February 1st, 2013
**Today’s guest post is contributed by Angie.**
While the holidays have come and gone, many of us are still feeling the financial sting that is distinct to this most wonderful time of the year. Credit card debt is usually where most consumers have borne the brunt of the holiday weight (financially, at least—I’m sure nana’s cookies haven’t helped other areas either). But it’s important to know that if you are toting some major credit card debt that you are not alone. Here are some numbers from Credit Karma’s December 2012 data that may or may not shock you:
- Average credit card debt per consumer: $5,470
- Average number of credit cards per consumer: 5
- % of consumers with credit card debt: 83%
And this is an improvement from last year’s numbers:
- Average credit card debt per consumer: $6,576
- Average number of credit cards per consumer: 6
- % of consumers with credit card debt: 86%
Even though there was a drop in credit card debt over the last year, it still does not bode well for the average consumer. USA Today recently said that it takes the average person until May to pay off their holiday debt—nearly half of the next year! So how do you alleviate this debt? Well, you start getting tough with it.
September 21st, 2012
I got my first full time job in April 2010 as a Social Media Coordinator. Before that, I had been a broke college student surviving off credit cards, especially after I quit my part-time receptionist job to take care of my mom when she got sick.When I moved into my own place with my boyfriend (now husband), we were both making good money, but I was just paying the minimums on my cards month to month. It’s not that it wasn’t manageable, but I would’ve preferred to get out of debt sooner than later, and see some sort of light at the end of the tunnel.
September 18th, 2012
Are you like me? Have you had credit card debt? What about a lot of credit card debt? Exactly one year ago I had $3,000 on my credit card and wasn’t sure how I’d pay it off. I realize $3,000 may or may not sound like a lot to you, based on your own experience with credit cards. But for me it felt like more than I could deal with, and that qualifies as “a lot” in my book.
September 5th, 2012
With an economy that's been down for the better part of a decade and a job market painfully slow to rebound, millions of Americans are struggling to keep their heads above water. One way for many to maintain their lifestyle has been relying on credit cards as their savings dwindle, leading to the sticky situations of bulging balances and expanding interest rates.
August 28th, 2012
Shocking news: A new survey by Chase and XO reveals that money is the number one cause of conflict for couples. Are you surprised? Probably not. If you’ve ever been in a relationship—or if you’re currently in one—you’ve probably had a few heated discussions over money matters. Sooner or later, you have to talk it out. So we’ve come up with a few tips for talking about one very important aspect of your finances: credit. Here are three ways to ensure your credit conversations stay civil.
May 24th, 2012
The Rewards of Conscientious Credit, or How Using a Mileage Rewards Card Actually Simplified Our Finances
My husband Ben and I recently decided to try the whole “rewards credit card for points” thing. The idea made us a little nervous, due to our previous experiences with credit cards. But we knew the benefits could outweigh the risks, so we decided to give a rewards credit card a try. So far it’s turned out rather well. The most surprising thing was how it’s simplified my job as the manager of our money.
May 16th, 2012
Last Saturday, I went to see my first superhero movie ever! Yes, you read that right. I have never seen “Superman,” “Spiderman” or any other superhero film. But when my friend invited me to go see “The Avengers,” I figured that there would not be a better superhero movie to start with; it’s chock- full of superheroes, like the Hulk, Iron Man and Captain America.
April 26th, 2012
It could happen to you. You’re stretched thin. You’ve charged too many purchases on too many credit cards, and you can’t make all of your minimum payments. Now you’re faced with the decision of missing a payment or two. What do you do?
December 9th, 2011
Hot on the heels of “Bank Transfer Day” is a new peaceful online protest, called “Balance Transfer Day.” The general idea of the movement is summed up on its Facebook page.
November 17th, 2011
Are you a credit card-wielding 20-something? If so, then you should check out Martin Dasko’s “The Credit Card Manifesto: Completely Conquer Credit Before You Hit 30.”
Dasko, the mastermind behind the popular personal finance blog Studenomics.com, wrote this ebook in hopes of teaching his peers about the ins and outs of credit cards, how they affect your credit score, and how you can tackle credit card debt. Assuming the ebook’s numerous typos don’t bother you, you’ll be rewarded with a plethora of information and practical guidance.