Mon09162019

Robins Global News & Noticias



  • Gaming Chair Review
    Gaming Chair Review
  • Writing Service Review
    Writing Service Review
  • Youtube Marketing Guide
    Youtube Marketing Guide
  • Slot Game Review
    Slot Game Review
  • Download TV Series
    Download TV Series
  • All Elite Wrestling
    All Elite Wrestling

RobinsPost News Network

+ Larger Font | + Smaller Font

Consumer Daily Reports

Consumer News: One in five consumers don’t know if they have credit card debt

PhotoAfter student loan debt, credit card debt is one of the main financial anchors holding consumers back, preventing them from getting ahead.

But a new survey conducted for U.S. News and World Report shows a lot of consumers are not only unaware of how much credit card debt they owe, they don’t even know if that debt exists.

A recent report from the Federal Reserve shows credit card debt in the U.S. surpassed the $1 trillion mark for the first time in 2018. Student loan debt is only slightly larger, at $1.4 trillion.

The disturbing results of the U.S. News survey show 21 percent of consumers don’t know if they are carrying a credit card balance and 30 percent said they don’t know how much interest they pay each month.

Nearly a quarter owe more than $10,000

The survey also found that of consumers who have credit card debt, 24 percent owe more than $10,001. While 37 percent have a balance on just one credit card; 12 percent are running tabs on five or more credit cards.

If you recognize yourself among those statistics, Beverly Harzog, best-selling author, credit card expert and consumer finance analyst at U.S. News, says it’s no cause for shame. Most of us have been there at one time or another.

"When I was young, I fell into a sea of credit card debt because I was uneducated about personal finance and unaware of the high interest rates associated with credit cards," she said.

Paying down a balance might not be as daunting as it might seem. Harzog recommends tricks like transferring high interest credit card balances to a card giving you a year or more without paying interest.

Get a balance transfer card

"If you qualify, a balance transfer credit card can save you money and help you get back on track financially," she said.

As ConsumerAffairs has previously reported, a balance transfer card with a 0 percent interest rate allows you to quickly pay off a balance because the entire payment goes to pay down what’s owed. With a high-interest credit card, very little of the payment actually goes toward the debt.

The U.S. News survey uncovered some good news as well as bad news. It found that a majority of consumers -- 60 percent -- do not have any credit card debt. They pay off their balance in full each month.

But of consumers who are carrying a credit card balance, 13 percent said they have to struggle to make ends meet. Fifteen percent said their credit card debt limits their spending on other things.



Posted: 2019-06-11 12:49:13

Get Full News Story On Consumer Affairs


Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.


Print Friendly and PDF Share Embed


Related News Stories From The Web And More

Related Bing News

Consumer News: One in five consumers don’t know if they have credit card debt | Consumer Daily Reports | RobinsPost News Network - Newscast

Singletary: Don’t fall for credit card cash-back rewards

Wed, 11 Sep 2019 06:02:00 GMT

And need I remind you that the cash back feature is a fool’s errand if you don’t pay your credit card off every month? According to the Federal Reserve in 2016, half of families with credit card debt ...

Credit Card Debt In The U.S. Soars Higher

Tue, 10 Sep 2019 05:31:00 GMT

No baseball for me last night, and I really don't get ... Consumer Debt... It's crazy folks... But remember when the July Retail Sales were so strong, and I said that it was inflated with ...

Fox News Reporter Asks Bernie Sanders if He’s Going to Cancel All Credit Card Debt

Wed, 04 Sep 2019 10:51:00 GMT

On Wednesday, Steinhauser — who covers New Hampshire politics for Fox News — posted a seven-second clip of Sanders saying “I don’t believe we wipe out credit card debt, you know, you buy something, ...

Many Americans Would Sacrifice Having a Family To Avoid Credit Card Debt

Wed, 04 Sep 2019 02:39:00 GMT

Although they don’t always make the best choices when it comes to credit, many Americans are striving to ditch debt for good. Roughly 1 in 5 survey respondents ranked paying off credit card debt ...

Sanders draws a line on debt-forgiveness plans: He won’t cancel your credit card balance

Tue, 03 Sep 2019 13:56:00 GMT

“I don’t believe we wipe out credit card debt,” Sanders said. No candidate ... Sanders sat down for an interview in New Hampshire with Fox News and NHTalkRadio.com just a few days after he announced a ...

Related News Story Videos From Youtube

Credit card debt: A crisis that doesn't get enough credit


Related Videos On: Credit card debt: A crisis that doesn't get enough credit


Credit Card Debt Explained | KQED News


Related Videos On: Credit Card Debt Explained | KQED News


Credit card debt piles up post holidays


Related Videos On: Credit card debt piles up post holidays


Older Australians caught in a credit card debt trap | 7.30


Related Videos On: Older Australians caught in a credit card debt trap | 7.30


NEVER PAY COLLECTIONS! (Remove Collections From Credit Report)


Related Videos On: NEVER PAY COLLECTIONS! (Remove Collections From Credit Report)







Blow Us A Whistle

Comments (Whistles) Designed By Disqus




Company Information

Official Content Providers











PRIVACY POLICY

We recommend Firefox 3 (and above), Edge, and Chrome for dynamic performance.
© 2008-2019 RobinsPost (The Bird's Eye View Company) All rights are reserved.
RobinsPost provides links to news sites based on their RSS feeds.
All trademarks, copyrights, videos, photos and logos are owned by news sources.
News stories, videos and live streams are from trusted sources:
Bing News, Google News, Faroo News, NewsApi.org and YouTube Search Results.
ROBINSPOST Is Proudly Made In America.
Where Quality, Safety and Service Comes First.