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Though, the declining rate of credit card debt has its dark side. TransUnion performed data proving that people just started to blow off their mortgages and pay the credit card bills instead. This happens due to the fact that consumers don't want to lose the access to their credit cards as it is important for people on the financial brink. Moreover, some issuers who write off or sell balances which have defaulted in order to reduce credit card debt.

More people turn to cash. Credit card use declines. Interest rates and fees on credit cards increase. Will people refuse credit cards at all?

The times of relative frugality which were caused by the financial crises seem to pass away as Americans start to borrow again, besides, in rather a big way. Debt on credit cards is constantly increasing, car loans get back their big sales in Detroit and even investors of the stock market are getting into debt again.

Debt on student loans increases constantly. It has even outpaced credit card debt. Default rate grow, especially in for-profit colleges.

Student loan debt may increase up to $1 trillion by the end of 2011. The current amount has already surpassed credit card debt rate.

Do you talk to your children about money and debt? Many parents never do. In fact, according to one survey, fewer than 40 percent of parents talk to their children about debt, credit cards, bills and money. Some parents might have good intentions, but many just don't get around to teaching their children about money, or don't know how to approach the subject. Others think kids don't need to know about their parents' finances.

If you find yourself with less-than-good credit, you are not alone. Business Insider, an online business news website, reports that one in 50 households owes more than $20,000 in credit card debt. Coinciding with this alarming figure, the site further states that more than 2 million Americans look to credit counselors each year to avoid bankruptcy.

Waiting to pay off credit card debt is one of big money mistakes. So, live within your means and pay off your credit card obligations in the same billing cycle in which you incur them.

There is one common thing amongst all the people who have excellent credit scores - their monthly payments on all their debts - loans and credit cards - are made promptly.

The main problem concerning student loans consists not only in the fact that education is more expensive than ever, but also the factor of recession plays an important role as it's really the hardest time for college graduates who find it really difficult to get decent employment and earn enough for their loans repayment.