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Commentary
BY TERESA DIXON MURRAY
c.2006 Newhouse News
This nation faces a massive economic crisis -- indeed a social catastrophe -- that some experts even say will be among the worst the country's ever seen.
Much has been said about how the looming retirement of 76 million baby boomers will stampede Social Security, which is expected to start running out of money in 11 years. We almost joke about senior citizens eating dog food. Maybe that joking is the only way we can keep from crying.
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Citing Skyrocketing Costs, Dwindling Savings and Stagnant Wages, More American Families Are Turning To Credit Cards As Their Financial Safety Net
Center for Responsible Lending
October 12, 2005
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Latest Releases
For Immediate Release
October 12, 2005
Contact: Timothy Rusch
Tel: (212) 389-1407 Email: trusch@demos.org
Mike Flagg, CRL
Tel: (202) 349-1862 Email: mike.flagg@responsiblelending.org
New Survey Report Reveals Truth Behind Credit Card Debt Explosion in the United States
Citing Skyrocketing Costs, Dwindling Savings and Stagnant Wages, More American Families Are Turning To Credit Cards As Their Financial Safety Net
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By Greg Kratz
Deseret Morning News
The three most common topics of questions I receive for this column revolve around saving for retirement, teaching children about money and eliminating debt.
We've dealt with the first two items in the last few months, so it's about time I answered reader e-mails dealing with the third.
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See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Card Debt
The Way We Live Now
T By JACKSON LEARS
Published: June 11, 2006
The American Way of Debt
Americans are awash in red ink. Consumer indebtedness is soaring, the savings rate is down to zero and people are filing for bankruptcy at record rates. To many observers, these are symptoms of cultural decline, from sturdy thrift to flabby self-gratification — embodied in the current obesity epidemic. The fattest nation on earth is also the greediest consumer of global resources and now is borrowing more than ever to satisfy its appetites. There is a large core of truth to this indictment.
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See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Card Debt
Filing for bankruptcy under the New Bankruptcy Law will make you feel like your in purgatory.
To get your certificate from a Credit Counseling Agency is pure hell alone. Not to mention time consuming.
Did some one forget to tell the Government that your time needs to be consumed with making a living – not ending it in debtor’s dungeon.
Let me show you how the Banking Industry and all those Credit Card Companies have been ripping you off for years!
You can walk away from Credit Card Bills forever ---legally and ethically without bankruptcy or Credit Counseling. Seriously, it’s legit!
I’ll show you how to start living and enjoying your life again (don’t wait before they make it harder for you---again) Take action before they do!.
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Card Debt
For Release: May 3, 2006
Companies, Individuals Will Pay More Than $2.4 Million in Consumer Redress
A credit counseling agency and related companies have agreed to settle Federal Trade Commission charges that they deceptively marketed themselves as a not-for-profit enterprise to entice financially distressed consumers to enroll in debt management plans, and then failed to deliver on promises of personalized credit counseling and dramatic and immediate interest rate reductions.
Click here for the Document
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Card Debt
Before You File for Personal Bankruptcy: Information About Credit Counseling and Debtor Education ... Before You File for Personal Bankruptcy: Information About Credit Counseling and Debtor Education Produced ...
Click here for the Document
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Card Debt
Maintaining an Optimal Balance
Once solely restricted to the wealthy, now almost any one can obtain a credit card including the most favored, first year college students. It's no wonder then that U.S. consumer credit card debt stood at over $735 billion in 2003 which further breaks down to approximately $12,000 per household for those who elected to carry balances from month to month. While the advertisements of the Visas and MasterCards of the world continue to tout the convenience and ease at which you can shop or handle an emergency with just a swipe of the plastic, they fail to mention how you as a consumer should use your card including guidelines as to how much credit limit is too much and how to keep from ruining your credit rating by constantly maxing out your credit card. The purpose of this article is to provide you with some insight in these two areas.
When you apply for a credit card, one of the first things you consider is the credit limit. Why? Because that determines how much you can spend, and the rule of thumb is the higher the limit the better. But wait a minute, just because your limit is $3,000 doesn't mean that you should keep spending until it's gone. Why? There are two simple reasons why you should not spend until your card has reached the limit. The first reason being that the higher your outstanding balance the higher your minimum monthly payment. Once your card reaches the limit unless you start to pay a significantly higher monthly payment to get it down, the interest charges and over-the-limit fees will begin to kick in which will cause someone who is living beyond their means to become overwhelmed very quickly. Even worse if you have more than one card that is at the limit, you are playing a dangerous game because any major disruption in employment or income that you can't supplement with personal savings or credit insurance will negatively affect your credit score instantly. Secondly, future creditors also consider your debt to income ratio when deciding whether to extend additional credit to you. Ideally you want this to be as low as possible considering you never know when you might need additional credit. A debt to income ratio of 36% or less is most favorable.
So what is the ideal balance for someone with a credit limit of $3,000? Ideally, potential creditors only like to see 25% of your total available credit outstanding at any given time. So, with a $3,000 limit you should only carry a balance of approximately $750. I'm not saying you can't purchase more than $750 worth of items at any one time, what I am saying is that if you must make major purchases you should commit to paying significant amounts of money each month to bring your balance back down to this more reasonable level before charging again.
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