Now that Christmas, Black Friday and Cyber Monday have all come and gone, many U.S. consumers may be grappling with lingering debt – including credit card bills that could last well into the New Year.
According to the National Retail Federation, the average American spent $737 during the holiday season. That works out to $602.1 billion in spending during the months of November and December in 2013 – a 3.9% rise from year-ago levels. [continue reading…]
One of the primary reasons why people choose to consolidate credit card debt is to reduce their interest payments and also reduce their overall monthly payments.
Just like a regular loan consolidation program, a credit card debt consolidation program can help to lower monthly payments to free up some cash in your budget each month.
What credit card consolidation can’t do is reduce your credit card balances. [continue reading…]
Life can be so challenging — especially when you’re trying to better manage your finances, get out of debt, raise children or build a career. Perhaps you’re currently doing all of these things simultaneously.
Everyone experiences financial setbacks from time to time. But many of us do not know how to cope with our financial problems.
We spend our lives on financial and emotional roller-coasters, often having moments of financial success followed by one unexpected setback after another. And when we watch our savings dwindle or our debts spiral upward, everything can seem out of control.
The following advice is not the typical financial Q&A you may normally find on this blog. Nor is it a “how to fix it” article that you may have become accustomed to reading here on AskTheMoneyCoach.com. [continue reading…]
If those credit card balances just never seem to disappear or you’re drowning in debt, you need a realistic payoff plan to get your financial house back in order. According to CreditCards.com, the average credit card debt per household with credit card debt in 2012 was $15,956. That’s a significant debt load for the typical household and isn’t an easy load to manage when you have a large family or are trying to save up for important expenditures. However, there are some simple things you can do to start paying off that debt and improving your financial standing.
Here are six easy ways to tackle credit card debt now: [continue reading…]
Transferring your credit card balances can be an effective way to save on interest you would otherwise accumulate on a high-interest credit card, and can also increase your credit score as you clear up your credit lines. However, there are some things you need to be aware of before you authorize that transfer. Many credit card companies impose hidden fees and charges on certain types of transfers, and almost all will charge a fee based on the percentage that ends up getting transferred. Since you don’t know how much you will be eligible for, the transfer can end up costing you much more than you realized.
Here are some of the best ways to get more out of credit card balance transfers: [continue reading…]