A new line of personal loans is targeting people trying to pay off credit card debt. Goldman Sachs, one of the biggest banks in the United States, has named their new product “Marcus,” after their founder, and put out a series of advertisements on streaming services like YouTube, Pandora and Hulu.
Marcus aims to give folks another option for paying off a large credit card balance that they may be carrying at a high interest rate. “Debt happens,” says the commercial. “It’s how you...
As the elements of the recession continue to wane, more Americans still feel uneasy about chronic credit card use – and it shows in the ever-decreased amount of total credit card debt that they hold.
In June of 2008, the total amount of credit card debt stood at approximately one trillion dollars. As of this month, the total amount of debt is reported to be approximately 860 billion dollars. This reduction in debt has been caused by several factors: a reluctance of Americans to borrow...
The rising unemployment rate and the economic slow down is hurting many American consumers. Consumers are now finding their budgets stretched thinly just to cover their basic expenses. Many are finding out that their monthly take home pay is just enough to cover their daily expenses. As a result, they have had to prioritise their spending and one of the first budgetary expenses to go is credit card debt payments resulting in the rise of defaults and charge-offs for credit card companies.
The...
According to figures recently released by the Federal Reserve, consumer credit card debt has declined further. In May, credit card debt annual rates decreased by 3.65%. Consumer personal savings are on the rise as well. Personal savings rate, a measure of the amount American consumers set aside from their disposable income for savings, climbed to 6.9%.
The April figures placed savings at 5.6%. These figures show a trend of American consumers moving towards a financial habit of frugality,...
If you have been following the news, you are probably aware of how much of a crisis the credit card industry is in right now. If you are also one of the many Americans who are having problems with credit card debt, you are probably highly interested in getting rid of those debts quickly.
You've probably heard of debt consolidation loans, credit counseling options and debt settlement companies. You might also have come across a strange article or news item where some lucky credit card holder...
The economic crisis has had an enormous effect on the average American consumer. Traditionally very free with their credit card use, the average consumer now considers carefully every purchase made on their plastic. While credit cards had become the preferred method of transaction in the past few years, nowadays cash is again becoming fashionable and with good reason.
Burdened with the economic and employment crisis, a majority of credit card carrying American consumers have been unable to...
Getting a credit card can be quite a liberating experience – until you find yourself deep in credit card debt. With the current economy the way it is, if you are carrying a large balance every month on you credit cards, you are possibly in a very risky financial position.
Aside from the bad economy and the dry up in employment, you will also have to contend with increasing interest rates and fees. Banks are currently very eager to earn as much as they can out of you. You see, not only are...
It is no secret that the credit card industry is currently having a hard time keeping their finances afloat. The economic crash and the resulting rapid increase in credit card delinquencies and write offs caught the credit companies highly exposed and, as a result many found themselves in the brink of a financial collapse. A timely bailout from the U.S. government has kept most of the major credit card companies afloat. However, the credit card crisis still remains and, as unemployment...
Continue readingAs the economic recession continues, credit cardholders are getting weighed down by credit card debt more and more. Rising interest rates and fees threaten to make it heavier still. However, a curious budding practice among credit card companies may be the answer to credit cardholders' problems.
While credit cardholders are worrying about their individual credit card debts, credit card companies are also in dire straits financially themselves. In March, revolving credit was recorded at a...
Debt is one of the biggest problems facing American consumers these days. The spending habits of Americans have been less than stellar in the past few years. The majority of American consumers also carry revolving credit card debt due to high credit card spending. With the economic and employment crisis, American consumers got into debt more and more.
If you are one of those who have been affected by the widespread debt problem, you might find these practical guides to getting yourself out...
It seems that the credit card debt crisis is spawning a variety of innovative scam artists. One of the latest are the so-called Robocalls that questionable companies are making to catch unwary credit cardholders looking for a quick fix to their debts.
The Better Business Bureau has been alerted and is monitoring the practices of these robocalls. Robocalls are actually just telemarketers who are cashing in on the current panic over credit card debt.
The call usually starts with an...
With the way the economy is going, you really don't want to get yourself into credit card debt. That's why, as much as possible, you should try to make smart choices whenever you use your credit card. If you are thinking that you are better off getting rid of your credit cards, don't. Your credit cards are the primary link to your credit score and, if you surrender your credit cards, you will most definitely lose out on your credit score.
One of the worst ways that you can get into credit...