Tag Archives: Debt

Should you pay credit card debt with a P2P loan?

Posted on October 31, 2011 by admin| Leave a comment

Should you pay credit card debt with a P2P loan?
News from Fox Business:

Although interest rates are at historically low levels, even the best credit card rates remain in the double digits. So if you’re grappling with credit card bills, it can sometimes seem insurmountable to dig out of debt.

To slash borrowing costs and more quickly eliminate debt, consumers are increasingly using alternative repayment strategies, including peer-to-peer lending.

Peer-to-peer or P2P lending – also called social lending and person-to-person lending – involves one individual, or “peer,” loaning money to another person, without a bank acting as the middleman.

Peer-to-peer lending is a $ 1 billion industry, experts say, with loan volume in 2012 expected to triple as banks continue to tighten their credit policies and make it tougher for Americans to obtain traditional loans.

But should you use a peer-to-peer loan to pay off your
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Michigan Couple Honored for Paying off $92000 Credit Card Debt

Posted on September 28, 2011 by admin| Leave a comment

Michigan Couple Honored for Paying off $ 92000 Credit Card Debt
News from Fox Business:

The U.S. government can learn a lot about shedding debt from Jerry and Sue Bailey.

The Jackson, Mich., couple paid off $ 92,000 in credit card debt in 5-1/2 years. “I still can’t believe it when I hear the amount. I don’t wish this on anybody,” Sue Bailey says.

The couple’s massive debt reduction earned them the Clients of the Year award from the National Foundation for Credit Counseling, a nonprofit association of credit counseling agencies that help consumers manage their finances and get out of debt. The winners were announced this week at the group’s annual meeting in San Francisco.

17 credit cards
How did the Baileys end up in such a predicament? From 1992 to 2005, they ran up bills on 17 different credit cards. During that time, they paid for two weddings for their daughters (at a cost of $ 5,000 each), replaced the transmission in their car when it blew out, made numerous repairs on their home and replaced the roof when it started to l…………… continues on Fox Business
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Pay off $30K in Credit Card Debt Fast

Posted on September 27, 2011 by admin| Leave a comment

Pay off $ 30K in Credit Card Debt Fast
News from Fox Business:

Dear Debt Adviser,
What is the best way to get rid of credit card debt? Due to a job income decrease, I have added to my credit card debt over the last two years. I rarely use the cards anymore. I pay the recommended amount to pay off in X amount of years. So I am paying extra, but it seems like it is taking forever, and I just want to pay them off the quickest way. I have six cards with interest rates of zero percent to 19%, and the total balances combined are close to $ 30,000. I have never had this much debt on credit cards, and it is stressing me out. Please offer some advice.

Another concern I have is when I started to use the cards, my credit limits had been decreased. How does that affect your score compared to getting a personal loan? My credit score is still good to excellent. I do not want to move balances around and pay the transfer fees, as that hasn’t seemed to work for me in the past. Also, a home equity loan is not an option due to…………… continues on Fox Business
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Consumers’ credit card debt rises again on higher spending

Posted on September 16, 2011 by admin| Leave a comment

Consumers’ credit card debt rises again on higher spending
News from Debtmerica Relief:

Friday, 16 September 2011 12:00

Recent data shows that consumers are once again spending more money on their credit cards, leading to higher debt levels, the likes of which haven’t been seen since the recession ended.

The latest 2011 Credit Card Debt Study from the consumer comparison site CardHub.com revealed that consumers added $ 18.4 billion in credit card debt during the second quarter, up 66 percent from the same period in the previous year, and 368 percent more than 2009′s second quarter, according to a report from Daily Finance. Americans are expected to end the year with $ 54 billion more owed on their credit cards than they starte…………… continues on Debtmerica Relief
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Local credit score, debt trend not promising

Posted on September 15, 2011 by admin| Leave a comment

Local credit score, debt trend not promising
News from WMC-TV:

Credit debt’s up, home loans are down and credit scores are anemic in Memphis and the Mid-South, according to a report by CreditKarma.com, a San Francisco-based credit score tracker.

According to Credit Karma’s August 2011 Credit Climate report, Memphis consumers with credit accounts:

* Carry an average credit score of 642, compared to 665 nationally

* Carry an average $ 31,539 in student loan debt, compared to $ 29,985 nationally

* Carry an average $ 6,360 in credit card debt, compared to $ 6,285 nationally

* Hold an average $ 117,091 in mortgage loans, compared to $ 174,742 nationally

* Hold an average $ 14,919 in auto loans, compared to $ 15,275 nationally

“Historically, we see lower credit scores in lower income areas or areas of lower cost-of-living,” said CreditKarma.com founder and CEO Ken Lee. “The Mid-South is a little below average in home mortgage debt, but I’m sure you don’t have the soaring real estate costs we have here on the W…………… continues on WMC-TV
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Credit Card Debt Soars as Americans Borrow Like It’s 2006

Posted on September 12, 2011 by admin| Leave a comment

Credit Card Debt Soars as Americans Borrow Like It’s 2006
News from DailyFinance:
Habits are hard to break: Just when you think you’re firmly in control, you backslide again. Such may be the case with Americans debt addiction.

According to CardHub.com’s, Q2 2011 Credit Card Debt Study, U.S. consumers accumulated a staggering $ 18.4 billion in credit card debt in the second quarter — 66% more than they accumulated in the same quarter a year ago, and 368% more than in the second quarter of 2009. Based on the study, Americans will end 2011 with around $ 54 billion more in credit card debt than they began the year with.

“A debt increase of $ 18.4 billion during a single quarter is mind boggling, especially when you consider that this increase is 368% higher than what we witnessed in the same quarter two years ago,” says Odysseas Papadimitriou, CEO of CardHub.com.com. The study focused on consumer debt data from the Federal Reserve’s G19 report in conjunction with qu…………… continues on DailyFinance
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Debt Settlement Arrangements And Your Credit Score

Posted on September 8, 2011 by admin| Leave a comment

Debt Settlement Arrangements And Your Credit Score
News from San Francisco Chronicle:

Setting up a debt settlement agreement with a debtor, usually a credit card company, can negatively impact your credit score and your ability to obtain credit in the future. It involves making an offer to the company to accept less than what is owed as a full and final payment of the debt. Although it may relieve the debt obligation and prevent the lender from selling the debt to a collector, it can leave a black mark on your financial history for seven years.

Working With a Debt Settlement Company
You can make a direct settlement offer to a debtor but they are most often effected through a debt settlement company working on your behalf. These companies take an upfront fee and then collect part of the debt from you. You pay them instead of the original lender for a period of time (usually 3 to 6 months). At the end of the agreed-upon t…………… continues on San Francisco Chronicle
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Debt After Death: Banks Chase Down Mourners

Posted on September 3, 2011 by admin| Leave a comment

Debt After Death: Banks Chase Down Mourners
News from WISC Madison:
NEW YORK (CNNMoney) – Nobody wants to remember a deceased family member by the debt they left behind, but many creditors certainly make it difficult to forget.Denise Townley was appalled when she received a letter from her mother’s credit card issuer less than two weeks after her mother passed away.”We have recently learned that [your mother], a valued Discover Card customer, has passed away. Please accept our sincere apologies,” stated the letter from Discover, which Townley sent to CNNMoney.It then offered her or another family member the “opportunity” to assume the balance on her mother’s credit card and offered a special introductory APR of 0% for the first six months (the APR would increase to 13.24% after that). If Townley wasn’t interested in taking over the account, then the bank wished to discuss how the estate planned to pay off her mother’s credit card balance. Confessions of former debt collectors “I find this not only ethically abhorrent,…………… continues on WISC Madison
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Consumer Debt Rises For Eighth Straight Month

Posted on July 9, 2011 by admin| Leave a comment

Consumer Debt Rises For Eighth Straight Month
News from Consumer Affairs:

In the months immediately following the 2008 credit crisis, consumers for the most part drastically reduced their use of credit cards. Now, they’re reaching again for their plastic.

The Federal Reserve reports consumer credit rose in May for an eighth straight month, mostly because of – you guessed it – credit card use.

According to the Fed’s data, credit rose by $ 5.08 billion after a revised $ 5.67 billion gain in April. The increase was more than $ 1 higher than the consensus projection.

Buying necessities

It’s not that consumers are using their credit cards to buy big screen TVs and go on expensive vacations. Since many consumers use their credit cards for gasoline purchases, and gasoline costs have risen in the last year, it stands to reason that gasoline is responsible for a part of the rise in consumer credit.

Other economists suggest that consumers are also turning to plastic to buy groceries and pay for other day-to-day needs. Revolving deb…………… continues on Consumer Affairs
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Credit Card Debt and Financial Woes in America

Posted on July 9, 2011 by admin| Leave a comment

Credit Card Debt and Financial Woes in America
News from Christian Post:

Analysts say Americans are not only relying on credit cards to pay their bill – there are also more people living from paycheck to paycheck with absolutely no savings tucked away for the future.

A report issued by Georgetown University also shows credit card debt and bankruptcy filings have skyrocketed revealing that consumers are “mired in credit card debt.”

Records show that credit cards not only have high interest rates, but they have extremely high back-end fees that are unrelated to costs, such as late fees and overlimit fees, plus a host of billing tricks and traps that function as hidden price points.

These “tricks and traps” generate more than $ 12 billion in revenue for the card industry, which is more than 30 percent of the industry’s pre-tax profits.

Dr. Adam J. Levitin, an associate professor of law at the Georgetown University Law Center, in Washington, D.C., said credit cards are, in many respects, an excellent product because they are an eas…………… continues on Christian Post
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