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February 10, 2009

Generation Debt with 60 Minutes Examining Consumer debt

Author: admin - Categories: Consumer Debt News, Credit Market Updates, Debt Relief Videos - Tags:

Watch “Generation Debt” a 60 minutes Video Spotlighting Consumer debt

This video highlights the growing concerns of mounting consumer credit card debt. Watch this In depth analysis by 60 minutes of Gen Y and their credit card use.

February 9, 2009

US Consumer Credit Falls Fourth Time in Five Months

Author: admin - Categories: Consumer Debt News, Credit Market Updates - Tags:

In a recent Bloomberg article, discussions of consumer debt declining woke up many debt-ridden families to wonder what they were doing wrong.  The pace of borrowing by US consumers fell in December for the fourth time in five months as the deepening recession and restrictions on bank lending crimped purchases.   Consumer credit fell by $6.6 billion, or 3.1 % at an annual rate, to $2.56 trillion, according to a Federal Reserve report released today in Washington. In November, credit decreased by $11 billion, more than previously estimated and the biggest drop since records began in 1943. Many Americans are losing their homes to foreclosure, but as their spending habits decrease, so have their debts.

Borrowing may shrink further with banks continuing to make it harder to get loans as they grapple with mounting losses and write-downs. Demand for credit is also sliding after consumer spending, which accounts for about 70 % of the economy, posted a record six months of declines.   “The situation is ugly and will only get uglier,” said Richard Yamarone, director of economic research at Argus Research Corp. in New York. “Businesses are slashing jobs at an accelerated pace, and consumers are retrenching just as fast. The economy is in a freefall, and the severe contraction in credit underscores the crisis.”

Before today’s release, economists forecast consumer credit would drop $3.5 billion in December, according to the median of 30 estimates in a Bloomberg News survey. The Fed initially reported a $7.9 billion decrease in consumer borrowing in November.   Get more debt news as it posts.

Rebuilding Your Credit

Author: admin - Categories: Consumer Debt News, Credit Market Updates, Published Debt Relief Articles

Millions of Americans continue to struggle with high rate debt and liabilities they can no longer afford.  Bad credit happens when average men and women fall behind on their credit card bills and other debt payments because of unemployment, lack of employment, or the unavoidable challenges of life.  If you have gotten yourself in this state of affairs, it is a good idea to take command of the situation rather than letting your bad credit to get worse. In this article you’ll learn the most to the point method of regaining control over your bad credit and on the road to zero debt.

1.    Get Your Equifax, Experian and/or Transunion Report. Some balance carriers are merely a few billing cycles behind on their credit card bills due to financial hardships, and they may have forgotten about several unpaid bills that are bringing their fico score south. A few of us have gotten ourselves so far back in credit card bill payments that we have lost track of what is due!

Dont Get Trapped by Debt

Author: admin - Categories: Consumer Debt News, Credit Market Updates, Published Debt Relief Articles - Tags:

The number one thing that credit card companies know way in advance that we consumers don’t always realize is that life happens. Unexpected bills arise, cars need to get fixedand medical and dental procedures have to be performed. In many of these situations, consumers have found themselves so deep in financial distress that their automatic answer to unforeseen costs is to start swiping. And so continues the saga of American consumers who are trapped by excessive credit card bills and savvy credit card companies that make money off of the desperation and unawareness of consumers.

If you have found yourself in a situation where you have fallen victim to some of these traps and have accumulated a significant amount debt due to life happening, it’s important that you know there is hope, and yes there is a solution to your debt problem. Debt relief programs like the one you’ll find at have helped thousands of consumers break out of their “debt trances.”

“Recent Changes in U.S. Family Finances: Evidence from the 2001 and 2004 Survey of Consumer Finances.” Federal Reserve Bulletin 2006.  Read the complete debt article >

February 2, 2009

Debt Settlement Nationwide Editorial

Author: admin - Categories: Consumer Debt News, Credit Market Updates, Featured Editorial

The credit card companies have been able to run carte blanche on consumers, slashing their credit lines for the lamest reasons. Mine have been repeatedly slashed because my creditors claim I have “seriously delinquent accounts”. These “seriously delinquent accounts” to which they are referring are ones that are 4.5 years old or older. Three of them are due to fall off my credit reports THIS YEAR due to age. I have one that drops off in May of this year, one in July and one in November. But, yet, the creditors are allowed to continue to punish me for these past financial problems that were actually a result of identity theft. Credit card companies REALLY need to be monitored, and now they are on the radar screen. Now, that it has happened to someone who is high-profile enough to have drawn attention, it will be interesting to see if these practices stop.  The Debt Settlement Nationwide Blog, recently posted some similar comments.  Read the complete Debt Article> Noteworthy Credit Related News