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Learn About the Changes to Your Credit Card Statement

July 12, 2010 – 8:37 pm

Changes keep rolling out in credit cards category – some which may provide information to credit card users that might help them manage their debt levels better. One recent change is that as of July 1, 2010, the credit card companies are now required to inform card holders of the amount of time it will take to pay off their credit card debt balance if they only make the minimum payment. Do you think this information might help you to change how you view your debt load?

The folks over at FiveCentNickel (a blog which has a list of zero percent balance transfer credit card offers and a summary of what they consider the best credit cards) have used information from the Federal Reserve to explain all the changes to your credit card statement.

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Debt Consolidation Research is Easier than Ever

July 10, 2010 – 11:04 pm

Researching debt consolidation companies used to be a challenge. It required consumers to call dozens of companies that offered debt consolidation loans to quiz them about the interest rates and fees they charged. Today, though, the process has gotten far easier. You can thank the Internet for this. The Internet has changed the way people shop, get their news, entertain themselves and communicate with each other. It should be little surprise, then, that it has also changed the way in which people deal with their debt.

Online Homework

When consumers face overwhelming debt today, they can turn to their favorite search engines to start their research on which debt consolidation companies are right for them.

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Why it pays to pay down debt

July 9, 2010 – 2:19 pm

Today at midday, the Bank of England will announce its latest decision about the base rate. For most people, the most important thing about the base rate is the impact it has on interest rates – on their mortgage and/or their savings.

Looking at the base rate, The Telegraph`s personal finance editor Ian Cowie wrote a blog called `Why you should pay down debt even if bank rate remains frozen`.

It starts by reporting that a poll by Reuters found that 61 economists said the Bank should keep the base rate at 0.5% today.

For savers, this wouldn`t be good news. Today`s low interest rates mean most savers are actually losing money in real terms, thanks to inflation (currently at 3.4% or 5.1%, depending on which figure you use – CPI or RPI). Read full article…

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Wipe out Credit Card Debt, Fund Savings

July 9, 2010 – 12:19 am

People who are working to pay off credit card debt often dream about the things they may be able to buy once they have paid off their bills. But a good debt reduction plan doesn’t erase monthly payments just so you can go out and buy more stuff. Start planning ahead now to set up savings accounts to help you have a brighter financial future.

Emergency Savings

Everyone should have an emergency savings account. Even as you are working on your debt reduction plan it is a good idea to put aside some funds into an emergency savings. Having an extra $500 or $1,000 that can be used for unexpected medical expenses or car repairs can give you peace of mind. On

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Debt Management: Benefits and Drawbacks of Debt Consolidation Loans

July 6, 2010 – 6:53 am

High interest rates and fees can make paying off credit card debt difficult, but you may be able to improve your progress by borrowing to pay off your debt. The key is borrowing enough to pay off credit card debt at a much lower APR than your existing debts carry. APR, or annual percentage rate, is the amount of interest and finance charges expressed as an annual percentage of a balance owed. The APR for each of your accounts appears on your monthly statements.

Debt Consolidation: Considering Your Options

Several factors impact your ability to borrow money for debt consolidation:

• Amount of your debt: It can be difficult to get debt consolidation loans when you have thousands of dollars in credit card debt.

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