The average American has more than $9,000 in credit card debt. While having a credit card isn’t a bad thing, letting credit card debt pile up over time can place an enormous strain on your finances. Take a look at the articles, Q&A’s, blog posts and videos we have linked to this topic for ideas on how to handle credit card debt and your personal finances.
In-Laws Headed For Bankruptcy Court
What can you do when a family member's finances are out of control? Sitting down and discussing numbers can help when you learn a family member has significant credit card debt and out-of-control spending habits.
High Debt And Low Credit Score Spells Trouble
A homeowner and business owner has a low credit score and extremely high credit card debt but wants to refinance an investment property. Having high debt and a low credit score is a bad combination to try to get a mortgage. A high interest rate will be the likely result of trying to refinance with the low score and high debt.
Credit Cards: Rising Gas Prices Can Affect Credit History
Small things like the rising costs of gas prices can affect a consumer's credit history if they start missing credit card payments. Rising gas prices may force consumers to make only the minimum payments on their credit cards or miss them altogether, which will negatively affect their credit history. Even one late payment can affect a consumer's credit score so if you have to pay cash at the pump, do so, instead of using your credit card.
Automobile Lease Affects Mortgage Loan
When you apply for a mortgage loan, the mortgage lender will look at all of your debt, including student loans and credit card debt. If you lease a company automobile and it's in your name, that could also affect your mortgage loan application. Aside from the way the company automobile may be considered part of your income, it helps to pay down credit card debt to qualify for a mortgage loan.
Ilyce Glink on WSB Radio – August 7, 2005
Ilyce discusses a couple articles on employment and salaries in America. Ilyce then takes calls on topics from paying off credit card debt by selling stocks to the affect of equity lines on credit scores.
Finding A Low Rate To Reduce Credit Card Debt
Lowering credit card debt is a noble objective for all of us. Maybe you need to switch credit cards? Finding a new credit card is a good move if your old credit card has high interest rates and stiff fines. Here's how to find a good credit card and what to watch out for.
Personal Finance Advice From Church
Churches teaching their congregation how to solve their financial problems? That's right. Raising financial awareness is quickly becoming a top priority for many congregations. Indeed, some religious institutions teach congregants about purchasing, about land, about real estate, about investments, about stocks and bonds and other personal finance topics that will empower members and improve their personal finances.
Mortgage Lender May Modify Mortgage Loan
Many homeowners mistakenly believe that if their mortgage lender knows they're in trouble, their loan will immediately be put into foreclosure. In reality, the Department of Housing and Urban Development requires lenders to develop a strategy that can help you keep your home. Your lender may be willing to discuss modifying your home loan with you.
Canceling Credit Cards Affects Credit Score
Canceling open lines of credit may hurt your credit score. There are a couple of ways that canceling a credit card account can hurt your credit score. Part of your credit score is based on how long you've had credit accounts opened. So, a credit card with a zero balance that has been opened for 20 years will help your credit score more than a credit card account that has only been opened 6 months, 2 years, 5 years, or even 10 years.
Bankruptcy Doesn’t Change Spending Habits
Once new bankruptcy laws take effect, it won't be easy for people to spend recklessly then discharge all of their debt. The shame that for years was associated with bankruptcy has largely been erased as society has changed. A few months after a bankruptcy is discharged, new credit card applications find their way into the mailbox, and for some, the cycle begins again.