Credit card debt
is one of the worst problems a person can have. Nowadays,
thousands of Americans are struggling with it and many believe
that it is irreparable. Debt just seems to put a damper on everything you do in your day to day
life, food doesn't taste the same, going out for dinner is a
struggle and even buying your kids a few gifts seems like a bit
too much. So, why not avoid getting into debt all together?
Holly Johnson from The Simple Dollar tells us that “Americans
continue to dig a deeper hole when it comes tocredit card
debt
. According to the Federal Reserve and other government
statistics, our penchant for indebtedness means that the average
household now owes $7,281 in credit card debt alone. But here’s
the thing – that average includes even those who carry no debt at
all. So when you take out the households and families that don’t
carry a balance on any of their credit cards, the Average
outstanding balance surges to $15,609.”
This is a very troubling statistic due to the fact that Americans
are burying themselves deeper in debt instead of learning from
their
mistakes.
To avoid these credit card debt mistakes, here is short list of
tips to avoid credit card debt:
1. Try not to
miss any payments
Missing payments
on your credit debt is a dangerous thing to do. Often times, the
first thing people ask when it comes to credit card debt and
missing payments iscan you go to jail for credit card
debt
? Erica Sandberg from Credit Cards dot com gives us a very
straightforward answer,
“If
you're worried about spending time behind bars for not paying your
credit card debt, know that there is no debtor's prison in the
United
States.
However, there are other legal repercussions of which you should
be aware. A creditor can sue you in a court of law, and if they
are granted a judgment, they may be able togarnish your wagesor take
nonexempt property and assets. Living debt free is within every
card holder's capability. The key is to always be aware of charging
and balances, and address credit problems
immediately.”
Even though you can't go to jail should you have debt problems it
is probable that you have big issues to worry about. Your
creditors have the power to sue you in order to seize assets or
garnish wages, so, in essence, these creditors have the power to
take your home and leave you out on the street.
2. Only
charge what you can afford to make payments on
Before you swipe
your card and spend more than you should, think about what you're
doing. Spending more than what you can afford to pay will set
yourself up for problems. Since knowing how much you can afford to
charge on your credit card is something completely subjective it
is important to do some research. Not everyone will have the same
budget, it all depends on how much you spend, your income, your
credit limit and any other credit card balances you may
have.
3. Limit your
number of credit cards
Knowing how many
credit cards you should have in order toavoid credit
debt
is something many people take too lightly. Most households in the
US have multiple credit cards that are used almost everyday.
Taking into account what was said in tip #1, having multiple
credit cards can be difficult to manage and complete payments on
time in hard
times.
Robinspost.com recently talked abouta troubling trend surging among debt
collectors
“The
Federal Trade Commission and a number of other law enforcement
agencies have taken action against 30 debt collectors accused of
deceptive and abusive tactics, including harassing phone calls and
false threats of litigation, arrest, and wage garnishment. Some of
the collectors are accused of knowingly attempting to collect
so-called phantom debts – phony debts that consumers do not
actually owe. Others failed to give consumers legally required
disclosures and notices, or to follow state and local licensing
requirements.”
The more credit cards you have under your name, the higher the
risk of something like this happening to you. It is simple, if you
only have 1-2 credit cards then it should be easier for you to
stay up to date with your credit card debt balances and
payments.
Make a
Budget
Making a budget is one of the most under appreciated aspects of
avoiding debt. When you have a budget, it gives you a clear
picture of what you should spend money on and what seems like
overkill. Making a budget is fairly easy, it takes a short amount
of time and the use of a
calculator.
Start off with your base income, and start subtracting the money
you're spending each month. If you end up with a negative number,
then you know you have to change something in order to save money.
The most important thing about finances is knowing that you cannot
spend more money than what you make. A budget will give you
straightforward answer to the question “where is my money
going?”.
At the end of the day, it's always better to avoid a problem if
you can. The worst thing you can possibly do is ignore the
situation and hope it goes away. This is a serious issue because
you are doing nothing to improve your credit card debt situation.
Notavoiding
credit card
debt
and simply making the minimum payments will not get you very far.
The majority of the cash you pay goes towards the interest rates.
This means that your only providing your creditors with profit
instead of helping yourself out of the debt trap. So before you
decide to swipe that credit card be certain to refer to our these
helpful
tips.
Debt Relief
Options
When people find themselves in deep with their credit card debt
the usually do one of these things listed:
File Bankruptcy (Chapter 7 or Chapter 13)
Debt management program
Debt settlement / Debt negotiation
Take out a Personal Loan
Do Nothing
All but the last are viable options for debt relief. The important
thing to remember is that there is no “one size fits all” debt
relief option. Since every situation the right solution may vary,
thus it is imperative to act swiftly.
Wed, 30 Apr 2025 01:17:00 GMT So, if you carry a $1,000 balance on your credit card, you’ll be charged 0.055 percent interest the first day your balance passes your credit card grace period, which comes out to about 55 cents. The ...
Wed, 30 Apr 2025 01:00:00 GMT Credit card debt doesn’t disappear when someone dies, as issuers still want to recover their money, even after a cardholder’s death. On that account, let’s find out what happens to credit card debt ...
Tue, 29 Apr 2025 08:07:00 GMT Over 11% of Americans with accounts at the country’s largest banks only made the minimum payment on their credit card bill in the fourth quarter of 2024, a record since the Federal Reserve Bank of ...
The Middle East and North Africa face growing uncertainty amid shifting global geopolitics, trade tensions, and weakening international cooperation. These global developments, combined with regional challenges such as conflicts and political instability, pose significant risks to economic stability. How can policymakers manage immediate threats while strengthening resilience against future shocks?
Join us for an engaging discussion with a distinguished panel of experts as we explore these critical issues, highlighted in the IMF’s forthcoming Regional Economic Outlook: Middle East and Central Asia. This event is held in partnership with the Dubai International Financial Centre (DIFC).
Event details:
Date: Thursday 1 May 2025
Time: 11:15am – 12:15pm Dubai Time
Opening remarks:
Alya AlZarouni - Chief Operating Officer, DIFC Authority
Panellists:
Jihad Azour - Director, Middle East and Central Asia Department, IMF
Helima Croft - Head of Global Commodity Strategy & MENA Research, RBC Capital Markets
Ahmed Galal Ismail - CEO, Majid Al Futtaim Holding
Tarik Yousef - Director and Senior Fellow, Middle East Council on Global Affairs
Moderator:
Joumanna Bercetche - Anchor, Bloomberg Television
Published: 28th Apr 2025 07:54:29 By: IMF
IMF Video: New Economy Forum Workshop: AI and GovTech in Public Finance
Fiscal institutions in ministries of finance worldwide have been advancing the digital transformation of public finance, recognizing the potential of digital technologies to enhance their operations. Among these technologies, AI has sparked particular interest, with governments exploring its applications across various areas. Governments must grapple with both the potential of AI and the complexities of scaling its implementation effectively and responsibly.
At the same time, governments, especially in emerging and developing economies, face challenges that hinder progress in digitalizing fiscal operations, including outdated systems, limited interoperability, and difficulties to establish governance frameworks. This workshop comprises two panels to explore how governments are leveraging technologies and how the surge in AI interest has accelerated innovation and raised new expectations, including with AI use cases, setting up projects effectively, and approaching AI responsibly.
Global economic uncertainty has been on an upward trend over the past few decades, reflecting a confluence of factors, including growing geopolitical tensions, increasing political polarization, and the rising frequency of conflict, climate, and health-related shocks. Recent IMF research points to the large and adverse economic impacts of high uncertainty. Amid the recent surge in global uncertainty, what policy actions can help mitigate its impacts across economies in the Middle East and Central Asia? How can economic policymaking foster resilience?
Join us online for an engaging discussion with a distinguished panel of experts as we explore these critical issues.
Published: 26th Apr 2025 07:48:06 By: IMF
IMF Video: Press Briefing: Western Hemisphere Department, April 2025
From integrating next-generation technologies into curricula to addressing national perceptions of cultural issues, education is at a pivotal moment in ensuring that it adequately trains and teaches future generations.
In this town hall, leaders debate what success can look like for education globally.
This is the full audio from a session at the World Economic Forum's Annual Meeting on 22 January, 2025. Watch it here: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/debating-education/
Speakers:
Sian L. Beilock, President, Dartmouth
Michael Spence, President and Provost, University College London (UCL)
Lawrence H. Summers, Charles W. Eliot University Professor, Harvard Kennedy School of Government
Raquel Bernal, President, Universidad de los Andes
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Published: 30th Apr 2025 12:09:39 By: World Economic Forum
World Economic Forum Video: ‘Wild-to-wild’ Jaguar Release & The Origin of Microfinance | WEF | Top Stories Week
This week's top stories of the week include:
0:14 These horses help prevent wildfires —The region of Galicia has always been prone to wildfires. It’s also home to ‘las bestas’. Europe’s largest herd of wild horses. These animals are deeply embedded in the local culture. The bestas also play a crucial role in curbing Galicia’s wildfires.
2:31 How meditation can benefit workers — David Ko is the CEO of Calm, an app for meditation, sleep and stress management. It has been downloaded more than 175 million times worldwide. Meditation sounds like a big, weighty concept, Ko says but it doesn’t need to be.
6:21 Argentina's ‘wild-to-wild’ jaguar release — Mini is a 2-year-old jaguar born in the wild and the first ever to be ‘translocated’ or moved for conservation purposes. Mini was captured in late 2024 and she’s just been released in El Impenetrable National Park where rewilding experts hope to boost jaguar numbers and bridge the gap between scattered groups.
7:53 The origin of microfinance — In 1974 Muhammad Yunus was an economics lecturer at Chittagong University. Yunus set out to help those affected by poverty and famine. Today, the bank he founded provides micro-loans to 10.7 million people from more than 2,500 branches across Bangladesh.
_______________________________________________________________________
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Published: 26th Apr 2025 12:00:23 By: World Economic Forum
World Economic Forum Video: Platon has photographed the most powerful people in the world, he tells us what makes a real leader
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
World Economic Forum Website ► http://www.weforum.org/
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Published: 23rd Apr 2025 12:11:16 By: World Economic Forum
World Economic Forum Video: ‘I’ll show you a real leader’ - Platon, the photographer of power, on finding humanity in all of us
Platon has made over 20 Time magazine covers with his portraits of people like Donald Trump, Bill Clinton, Barack Obama, George Clooney, Silvio Berlusconi, Mohammed Ali, Adele and Sinead O'Connor. But he has also photographed people who are the opposite of famous and powerful - and recently published a book called The Defenders: Heroes of the Global Fight for Human Rights - which contains work done over 15 years around the world telling the stories of refugees and other oppressed people. He tells us what makes a true leader, and how the meaning of a photograph can change over time, and depending on who is looking at it.
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
World Economic Forum Website ► http://www.weforum.org/
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Platon's website: www.platonphoto.com
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#WorldEconomicForum
Published: 21st Apr 2025 02:00:23 By: World Economic Forum
World Economic Forum Video: 3 Economic Trends of 2025 & AI Triggers Copyright Concerns | WEF | Top Stories Week
This week's top stories of the week include:
0:14 3 economic trends of 2025 – What’s really driving the world economy? While news moves fast, long-term economic trends take months, even years to emerge. To find out what major issues will shape the world’s economic future, we sat down with 5 Chief Economists.
9:29 How microplastics harm plant growth – Tiny pieces of plastic can reduce photosynthesis by up to 18%, says a new report. Reduced photosynthesis can hamper crops’ ability to grow and flourish and it could put 400 million more people at risk of starvation in the next 25 years, say the study’s authors, by reducing yields of staple crops and seafood.
11:06 Climate change may reduce wealth – A new study from scientists at the University of New South Wales, Australia established economic forecast models but factored in climate change data to predict the hit on global supply chains. Even a 2°C temperature rise would have a huge effect on the average person’s wealth. Knocking 16% off the average global GDP per person, much higher than previous forecasts which pegged the impact at just 1.4%.
12:39 AI triggers copyright concerns – GenAI models are evolving into sophisticated ‘style engines’. Copyright law protects expression, not ideas, it doesn’t extend to styles – whether ‘expressionism’, ‘dada’ or ‘disco’. This loophole allows for inspiration and artistic freedom. But when a style is as distinctive as Studio Ghibli’s, it gets more complicated, because replicating it could threaten their income and artistic legacy.
_______________________________________________________________________
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
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Published: 17th Apr 2025 05:19:04 By: World Economic Forum
Reuters Video: Market Talk: US economy is in decline but not a recession | REUTERS
Mabrouk Chetouane from Natixis Investment Managers told Reuters that he doesn't believe the world's largest economy is heading for a recession but the figure will point to a slowdown.
#News #markets #business #Reuters #Newsfeed
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Published: 30th Apr 2025 11:43:21 By: Reuters
Reuters Video: VW says trade tensions to hit profits, Mercedes pulls guidance | REUTERS
Volkswagen said it expects profit margins this year towards the bottom end of its forecast, while Mercedes-Benz pulled its earnings guidance for 2025 amid uncertainty over the impact of Donald Trump's tariffs on car imports
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Samsung has dropped its earnings outlook for the coming months, saying US tariffs could cut demand for products like smartphones, and that it expected its key semiconductor business to face greater uncertainty
#samsung #business #tech #News #Reuters #Newsfeed
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Published: 30th Apr 2025 11:24:08 By: Reuters
Reuters Video: Zuckerberg, Nadella discuss AI's increasing role in their code | REUTERS
At LlamaCon 2025, Meta's first-ever AI developer conference, CEO Mark Zuckerberg and Microsoft Chairman & CEO Satya Nadella discussed the future of AI development, emphasizing the increasing role of AI in software creation
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Published: 30th Apr 2025 09:30:08 By: Reuters
Reuters Video: Meta launches new AI assistant, tool for developers | REUTERS
Meta Platforms announced a new standalone AI assistant and an application programming interface in a bid to woo businesses to more easily build AI products using its Llama artificial-intelligence models
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Published: 30th Apr 2025 08:56:14 By: Reuters
Business Video: Erin Burnett on Trump trying to hide tariff price hikes
President Donald Trump signed an executive order and a proclamation on Tuesday to ease auto tariffs, the latest abrupt shift in a rapidly changing tariff policy that has left businesses scrambling to keep up. The 25% tariff on imported cars will continue, and a new 25% tariff on auto parts will go into effect this weekend, as previously announced. But there’s some new fine print. #CNN #News
Published: 29th Apr 2025 10:45:06 By: CNN
Business Video: Kevin Hassett: Suppliers bear the tariff, not US consumer
CNN's Kasie Hunt and White House National Economic Council Director Kevin Hassett discuss auto tariffs, the ongoing trade war and Amazon's tariff charge.. #CNN #News
Published: 29th Apr 2025 09:49:34 By: CNN
Business Video: Trump complained to Bezos about Amazon tariff charge
The White House took aggressive aim at Amazon, with President Donald Trump putting in a call to Amazon founder Jeff Bezos Tuesday morning, after the company considered displaying the added cost of tariffs on certain items. Trump called Bezos to complain about reports that Amazon was considering displaying the cost of US tariffs next to prices for certain products on the company’s website, two senior White House officials told CNN. #CNN #News
Published: 29th Apr 2025 07:15:01 By: CNN
Business Video: Consumer confidence sinks to lowest level since May 2020
Americans continue to grow uneasy about the economy as President Donald Trump wages an erratic trade war that could send US inflation rising and even trigger a recession. Consumer confidence sank 7.9 points in April to a reading of 86, the Conference Board said in its latest survey released Tuesday. That’s the lowest level since May 2020 and a larger decline than economists had projected. #CNN #News
