Unemployment in the US is hitting record highs and most experts believe unemployment rates will continue to rise further. Losing a job is one of the worst fears of the Americans. And now that unemployment rates are extremely high, millions of US card holders are highly concerned about their financial matters: how to pay down outstanding balances, manage credit cards and maintain good credit in tough economic times when hiring is so slow? Here are some useful tips for those who want to avoid serious financial troubles when looking for a new job!

Dealing with Credit Changes

2009-06-16 02:47:06

A recent survey shows that 65% of credit companies and banks continue to cut spending limits and raise interest rates on the accounts of their customers. What's more, lenders raise minimum credit requirements for new applicants, making it difficult for people to get new credit cards.
More and more consumers report getting interest rate hikes and a decrease in their spending limits. But the worst thing about this all is that account changes affect even those people with high scores. The question becomes: how to navigate through these account changes and stay financially afloat?

Credit Card Defaults

2009-06-10 02:51:21

As the recession deepens, more customers find it difficult to keep up with their monthly payments. In April U.S. credit card defaults surged to record highs. According to Fitch Ratings, the prime credit card charge-off index jumped to 9.66%, it's a new high for the third consecutive month.
The good news is that credit card delinquency index that measures receivables more than 60 days late surged to 4.37%. Even though U.S. delinquency rates are still high because of high unemployment rates, the pullback from the rate acceleration is considered to be a good sign.

New Credit Card Laws

2009-06-02 03:15:27

Due to the new credit card legislation, students looking to apply for a credit card may come across new obstacles. The bill signed into law last week, prohibits youngsters under the age of 21 from applying for a credit card. Under the new laws, those students who have not turned 21 must prove their ability to pay off debts or get a parent or guardian co-sign. The new laws designed to help protect customers from unfair practices will take effect in nine months. Learn more about the new credit card legislation and how it may affect students.

Credit Card Policies

2009-05-25 03:01:47

The year 2008 was quite challenging for the credit card industry as well as for millions of US card holders. According to analyst predictions for the industry in 2009, regulators will push for more changes. Really, last Friday President Barack Obama signed the legislation creating new rules for lending companies and banks. The new laws will take effect in nine months, on February 2010. The legislation is designed to protect borrowers from predatory practices commonly used by lenders. Read more about the changes in the credit card industry and how they might affect regular consumers.

Credit Mistakes

2009-05-18 12:39:22

Credit cards provide a great way to buy things you cannot afford straightway. But at the same time, the use of these financial tools can result in excessive debt burdens. If used irresponsibly, credit cards can burn a hole through your wallet. Unfortunately, a great number of borrowers do not pay close attention to financial obligations associated with the ownership of credit cards. And now that more and more customers are being strapped for cash, they can be exposed to the most commonly made credit mistakes. Read more to learn about the most typical mistakes and how to avoid them.

Credit Scoring

2009-05-13 12:32:48

A good credit score is a must-have for everyone who wants to get the lowest insurance rates or loans on good terms. In addition to that, you may need a high credit score to rent an apartment and even get a well-paid job. But during these tough economic times, a lot of customers are seeing their scores drop.
All the more so, lenders increasingly tighten the screw. And, today, the magic number for consumers is above 690. The big question is - how to improve a credit score to qualify for the lowest interest rate credit cards and loans? Read more to learn how you can improve your score rating with simple but effective steps.

Credit Card Rate Hikes

2009-05-05 12:09:19

Until very recently, banks and other credit card issuers raised interest rates on accounts of those card holders who had made late payments or exceeded their spending limits. However, the latest development in today's credit card industry for issuers is to raise interest rates for most card holders even for those customers who have made all of their payments on time.
People are outraged when such things happen and as of July 2010, creditors will not be able to raise interest rates for no obvious reason under new rules set by the Federal Reserve Bank. In the meantime, card issuers can and do raise interest rates, so cardholders will want to be prepared to deal with such credit card interest rate hikes.

Avoid Credit Card Debt

2009-04-29 04:30:01

It's not easy to navigate through the economic recession and stay financially afloat now that unemployment rates are hitting record highs and financial markets are falling on fears of a deeper recession. What's more, credit card companies are increasingly raising interest rates and fees. Even if you believe that you're considered as a good customer by your lender, there's no guarantee that your interest rates won't be hiked for no obvious reason or fault on your part. The big question is – how to stay out of debt in today's economic environment?