Latest Credit card debt News

FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. U.S. consumers reduced their borrowing for a third straight month in May 2020 as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. The Federal Reserve reported Wednesday, July 8, 2020 that consumer borrowing declined by $18.3 billion in May, a drop of 5.3%.  (AP Photo/Jenny Kane, File)

US consumers reduced their borrowing by $18.3 billion in May

Jul. 8, 2020 4:46 PM EDT

WASHINGTON (AP) — U.S. consumers reduced their borrowing for a third straight month in May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. The Federal Reserve reported Wednesday that consumer borrowing declined by $18.3 billion in May, a drop...

FILE - In this July 18, 2012, file photo, credit card logos are seen on a downtown storefront as a pedestrian passes in Atlanta. The coronavirus pandemic has made financial security a higher priority than ever. If you’re in a stable position now, you can increase future flexibility by reducing credit card debt.  (AP Photo/David Goldman, File)

Make room on credit cards to add options in an emergency

Jun. 4, 2020 11:07 AM EDT

Maybe you’ve been working through credit card debt for a while now. Or maybe you racked it up recently as you prepared for the coronavirus lockdown. Regardless of how and when you got into debt, ridding yourself of this financial burden can free up cash and relieve at least one stressor in an exceptionally...

FILE - In this Aug. 11, 2019 file photo, U.S. currency and credit cards sit on a table at a restaurant in New Orleans.  Even if you have no plans to borrow money, good credit is important. It’s a safety net in a crisis and gives you options you would not have otherwise.   (AP Photo/Jenny Kane, File)

Why good credit matters — even if you don’t plan to borrow

May. 27, 2020 10:09 AM EDT

Even if you don’t plan to borrow a dime, a good credit record is valuable. Think of it like a household fire extinguisher: It’s smart to have a good one even though you have no plans to use it. And your credit can influence your life in ways beyond borrowing. Here’s why good credit is so...

FILE - In this May 7, 2020, file photo, a pedestrian walks by The Framing Gallery, closed due to the COVID-19 pandemic, in Grosse Pointe, Mich. If you’re one of the millions of Americans making less or receiving unemployment benefits because of the coronavirus pandemic, you’re probably working to recalibrate your finances. If you don’t have any savings, it’s smart to minimize debt payments for a month or two so you can gather cash to have on hand.   (AP Photo/Paul Sancya, File)

Millennial Money: Put off debt payments to start saving now

May. 19, 2020 8:57 AM EDT

It’s our new normal: Tens of millions of Americans are unemployed or on a reduced income. We’re social distancing and spending more time at home. But one thing hasn’t changed — debts still have due dates. If you’re among those who are out of work or earning less because of the...