Wednesday’s Trends in Credit Cards & Your Debt

Debt is the new four letter word to avoid. Everyone, from Uncle Sam to the average American, is taking action to get out of the red: Bloomberg reports that the U.S Treasury Department is selling a whopping $81 billion of long-term debt next week to steer away from the country’s legal debt limit of $12.1 trillion; and Philly.com reports that Americans have been buying less stuff on credit cards, which helped drop the total U.S credit card debt peak of $975 billion in Fall 2008 to below $900 billion this summer.

Your card balance may not be in the billions, but are you taking steps to take care of your credit and eliminate your debt? This week’s roundup is especially for you to start taking steps to get out of the red too.

Credit Card News

• Thinking about canceling your card? Before you do, read The Wall Street Journal’s article, “Credit cards: break up or make up?“.
• Is it possible to live without credit cards?, FiveCentNickel asks.
• If you are shopping for a credit card, do your homework first with The Boston Globe.
• Reduce Debt Faster shares 3 ways to lower credit card payments.
• Prepaid credit cards gaining favor reports The Salt Lake Tribune.
• Study finds prepaid cards less expensive than debit cards from banks blogs Almost Frugal.
• The BBC looks into what’s in store for the future of credit cards?
• Credit card debt elimination guide @ Clear Choice Credit Cards.
• The Digerati Life looks at how to opt out of interest rate increases.

Debt News

• Cash Money Life asks an important question: Do you know how much interest you are paying each month?
• A fun, alternative approach from Five Cent Nickel: Use weight loss strategies to get out of debt.
• Don’t wait until January to think about budgeting Being Frugal warns!
• Good debt vs bad debt: isn’t it all bad? Your Money Relationship answers the burning question.
• Gather Little By Little recommends using your emergency fund to pay off your debt.