CREDIT CARD DEBT

By Jenny Kerr

For many of us, credit card debt can be an overwhelming source of financial stress. It can be difficult to keep up with minimum payments each month and it becomes hard to stay ahead when we rely on credit cards as a fall-back for monthly spending.

In Women and Debt: Ditch the Credit Card to Start Saving for Retirement, Jenny Kerr of TheJennyPincher.com explains that women face unique challenges when it comes to reducing credit card debt and putting money toward their retirement funds. Here are the statistics used in the article–read on to learn more about a particular fact:

Credit card statistics, industry facts, debt statistics (CreditCards.com)

Consumers have managed to lower their credit card defaults and late payments with the top six card companies in April, says a new report from The Associated Press. The report revealed that more card users are in control of their spending than they have been in some time.

Card Issuers See Improvement in Customer Payments

What was it Jack Nicholson said? “You can’t handle the truth!”

No, the truth about student credit cards isn’t all that drastic, I promise! Credit is a fact of life; everyone needs it if they want to get what they need. Yes, that even includes a job. So, having a student credit card is not a bad thing because it is a necessity.

Wrong Reasons for Opening a Student Credit Card

Mortgage payments are taking a back seat to credit card debt according to a new report released by TransUnion this week. The report found 7.24 percent of those who have at least one credit card and a mortgage loan were 30 days late on the mortgage but current on the credit card in the fourth quarter of 2010.

Borrowers Have Chosen Card Debt Over Homes for Nearly 3 Years

Debt is a real problem for a lot of people in our country. Whether it’s a credit card balance or mortgage loan, getting in over your head when it comes to owing money can feel like a hopeless situation. It doesn’t have to be, however, if you employ some tried and true debt reduction strategies, one of which is the easiest and least expensive options: Asking.

First Step in Debt Reduction Plan: Ask Lender for Help

While the national average for credit card debt dropped 4 percent at the end of 2010 compared with the previous year, some cities experienced sharp increases over the same period, according to a report from Experian. The report shows the average cardholder owed more than $4,200 in credit card debt last year while, cities like San Antonio saw averages soar 21 percent above that average.

Cities with Most Bank Card Debt in Southern U.S.

This post comes from the NerdWallet.com team, experts in helping users find the best low interest or rewards credit cards.

Feeling relieved after finally settling your credit card debt? Fantastic–but you’re not in the clear yet. It turns out, according to the IRS, your forgiven debt counts as income. Many taxpayers who think they’d seen the last of their debt are slapped with a 1099-C form come tax time.

Before signing your name on the dotted line of a credit card application, mortgage document or car loan agreement, wouldn’t it be great to have a warning message appear before your eyes that read “Wait! Your Credit Could Get Be Destroyed and You Could Fall Into Debt If You Sign Your Name!”?

Unfortunately, we don’t have this type of warning message to help us avoid the bad-credit cycle that is easy to get into but difficult to climb back out of. This means we have to learn how to sidestep the pitfalls of debt on our own. But how can we do this when relying on credit and loans is our way of life?

A new report from the Federal Reserve Bank of New York shows Americans now have less debt than in previous years and are taking steps toward adding to their savings. According to the report, Americans now have less mortgage, auto loan and credit card debt than in 2008 when consumer debt peaked. Even better is that they’ve saved a significant amount since the crisis.

Eliminating Debt and Saving More a Consumer Priority