The credit card crunch has every American cardholder scratching their heads on how to keep their finances afloat, especially in this bad economic times.
The problem of credit card debt has ballooned ever since the economic downturn first began. Credit card companies, getting burdened by huge profit losses, are trying to bail out themselves by passing it down to their customers. The result: high interest rates and astronomical fees. Clearly, if you have any type of credit card debt now, you...
The economic crash caught many American consumers in surprise. However, financial analysts and watchers have said that it was a long time in coming.
For several years, American consumers had gone on a spending spree with their credit cards without really taking into account what the final costs would be. When the financial crash happened, credit industry experts saw that the soaring credit card debt played a large role in it.
The Federal Reserve maintains a survey of the total revolving...
Signed a few days before Memorial Day, the credit card bill provides wide ranging legislation to curb the rampant “profit-is-the-bottom-line” practice of credit card companies. Among the many areas the credit card bill will touch is the debt laden, below 21-year old credit cardholders. This particular population of credit cardholders is largely composed of college students.
Credit card debt problem among college students is well known within the credit industry and its observers. A...
The credit card problem has reached an all time high and many cardholders are currently delinquent in their bill payments.
The figures get much worse when considering the current unemployment rate in the U.S, which is, according to Fitch Ratings, at 8.9%. It is the highest unemployment rate of the country since 1983. With little in the way of available cash, consumers are turning to credit cards. Unfortunately, many are not keeping up with their bills and the credit card crisis just gets...
According to a recent study, college students comprise one of the many groups of cardholders that have been hit the hardest by credit card debt.
According to a survey by Sallie Mae, a lender focusing on student borrowers, this April of 2009, college students on the average own four credit cards or more. Most college cardholders are also not very good at keeping up with their monthly payments. A majority of college cardholders regularly get hit by large monthly finance charges because they...
The credit card industry is in an uproar over the legislations in the recently passed credit card bill. The credit card bill is aimed at legislating many credit card industry practices that cardholders see as unfair and deceitful. For the credit card industry, the credit card bill is a disastrous piece of legislation which will destroy their profitability and, according to them, limit the available credit for American consumers.
During the past few years, the credit card industry has enjoyed...
Credit card debt is a widespread problem nowadays. With the economy the way it is, the situation is bound to get worse. As a result of the credit card crisis, cardholders are turning every which way to find a way to settle their debts.
Getting out of debt is not impossible and there are many ways to do it. However, not all lead to debt resolution. Case in point – the recent controversies regarding debt settlement companies. Many cardholders have fallen victim to these companies that are...
Credit company Advanta Corp. just recently cut off new charges on their credit cards as the economic slump continues. Advanta is a niche credit institution focusing mainly on small business borrowers. Industry analysts say what happened to Advanta was worrying but not unexpected.
The credit industry is considered one of the most affected sectors in the on-going economic crisis. According to estimates, the credit card debt of the nation is approaching the $1 trillion mark and is threatening...
Credit card debt is a fact of life. That needs to change as soon as possible, especially if you want to survive the economic crisis. To do just that, read on.
Don't Spend What You Don't Have
Credit cards are very convenient, no argument. With credit cards, you don't have to carry a wad of cash every time you go out, you only use a small, thin card to pay for your purchases and you get to shop even if you don't actually have the money to pay for it. That last one is the problem.
Credit...
In March 2009 a financial literacy survey was conducted on behalf of The National Foundation for Credit Counseling (NCFF) by Harris Interactive. One thousand consumers age 18 and over were contacted by telephone to answer various personal finance questions. Despite the fact that lending decisions are based on credit history and score, many consumers seem unaware or uninterested in staying up to date on the information reported on their credit report. The results of this survey indicate 64...
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