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.
February 23rd, 2011
Got a few bucks to donate– to the government?
You can help pay down the national debt! So.. any generous hearts out there? Read more on today's riveting roundup.
December 15th, 2010
Why do we spend so much time judging other's spending and debt? “Sure, I may be in $5,000 of credit card debt, but at least I don’t have $20,000 of debt like that slob”. Read more on the psychology behind our spending, plus more recommended links!
December 1st, 2010
In the past year, over eight million consumers have stopped using their credit cards by cutting up their plastic or getting cut off by issuers.
Read more about this interesting plastic-free phenomenon, plus more of our fresh picks of the day's best blogs and news!
January 6th, 2010
Every penny counts today as the value of the dollar continues to decline in the new year. The blog, “Dual Income No Kids Finances,” posted this picture of what a dollar buys to see just how much American money has depreciated in comparison to world currencies.
If you’re keen on paring down debt, consider the value of each and every dollar you save. Skipping a morning latte or a trip to the movies adds a little more fuel to your debt reduction plan . Read ahead for more debt help and credit card news updates.
Credit Card News
- Did you know you can build credit without credit cards? Blog site Eliminate the Muda explains.
- “Tip 4: Improve your credit score,” — sound familiar on this blog? Bankrate.com suggests 10 best credit card moves in 2010 to put you on the right track to great credit.
- If you are already carry a balance on your credit card, Rich Credit Debt Loan suggests the smart way to handle credit card debt.
- More consumer information about the Credit Card Act of 2009 reported by ABC News. Extra information you need to know about what moves your credit card issuer might make in the coming weeks.
- Here’s another article to prepare you for the Credit Card Act, 5 steps to dominate the new financial legislation in 2010, from blog site Foreigner’s Finances.
Fresh from holiday spending season, the following articles and blogs focus on getting rid of holiday debt and planning debt reduction strategies for the new year:
- 5 ways to dig yourself out in 2010 reported by MSN MOney. “1) Save $500.”
- Erase holiday debt from The Wall Street Journal. “Stretching debt payments for holiday spending over a long time will negate any savings you might have gained from any seasonal sales or discounts.”
- 9 rules to get out of debt blogs DebtKid. “You must cut expenses like a butcher. Slash away. Everything non-critical must go.”
- How to waste money in 9 easy steps by 20something Finance. “#3: Pay whatever fees the bank charges you because they’re the boss.”
- Why tracking expenses is important when paying off debt writes Being Frugal. “Without tracking your expenses, it’s hard to know where you’re overspending.”