As the outlook for the economy becomes brighter, consumers are becoming more confident in their financial situation and less cautious with their spending. This changed perspective can lead to reckless consumer spending, and consequently more credit card debt. While spending more than you make is usually unsustainable, sustainability depends on your income, expenses and other personal circumstances. A recent article on[...]
When it comes to choosing between credit cards and charge cards, it can be confusing to determine the difference and which one is the best type of card for you. According to the Federal Reserve Bank of Boston, in 2014, the average American card holder had four types of credit cards. The data shows these include 2.4 general purpose credit[...]
A recent report from Equifax shows that consumer borrowing is increasing, with the total credit balances for Americans hitting its highest level in more than five years in November 2014. In addition, non-mortgage and home-finance write-offs were at their second lowest level in eight years. According to the Equifax National Consumer Credit Trends Report, consumers had a total of $3.1 trillion in[...]
Paying off debt can seem like a monumental task that may never be complete. However, getting out of debt is possible with a little bit of discipline and financial skill. By spending less money than you make and following the five steps outlined in the Equifax Finance Blog’s recent article, “ Ask Ilyce: What Are the Best Ways to Pay Down[...]
Many Atlantans who are saving for retirement but have credit card debt may consider using those retirement savings to pay off the high-interest debt. According to data from the Federal Reserve, the average American household has $15,480 worth of debt, while more than 77 million Americans have debt in collections. With such a staggering amount of people in debt, it’s no[...]
If you’re planning to purchase a home in the future, a good credit score is key to obtaining financing and favorable lending terms. Learn from the credit experts at Equifax some of the common credit habits to stay away from for a good credit score in the recent Equifax Finance blog article, “ Five Credit Habits to Avoid." Charging too much on[...]
If you aren’t paying your credit card balances in full each month, you probably see your interest charges on your credit card statement each month, but do you know how those are calculated? When you are building your credit score for a mortgage for your next home, this information is key. The Equifax Finance blog explains credit card interest calculations[...]