With employment problems and a struggling economy to deal with, more and more American consumers are seeing their credit cards as their last life line. Unfortunately, as credit debt problems continue and credit companies try to secure their future profitability when the credit card bill comes into play, credit is drying up at an alarming rate.
Equifax, a company specializing on providing credit data to credit companies and similar companies recently released data showing that access to...
In these days of financial insecurity, American consumers are doing their best to balance out their finances. They are trying to make sure that they have enough savings or credit to their name in case a serious emergency should come up. Unfortunately, with the economic crisis hardly slowing pace, massive layoffs, rising unemployment and debt interest rates soaring to record levels, that is proving to be very difficult. What makes it even more difficult is that many of these American consumers...
Continue readingIf you find yourself in heavy debt, panicking is probably the worst thing that you can do. So, first relax and take a deep breath. Remind yourself that it is not the end of the world and you can get over it, with a bit of luck and a lot of hard work. Now you've probably researched a lot on how to get out of debt and have run across these two words: “debt consolidation”. If you're thinking about using this to help you get out of debt, then read on.
Because of the state of the economy and...
Like most things, a credit card can both be your friend and your foe. If you are not very good at balancing your finances and paying off your monthly credit card bills, then you may be having debt problems right now. However, if you have kept your finances up to date and you have no outstanding debts, then you might be one of the few who are heaving a sigh of relief over your financial standing, considering the economic situation right now.
If you are good with your finances, chances are,...
The highly popular credit card bill has finally passed from the Senate with a vote of 90-5. Earlier, the senate had promised that they would get the bill ready for the President's desk by Tuesday and they have delivered.
The credit card bill of the Senate aims to correct many credit card industry practices, which consumers have found to be unfair and deceptive. Among many things, it will stop the industry practice of arbitrarily raising interest rates and requiring disproportionately large...
Overdrawing
You might have wondered why, when you make ATM withdrawals or debit purchases that are higher than your available balance in the bank, the transaction goes through.
It might seem like the bank is playing the fool but, in reality, this practice is the direct result of banks wising up over the years. In the past, banks would most likely have cut you off if you overdrew your account. Nowadays, they let it through because they've learned that they can earn more by charging you...
If you are one of many Americans having debt problems, then you know that the situation is becoming worse and worse as the economic crisis continues. As the available cash in American households begin to dwindle, the more debts a household has, the more problematic the situation gets. If you have a similar problem, you might want to consider consolidating your loans.
Credit Cards and Debt
Credit cards have become the de facto standard for a large number of financial transactions in the...
If you are one of the many Americans who have found themselves having to deal with large debts, then you probably have given some thought on getting help from debt settlement companies.
If you do not know this yet, debt settlement companies offer help for people with debt problems. Usually, they negotiate with credit companies to give their customers a lower monthly payment rate or to write off a part of their debts. It may seem like a good deal but the reality of the matter is actually less...
Credit card debt is one of the biggest problems for American consumers nowadays. With rising interest rates and the state the economy is in, credit card debt problems are a dead weight that any credit cardholder would want to get rid of.
Like any problem, to begin fixing your credit card debt problem, you first need to determine how big the problem is. Unfortunately, some people are not very clear about the details of their credit card debt. Understandably, some people find rummaging through...