Wednesday Trends in Credit Cards & Debt

If you were hoping that Congress would cap the recent raising of credit card interest rates, don’t hold your breath. Federal efforts to impose stricter limits on credit card interest rates, which have been skyrocketing up to 30 percent in anticipation of the credit card regulations that goes into effect in February, are running into some political speed bumps trying to find support with Democrats and gain majority for approval. Congress’ hands might be tied in protecting consumers, but check out the following round-up for what you as a consumer can do about your credit card and your debt.

Credit Card News

• CNN Money offers tips on how to make money in 2010 with your savings and credit.
• Some enlightening reading for all those who are thinking of ditching the MasterCard or Visa in favor of debit: Credit to debit: should you make the switch?, asks SmartMoney.
• A boost for credit cards from Moolanomy Personal Finance’s blog on why credit cards rule over the inferior debit card.
• New York Times reports, New overdraft rules: what consumers need to know. A short but helpful read especially if you swipe your debit card or go to the ATM frequently.
• Or, if you want to get ahead of the game like Consumer Reports, here’s how to avoid debit-card overdraft fees ahead of Fed’s new rules.

Debt News

• Five Cent Nickel wonders, how much does your debt cost? Figuring out how much it is costing you every month for someone to lend you money might nudge you to pay down debt faster.
• NY Daily News reports that Obama warns the U.S that too much debt could fuel ‘double-dip recession’.
• Can you leverage debt to help improve your credit? Rich Credit Debt Loan explains.
• Get out of debt faster - no more excuses! Debt Free Adventure does the number-crunching to show you how a little repayment can add up to a lot.
• Celebrate with Clever Dude because he is finally free of consumer debt! Find out how he paid down a $113,000 debt load.