

    Banks abusing credit card fees  Oct 23, 2009
    Low- and middle-income folks with credit card debt owe, on average, $9,827 on their cards ... According to Demos, a nonpartisan research and advocacy organization, most low- and middle-income households with high debt-stress levels the ratio of a family s credit card debt to their annual income use their credit cards to pay for unavoidable expenses, such as medical expenses or to cover household essentials after a job loss, not for discretionary items ... Let s take the case of the average low-... (Atlanta Journal-Constitution -- Opinion)

    A Womans Nation: A new report from Maria Shriver tells us just how much womens lives have changed  Oct 22, 2009
    As much as I love my son, I feel this is the best situation for all of us and I spend plenty of time with him in the evenings and all weekend long. Financially, it is necessary and although we are not big spenders, we don t drive fancy cars and have no credit card debt, we are trying to save for the future/retirement/college and feel this is the best way to do this ... We don t have a lot of extras, although we consider ourselves fortunate to have a home we own (actually still have a small... (Atlanta Journal-Constitution -- Living)

    Beer and chardy drinkers in Foster's sights  Oct 21, 2009
    We went through a period earlier this year when people had a hangover from Christmas, credit card debt and were paying down some of their obligations, Mr Johnston said. I think the stimulus packages have helped people get over that hump. (Sydney Morning Herald -- Business)

    Credit card canceled without warning?  Oct 21, 2009
    I simple refuse to do business with those types of business and I am not broke or high in credit card debt. It s your choice in the way you are going to spend your money. (Atlanta Journal-Constitution -- Business)

    Billionaire Wilbur Ross helps in economic recovery  Oct 19, 2009
    Ross also was an early participant in a federal program in which the government provided part of the financing to investors willing to buy securities backed by credit card debt and auto loans. The goal: get credit flowing again in those moribund markets. (USA Today -- Money)

    Collection firms bank on largest debtor lists  Oct 19, 2009
    With bad credit card debt rising, along with foreclosures and job losses, billions of dollars are outstanding on millions of past due accounts, and creditors want their money -- now. Established collection agencies with track records of success are expanding their operations and hiring collectors, managers and support staff to keep up with demand. (Fresno Bee)

    How to Repay Student Loans Early  Oct 18, 2009
    With many young graduates, that means reducing credit card debt first. "Some student loans have low interest rates relative to everything else," says Ron Roge, a wealth manager in Bohemia, N.Y. The average student loan comes with a 10% interest rate, while credit card companies like and often levy 15% or more in interest charges. (ABC News -- Business)

    BofA 3Q loss reaches $2.24B  Oct 18, 2009
    Credit card debt 30-plus days past due dropped to 7. 4 percent from 7. (Charlotte Business Journal, NC)

    Consumers want credit card rules to take effect  Oct 16, 2009
    It's not just the CARD Act, but also the weak economy that has led banks to make these moves, he added, noting that the rate at which banks write off bad credit card debt typically tracks the unemployment rate. JPMorgan posted a 10. (MSNBC -- Business)

    Belman doc more than LeBron James  Oct 16, 2009
    5 years it had been just Belman, a camera, credit card debt and the idea of a film that centered not on one player, but the friendship of all. I remember thinking, Thats kind of a crazy decision for a 12 or 13-year-old kid to make, he said. (McKinney Courier-Gazette, TX)

    States crack down on pushy debt collectors  Oct 15, 2009
    "If a consumer is losing her home in foreclosure, do you think she is going to be very concerned about being sued for a $4,000 credit card debt?". Also in msnbc. (MSNBC -- Business)

    Unsecured Debt Settlement  Oct 15, 2009
    Settling credit card debt, unpaid medical bills and unsecured loans are of fundamental importance when a borrower's debt-to-income ratio is excessively high ... The actual term of repayment will depend upon the level of unsecured debt, but settling credit card debt, loans and will typically be achieved between 12 and 36 months ... This is because an affordable repayment plan has been put into place for settling credit card debt. (Suite101.com)

    Wexler on resignation:  Oct 15, 2009
    Wexler s last financial disclosure report listed liabilities of between $40,003 and $115,000 in credit card debt and between $50,001 and $100,000 in student loans for his daughter s college tuition. He also has a son in high school and a daughter in middle school. (The Palm Beach Post)

    BofA to charge annual fees on some credit cards  Oct 15, 2009
    Learn How To Erase Your Credit Card Debt. Featured. (Yahoo News -- Technology)

    Nicolas Cage Owes How Much to the IRS?!  Oct 13, 2009
    Court filings also showed the actor owed $70,000 in credit card debt and more than $1 million in taxes. The born-again Christian and brother of actor Alec Baldwin paid $515,000 for the home and 1. (ABC News -- Business)

    How to Kick Your Kid Out of the Nest  Oct 13, 2009
    Making matters worse is the fact that young adults also face more debt than ever - average undergraduate student-loan debt is at a record high of $22,700, according to the College Board, and undergrads also carried sky-high credit card debt last year. All of which means you shouldn't be surprised when your daughter's moving van heads straight from the sorority house to your doorstep. (CBS News)

    Ups and downs of those revenue collections (280)  Oct 12, 2009
    However, there is no doubt that consumers are tightening their belts and socking a little bit more away in savings rather than spending every single penny they can get their hands on and then some by racking up credit card debt. Although this is prudent, it comes at a time when consumption is needed to get the economy rolling again. (Lihue Garden Island, HA)

    Manage your money  Oct 12, 2009
    Get smart with this step by step guide to getting the lowest rate credit cards, getting out of credit card debt, and managing your credit cards. Our step by step smart guide to heading off potential debt concerns and learning strategies such as debt consolidation to manage your current debt. (Sydney Morning Herald -- Entertainment)

    The Great Recession: Numbers Tell The Story  Oct 11, 2009
    -- $975 billion: Credit card debt held by Americans last September. -- $899 billion: Credit card debt held at the end of August, down 8 percent. (Click2Houston, TX)

    Unemployment fuels Gotham mortgage mess  Oct 11, 2009
    Add to this massive credit card debt loads and lower home equity levels and it adds up to a huge hike in metro area foreclosures over the coming months ... Add to this massive credit card debt loads and lower home equity levels and it adds up to a huge hike in metro area foreclosures over the coming months. (New York Post -- News)

    How Much House Can You Afford?  Oct 9, 2009
    However, banks also take a second look by adding any other household debt credit card debt, car loans, college loans, and the like into their determination. After the debt is added in, they are looking for a debt-to-income ratio of no more than 36% (it was as high as 49% during the housing bubble). (BusinessWeek)

    Credit card debt down in September  Oct 9, 2009
    U.S. consumer credit card debt dropped in September, according to. The typical person with a credit card account had $6,641 in credit card debt in September, down from $6,775 in August ... Four states had double digit drops in credit card debt since June. (New Mexico Business Weekly, NM)

    Health Care Bill Could Cut the Deficit  Oct 8, 2009
    Also from the , according to figures released by the Federal Reserve yesterday, borrowers reduced their credit card debt for the 11th consecutive month in August. Revolving credit debtmostly through credit cards with balances that carry over month to monthdropped by an annual rate of 13. (Slate)

    Tenn. credit card debt falls 10% in Sept.  Oct 8, 2009
    Tennessee credit card debt falls 10% in September - Memphis Business Journal ... Tennessee credit card debt falls 10% in September ... U.S. consumer credit card debt dropped in September and Tennessee was one of four states to see a double digit decrease, according to. (Memphis Business Journal, TN)

    U.S. consumer credit falls by 5.8% in August  Oct 8, 2009
    For August, consumer credit in revolving loans, a category that includes primarily credit card debt, plunged by 9. 9 percent at an annual rate. (Xinhuanet, China)

    The One Thing  Oct 8, 2009
    A truck driver buys a house that he can't afford and racks up $100,000 in credit card debt and signs on to purchase the St. Louis Rams bad debt. And that's where we are: We've promised so much we've racked up so much debt that even if we go back to good times, no even great times, we can't pay it off. (Fox News)

    Consumers cut borrowing by $12B in August, 7th straight monthly drop  Oct 8, 2009
    Credit card debt, meanwhile, fell 13. 1%, its steepest drop since February. (USA Today -- Money)

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