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Consumer credit declines in May

Written on July 6, 2010 – 9:00 am | by Alicia Ross

Consumer credit declines in May.

Consumers across America are slowly paying off their debt, continuing a trend has been exhibited in 18 of the last 20 months.

According to the latest report from the Federal Reserve [Board], the amount of money consumers owe to creditors declined at an annualized rate of 4.5 percent in May. That number equates to a drop of about $9.15 billion in consumer debt. The new national number for total consumer debt is $2.42 trillion. This was the fourth month in a row that consumer credit declined. Read more…

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Report shows Americans more focused on paying credit card bills on time

Written on July 5, 2010 – 7:15 pm | by Alicia Ross

The number of Americans paying credit card bills late has declined, report shows

It appears that consumers are putting themselves in a slightly better financial position, according to a new report that reveals credit card late – stage delinquency rates have declined for the fifth consecutive month. Delinquency rates are utilized by financial experts to measure future losses. The current declines recorded suggest that charge off rates may also decrease in the coming months.

“Seasonal factors are influencing the improvement in delinquencies and could benefit charge offs in the coming months,” Fitch Ratings managing director Michael Dean said. Read more…

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American Express cashback credit card + Santander current account = GBP500 in rewards

Written on July 5, 2010 – 11:44 am | by Katie Perry

Consumers could be missing out on earning hundreds of pounds by not using a cashback credit card and a high interest paying current account in tandem.

moneysupermarket.com has calculated that funding every day expenditure with a cashback credit card and then paying it off in full each month could earn hundreds, and they could deposit their salary in an interest-paying account to make it even more rewarding.

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A Big Debt Update…

Written on July 4, 2010 – 9:03 pm | by Adam Gomez

Before I spill the new numbers, let me just say…

I did a handstand before posting.

My foot is still sidelined from the tendon injury so doing a series of leprechaun kicks was out of the question…

that’s not to say I didn’t try.

I’ve been working nights and, I still can’t figure out how but, my husband managed to pull in some extra work over the weekend even though he goes to school for 5 hours 4 nights a week. Is he an awesome man or what?!?

We pulled in $1,000 in second job money this month. PLUS, for those who are paid bi-weekly like me and my husband, you receive three checks in July instead of two. We had some

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Tougher Rules Governing The Spending On Miles Accumulated On Credit Cards

Written on July 2, 2010 – 10:01 am | by Nicole Gutierrez

If you want to gather miles on your credit card, then, you can do it even without having to board flights. You can amass these points by taking up a few surveys or using your card for the various purchases you make or even by reserving your accommodation on your card.

With an increasing number of people applying for cards offering airline rewards, it is becoming increasingly difficult to obtain seats on the airlines when you actually need them.

Michael Tracy, a business traveler based out of San Diego, said that frequent flyer points are being given away for just about any expenditure being done on the card.

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Negative Net Worth…

Written on June 30, 2010 – 11:54 pm | by Adam Gomez

Buried somewhere deep inside my life insurance application is an awful question…

‘What is your total net worth?’

I calculated my mortgage debt, subtracted my tiny home value, added my student loan debt and my auto loan debt, and then subtracted my liquid cash. The total? An astonishingly huge negative number representing my net worth.

Not wanting to stop at the large, large, large negative number, I added the amount in our retirement accounts (though technically locked up for the next 27 years under mounds of government and ESOP paperwork).

I landed at a number closer to zero but still negative none the less.

I received the following question from my insurer:

PLEASE EXPLAIN WHY YOUR TOTAL NET WORTH IS A NEGATIVE NUMBER.

Yes, they wrote it in all caps. As if

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