DEBT MANAGEMENT » Get out of Debt

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

The Treasury Department has announced that the U.S. government hit the $14.3 trillion debt ceiling on Monday. Though the U.S. economy has hit the debt ceiling, it has not yet defaulted. However, it is expected to do so on Aug. 2, which gives lawmakers 11 weeks to set a plan in motion to avoid an ill fate.

Cutting Spending, Raising Taxes Considered to Avoid Default

Drawing money from retirement savings has become more common according to a new national survey. The study found that 19 percent of Americans admitted to tapping their retirement funds over the past 12 months to cover emergencies.

Americans Feel Less Secure about Finances

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

A survey released on Thursday by the Federal Reserve revealed that during the recession, household income dropped 23 percent. Surveying the Aftermath of the Storm took a broad look at the financial crisis and how it impacted individual households between 2007 and 2009.

Median Net Worth Falls by $29,000

As a result of the struggling economy during the recession, the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009. But that’s not the only effect the recession had on household assets. According to the survey:

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

U.S. household debt dropped to $13.4 trillion in 2010, according to information released by the Federal Reserve on Thursday. While household debt hasn’t been this low in six years, the report shows a large reason for the drop in debt was not due to paid bills, but instead loan defaults and write-offs.

Household Debt Burden Lowest Since 2004

We recently sat down with Thomas E. Jandt, the author of Your Money is Everything. As a seasoned Financial Advisor, Thomas has learned a lot about managing finances intelligently. See what he has to say about attaining wealth and keeping it, the best investments and how Americans are faring in today’s economic climate.

Q: Where did you come up with the idea for Your Money Is Everything?

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.