Credit Card Solution

Which is preferable, having a credit card, or being approved for a loan? To answer this question, one must examine the various pros and cons of credit lines vs. loans, as well as personal preferences and spending habits. Having a credit line handy is a great way to ensure that funds are available when an important purchase needs to be made. However, many people cannot handle the commitment of paying the balance each month, and a traditional loan certainly provides some benefits for someone currently in credit card debt.

When a Credit Line is Needed

Credit lines give people long-term spending power that can be used as needed at any time. Having a large credit line available can give the cardholder financial flexibility in times of need.

Read all post…

Credit card trends misread

People who write about credit cards often have sad lives, which may explain why many months ago your correspondent happened across an obscure blog that was arguing a revolutionary proposition. At the time, the wisdom was that the Federal Reserve’s monthly G. 19 consumer credit statistical release showed that most people had been chastened by the recession, and had adopted much more conservative approaches to managing their credit card debt. Profligacy was out, and had been replaced by responsibility and frugality.

After checking the blogger’s figures, this column reported his or her hypothesis. In short, it proposed that the credit card trends that had seen such a high reduction in debt over the last couple of years were largely down to card issuers writing off (”charging off” in the industry jargon) the balances on accounts that had defaulted, and passing them on to collection agencies. Far fro

Read all post…

Thanks to the credit crunch, the recent economic recession and the rising cost of education, student debt is more prevalent than ever. Between credit cards and student loans, many graduating seniors will have as much as $50,000 to $60,000 in debt that has to be repaid.

Here are a few strategies that can be used separately or together to curb your debt and get you on track to financial stability and better quality of life.

1) Get a free debt consultation.

There are tons of services such as Credit.com’s free debt consultation service that match you up with a licensed and certified financial professional. We always recommend that you consult with an industry professional because they will know all options available to help you get control of your debt.

2) Budget, budget, budget!

While most of us have a negative knee-jerk reaction to the word “budget”, the truth is it is ESSENTIAL to managing and reducing debt. Even

Read all post…

The recession and national housing market crisis has begun shifting many consumers’ beliefs regarding credit cards and debt in general. As a result, many consumers have begun putting away their credit cards in favor of debit cards. But is this always the right choice?

More and more consumers are using debit cards over credit cards, and the data supports it: nearly 56 percent of consumers reported using a credit card in the past month, compared to 87 percent in 2007, according to Javelin Strategy & Research. In addition, total payment volume for debit cards surpassed total payment volume for credit cards for the first time since 2009. T

Read all post…