According to the study made by Equifax, the credit reporting agency, US have a huge credit card debt that comprises $790 billion. There is a rating of top 10 cities of the US with the largest credit card debt
Credit cards are considered to be as popular today as cash. Moreover, some people basically refused using "paper money" as they think that it's not very convenient. However, almost the same number of people is occupied with the problem of reaching desired credit card debt relief as soon as possible. Of course, credit cards are really convenient and useful financial tool, besides, most of stores accept them.
I have been paying down my debt using the snowball method. I'm making great headway and have cut my debt load in half in 3 years. I'm at a point where I need to choose between a home-equity loan with a variable rate (currently at 4.24 percent but eligible for tax deductions) and a car loan at 3.5 percent fixed. Which makes more sense to pay down? Scott, Chatham, MI
Washington's wrangling over the debt ceiling may soon have some very real economic consequences. Banks are not amused, and they are preparing to reduce their Treasury buying in August if an agreement is not reached.
Debt ceiling issue is still being issued by the Congress and the president. Social Security and Medicare may be at risk if the debt limit is not raised.
Borrowing interest rates on mortgages and other loans for consumers may increase due to the downgrade of US debt. Consumers should be ready for the effects.
According to President Barack Obama's federal budget plan for the year 2012, the total US public debt held by the nation will continue to accumulate beyond its present $14 trillion level over the span of next 10 years.
Despite the fact that there were considerations that some of US states are going to file bankruptcy because of the budget matters, debt settlement plan are still referred to be more likely.
The debt-ceiling crisis may affect lives of American consumers. Possibly default would have a lot of negative effects for the US. So, what would happen?
When you find yourself in monetary problems, it is very important to stay calm, as there are services that can help you. Many American families have already been used debt consolidation loans.
On Friday, the government reported about the plan that is aimed to result in the potential wind-down of the government-backed mortgage companies. Officials are concerned about this as they suppose that the process will last for years and Tim Geithner, the Treasure Secretary stated that administration will stay behind Fannie and Freddie's obligations in the meantime.
A particular myth concerning payday advances is that they make further debt. This is misguided as financial lending products of this characteristics are usually to settle excellent accounts, or for urgent requirements. However, in any situation, there will be cases where the cash loans will not be used as designed, or the loan term over-extended. This would normally cause additional costs for the client.
According to the information presented by the US Department of Education, 25% of students attending for-profit schools have defaulted on the taken student loans. In fact, it turned out that the level of default on student loans is higher for students attending for-profit, private university. And only 11% of students attending public school have defaulted on their loans.
Short-term loans will help to cover the California's bills if money stops arriving from Washington. But still there is a hope that the federal government will come to consent.
A recent survey carried out by the Debt Advisory Centre has found that 6% of the British public are funding dates with payday loans. Want to know more?