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Credit Card Debt and Balance Transfers

July 26, 2010 – 1:33 am

What should you do if you receive a balance transfer offer in the mail? All you have to do is fill out the little checks or call a toll-free number to activate a transfer offer. It’s an easy process that could help you reduce credit card debt…or can it. There are some pros and cons for using balance transfer offers for credit card debt.

Debt Reduction Takes Time

Even if you choose to use a balance transfer offer you still need to come up with a debt reduction plan. A transfer won’t erase your credit card debt. Only you can do that by coming up with the cash to pay down your balance month by month. This t

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Are You Ready for Debt Counseling?

July 22, 2010 – 3:01 pm

Have you considered working with a debt counseling firm to get your bills under control? A debt counselor can work with you to get at the root of any spending problems you have, and help you become a better manager of your money. Here are some things to look for when looking for a debt counseling firm.

• Debt counseling only works if you are willing to change your behavior. It won’t do any good to seek debt help if you are resistant to doing the work that needs to be done. Digging out of a lot of debt won’t happen overnight, so you have to be committed sticking with the program for as long as necessary.
• Debt counseling should be free or low-cost. Som

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Numbers Don’t Tell Debt Reduction Story

July 22, 2010 – 6:34 am

A recent news story from the Associated Press offers more evidence that consumers are getting better at debt reduction. According to the story, five of the nations top six issuers of credit cards report that delinquent payments are falling. At the same time, five of the top six credit card companies report that charge-offs have become less frequent. A charge-off occurs when credit card companies give up on ever collecting a specific consumer debt. The fact that both charge-offs and payments that are delinquent 30 days or more are on the decline would seem to suggest that U.S. consumers are doing a better job of consolidating debt.

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3 Personal Finance Software Solutions for the Monetarily Challenged

July 19, 2010 – 6:29 am

 Let’s face it. We’re not all financial geniuses. Some of us need help in figuring out budgets and sticking to financial plans. One way to get help is to use financial software that helps you with the mathematics, planning and decision making involved in personal financial planning. By getting familiar with the different types of software out there, you can choose the program that is right for you and your needs. 

There was once a burgeoning marketplace for this kind of software. Not that long ago, the Wall Street Journal reported that the major contenders in the personal finance software market were Quicken, Microsoft Money and the less-known iCash. The leading Web-based applications were Mint and Wesabe. Since

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Credit Card Debt and Rewards Programs

July 18, 2010 – 3:57 am

Paying off credit card debt could result in you being bombarded with new credit card offers. Some credit card companies have increased marketing efforts for their cards or introduced  new rewards programs or other incentives. Discover Financial Services, for example, recently said marketing expense for the third quarter is going to be at the highest level since the third period of 2008.

Stick with Debt Reduction Plan

Think long and hard before accepting new offers from credit card companies. While it may seem like a good idea to sign up for cash back or other rewards offers, these programs usually come with a price.

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