Americans Are Dumping Debt. Want to Join Them?

The latest figures are in: Americans are dumping debt. According to the Federal Reserve, personal credit card debt is on the decline. Their figures show Americans have paid off a whopping $101.2 billion in debt in the last 14 months. Our own figures here at BillShrink indicate this trend as well. Back in February 2009, 46% of our users noted that they paid off their credit card balance in full each month. Now a year later, nearly 59% of users report paying off their balance each month. Are we finally learning to live within our means?

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Savings and Credit, Interest Rate Round-up

Do you ever wonder how your interest rate is calculated when you apply for a loan? To better understand how borrowing on loans and credit cards works, it is best to know how to factor interest rates into the equation.
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New Credit Card Laws, This Week’s Money Saving Tip

The Credit C.A.R.D Act of 2009 is now in effect, beginning Monday February 22. With the consumer protection it provides, the new rules are, “…shifting the balance of power back to the consumer and… holding the credit card companies responsible,” as President Obama said in a statement earlier this week.

One C.A.R.D. Act rule in particular has the potential to save you a substantial amount of money.

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The Credit C.A.R.D. Act of 2009

The nine-month lead-in time for the Credit C.A.R.D. Act of 2009 has now passed and the law officially goes into effect to protect consumers from unfair and deceptive practices by credit card companies starting today, February 22, 2010. Here is our breakdown of the new credit card rules, who the Credit C.A.R.D. Act protects, which companies complied in advance and what protections are now guaranteed to cardholders by law.

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Savings and Credit, Interest Rate Round-Up

Do you ever wonder how your credit card rate is calculated when you apply for a loan or credit card? To better understand the workings of borrowing on loans and credit, it is best to know how to factor interest rates into the equation.

Interest rates are also used to determine the rate of return on investments. In other words, the pay-off when your Certificate of Deposit(CD) or Treasury Bill matures depends on interest. Both CDs and Treasury bills are sound investments that can compliment your regular savings account.

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3 Ways to Prepare for the CARD Act

On February 22, 2010, the Credit Card Accountability, Responsibility, and Disclosure Act, better known as CARD, will go into effect and consumers can start breathing a little easier as some of the worst abuses in the industry are curtailed. Don’t start celebrating just yet, though. We predict that issuers are going to get creative seeking profits elsewhere, so it’s important to take the time to understand what changes may be coming in a few weeks — and how to protect yourself now.

Below find our predictions for how card issuers will find new profits in the days after the legislation takes effect, and also three suggestions for staying ahead.

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Myths Versus Facts: Credit Card Usage and Debt

The recent passage of the Credit Card Accountability Responsibility and Disclosure Act of 2009 has prompted much discussion about credit card usage and debt. Given the global financial meltdown, it’s understandable that many are concerned about their own credit card debt and the practices of creditors in general. Unfortunately, these widespread discussions have given rise to numerous myths, half-truths and falsehoods about credit card usage and debt. Whether you are struggling with debt of your own or just striving to intelligently discuss the subject, it pays to debunk these myths and comprehend the relevant facts. Below are 12 long-standing credit and debt myths and the truths they obscure.

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How Visa Corners The Debit Card Market With Fees

Debit cards are such an routine part of commerce these days that we seldom reflect on them. For most consumers, the 2-3 seconds it takes to swipe is about the only time they pay their debit card any mind at all. However, a recent New York Times article reveals that Visa spends more time thinking about debit transactions than anyone — and for good reason. Depending on how we swipe, Visa stands to gain or lose a astronomical amount of money in fees. So much, in fact, that retailers like Costco to Walmart restrict how you use your debit card whenever you buy something. Because so much of this happens behind closed doors, Billshrink decided it was important to sum up the Times’ findings for our readers.

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