Category Archives: Credit Card Debt
Fewer Consumers in Debt, But Those Who Are Have Fallen Deeper in Debt
The good news is that fewer Americans are in debt. The bad news? Those of us with debts owe more than ever. According to new Census Bureau data, the percentage of U.S. households with debt fell to 69 percent in 2011 from 74 percent in 2000. However, households that did carry debt owed 40 percent… Read More »
New Credit Score System Could Improve Credit for Struggling Consumers
Traditional credit scoring methods such as FICO have long confused consumers. On the one hand, carrying too much debt will hurt your score – even if you can manage to pay it off. On the other hand, not having enough debt also leads to a low score. Now a new credit score system could make… Read More »
Despite Common Belief, Many Debt Plagued Homeowners Can File for Chapter 7 Bankruptcy
For thousands of deeply indebted Americans, Chapter 7 bankruptcy has been a saving grace. But thousands more consumers are missing out on the opportunity for a fresh start because they mistakenly believe they can’t file for Chapter 7 due to their status as homeowners. It’s a common myth that homeowners must file Chapter 13 bankruptcy… Read More »
Without Good Debts, More Young Consumers Unable to Get Loans
Fewer young adults are in debt today than 10 years ago. But as it turns out, that may not be a good thing. It’s not that people in their 20s and 30s have become more financially responsible overnight. Rather, it’s that their fiscal behavior over the past decade has finally made it impossible for them… Read More »
Credit Card Debt Exceeds Savings for an Increasing Number of Americans
It looks like 2013 may be the year the U.S. economy finally regains some strength. Unfortunately, the same probably can’t be said for consumer finances. Nearly one quarter of Americans have credit card debts that exceed their savings, according to new data from Bankrate.com. Just 55 percent of those surveyed had more savings than debt…. Read More »