Americans currently owe $854.2 billion in credit card debt and there are more than 600 million credit cards currently in use in America. The average American household carries about $7,000 in credit card debt. When consumers find themselves buried in debt, high interest rates and fees can make it difficult to pay off their balances.
Maintaining good credit is essential to having healthy financials, and in this day and age, your credit is a huge indicator of worthiness to most financial institutions. Good credit is a critical component to getting a home loan, car loan, credit cards, student loans, renting an apartment or home, and even getting a job. Just as your home and car need to be maintained to run properly and stay in good condition, so does your credit.
Surprisingly, 65% of adults have never checked their credit report, and 60% of those adults have never viewed their credit score. Your credit score says a lot about you, and it can impact some of the largest purchasing decisions in your life. Ignoring your credit report can also leave you unaware of mistakes that could drop you into a lower credit score bracket.
When we think of the mythical American Express black card, we tend to think of images of fabulously wealthy people plunking the card down to pay for items that cost more than most Americans earn in a year – or possibly even in a decade. The American Express “black” is actually the American Express Centurion Black card and that image is not a terribly far cry from reality.
What is the secret behind good credit? At a time where more than half (57%) of UK customers are at risk of being declined credit by high-street lenders, it’s helpful to know if we’re on ‘The Road To Good Credit’. It can be challenging to maintain good credit, however this useful ‘Traveller’s Toolkit’ can get back on track.
According to SB Wire, “U.S. citizens have taken up to $11.38 trillion consumer debt [in 2012].” These consumer debts result from outstanding expenditures that exceed consumers’ income. There are two main types of consumer debt that stimulate economic growth: revolving debt (i.e., credit cards), and non-revolving debt (i.e., auto loans or mortgages). Americans owe a combined total of $1.944 trillion in school, auto and furniture loans, alone.
Payday loans are a highly contested form of consumer lending. Advocate groups fight to protect them while consumer groups work to limit or eliminate them completely. Currently, 12 states have laws that either ban payday loans or have strict lending laws which make them unprofitable in the state. Their payday laws have been compiled into one infographic, created by loans.org.
Credit score is one of the most important factors when applying for a mortgage loan. Basically, the credit score is a number between 350 and 850, calculated using a complex mathematical model composed of several indicators taken from the borrower’s credit history, outstanding debts, etc. Higher credit scores represent borrowers with less risk. This credit score infographic by Mortgage Kick presents the most important factors and shares excellent tips on how you can keep a high credit score to get approved for a mortgage.
Do you use a credit card regularly? Do you think it is too much hassle to change providers? Check out this infographic from MoneySupermarket and see if you could be saving money every month.
Are you applying for a credit card or mortgage? Is your credit score holding you back? Check out these top tips from MoneySupermarket and see if they can increase your chances of being approved.
More and more people are asking their dates for their numbers…not phone numbers, credit score numbers! These people know that like it or not, a credit score can tell a lot about a potential partner and they want to eliminate risky relationships before they even start. In the following infographic by CreditResource.com, you’ll find out what these credit savvy daters know and you’ll see why it’s important to ask for your date’s credit score rating. Before you invest time, emotions and money into a relationship, find out if your credit scores are compatible.
The burdens of bad credit. Neglecting credit card and utility bill payments may temporarily relieve financial account-abilities, but is it worth the risk of paying the ultimate price in bad credit? Learn more in the following infographic from Go-AAGP.Org.
The eggnog is gone, gifts are on their way to being exchanged, and the thought of even one more cookie makes you see double. Yes, the holidays are over. But then you get your first credit card bill of the new year. Yikes! You didn’t realize you did that much shopping! Now what? No need to panic! Speedy Cash has some tips below that will help you pay off those holiday expenses.
In spite of the tough global economy, credit card usage is still growing. There are about 181 million credit cards in the US! Most people actually use it on travel expenses, and surprisingly only 1 in 5 use them to pay for bills. The following infographic from The Credit Examiner looks at some 2012 statistics on credit card use in the United States.