Latest Credit card debt News

FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. If you’ve been denied COVID-19 assistance for your credit cards or offered terms that are not sustainable, credit counseling may get your finances on track. (AP Photo/Jenny Kane, File)

Is credit card relief little help? Check out debt management

Sep. 23, 2020 7:43 AM EDT

As cardholders experience financial difficulties due to COVID-19, some credit card issuers are promoting their hardship programs. Once a well-kept secret, these programs are now more prominently advertised, offering things like deferred payments and lower interest rates. But not all cardholders will qualify or...

FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. In the current economic crisis, some consumers will seek debt relief when their obligations become overwhelming. If the Great Recession is any indicator, that means more consumers will turn to debt settlement, a risky debt relief option, rather than credit counseling, which keeps them in good standing with creditors.  (AP Photo/Jenny Kane, File)

Millennial Money: When debt relief does more harm than good

Sep. 1, 2020 8:48 AM EDT

In a crisis, long-term planning may lose out to quick and dirty solutions — regardless of the consequences. As the pandemic and its economic fallout continues, more cash-strapped consumers could fall into this trap if the Great Recession is any indicator. A recent report by the Consumer Financial...

FILE - In this July 3, 2020, file photo, a woman watches the sunset from a park in Kansas City, Mo. 2020 is barely halfway over.  The Great Recession inspired many money lessons that are relevant for the current coronavirus-related economic downturn. If you’re feeling financially squeezed by the pandemic, explore actions that experts have suggested and taken to overcome obstacles in the previous financial crisis.  (AP Photo/Charlie Riedel, File)

Millennial Money: 6 Great Recession lessons that still apply

Aug. 25, 2020 7:57 AM EDT

The Great Recession demolished jobs across the U.S., and it eventually came for mine, too. After graduating in 2009, I worked four months as an entry-level executive assistant at a nonprofit before being laid off. I had limited financial knowledge, a short work history and a lot to prove to break into the field...

FILE - In this Feb. 20, 2019, file photo,  credit cards are displayed in Zelienople, Pa. U.S. consumer borrowing rose in June after three months of declines but the key category of credit card debt extended its decline. (AP Photo/Keith Srakocic, File)

US consumer borrowing up in June after 3 months of declines

Aug. 7, 2020 6:06 PM EDT

WASHINGTON (AP) — The pandemic still has Americans easing off the plastic. U.S. consumer borrowing rose in June after three months of declines but the key category of credit card debt extended its decline. The Federal Reserve reported Friday that overall consumer borrowing rose by 2.6%, or $8.95 billion,...

FILE - This undated file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. Your credit score won’t suffer if you have a lot of credit cards and generous credit limits, though many people think that’s the case.  (NerdWallet via AP, File)

Liz Weston: Can you have too much credit?

Aug. 3, 2020 10:28 AM EDT

People who care about their credit scores tend to obsess about some things they probably shouldn’t, such as the possibility they might have too much credit. Let’s bust that myth right upfront: The leading credit scoring formulas, FICO and VantageScore, don’t punish people for having too many...