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With the economy still down, many Americans are wary of the charge-now, pay-later mentality of years past. However, an increase in credit card debt may help the economy. According to a recent article on USAToday.com, the ratio of non-mortgage consumer debt to disposable income is at a 15-year low of 20.7 percent. What does this mean for average person? It means that even though 70 percent of the economy is tied to consumer spending, people are still reluctant to spend money they might not have.

Several factors such as falling home prices and high gas prices may be working together to create this shift from splurging to saving. Another reason may be a shift in the culture. Americans today are being more selective with purchases, using credit cards but avoiding accumulating balances.

However, this doesn’t mean that using a credit card is a bad thing. In fact, charging items to your credit card and making the required minimum payment each month can help your 3 credit scores. It

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Many of you like the questions and answers on this blog. I just found another one from Mimi who asks

I graduated college in May. Today I got a call from my credit card issuer (Discover) saying I need to update my information. I told them that I graduated but all my other information was still the same (income, etc) since I only graduated approx 2 months ago.Will Discover upgrade the account to a regular credit card, close the account all together or just leave everything the same? What do you think?? Please dont tell me to call and ask I want your opinions or personal experiences. Easy 10 points!Thanks so much guys!

Answer: If your account is in good standing, they will continue the card under the same terms.

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Now that Discover has ended its no fee balance transfer promotion, you may be wondering if there are any other alternatives out there.

In short, the answer is an unfortunate “no.”

That’s right; no other credit card issuers are brave enough to offer a no fee balance transfer credit card at the moment, perhaps still spooked from the credit crisis that appears to be nearing its end.

Even pre-credit crisis, I don’t think Chase offered a no fee balance transfer; only Citi seemed to take that plunge.

So why is this post titled, “Chase No Fee Balance Transfer?”

Well, you may have noticed the “?” in the title. It’s there beca

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Learn about the biggest factors that can hurt your credit score, from declaring bankruptcy and foreclosure to missing credit card payments and blowing off your bills entirely.

Click on the image to enlarge and use the embed code below to post to your blog!

The current economic status has severed many people’s credit ratings.  This translates to difficulty in acquiring things that they deserve such as automobiles. The fact that getting bad credit auto loan financing is a tussle to many people cannot be overlooked.  A viable source to locate a loan for those people that are credit challenged is the internet.  The internet will give a researcher a pool of ideas to choose from and make their own judgment with regard to auto financing loan rates and institutes.

It is imperative to know one’s limitations and their fears.  Before anyone initiates the task of seeking an auto loan, he or she has to do critical analysis of their credit score. This helps in categorizing one’s self according to the credit scores arena and thus having stronger background information when seeking to get auto loan financing.  Knowing your credit scorer can help to reduce the chances of being isled or charged exorbitant rates that do not apply to that credit situation.

A factor that needs significant consideration is the borrower’s income. Monthly inco

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There really aren’t any cheerful numbers out there regarding student loans. In fact, they’re all pretty depressing. Consider: Student loan debt now exceeds credit card debt in the U.S., according to recent Federal Reserve numbers. Roughly two-thirds of college students are borrowing cash, graduating with an average debt of about $24,000, according to the Project on Student Debt. And nearly two out of five student loan borrowers fell behind on payments at some point in the first five years of repayment, according to the Institute for Higher Education Policy.

“A lot of families sign whatever piece of paper is put in front of them, thinking they’ll just figure out how to pay it back,” says Mark Kantrowitz, publisher of FinAid.org and FastWeb.com. “They’re often surprised by the interest rates when they graduate.”

But don’t worry. Student loans are “good” debt, right?

Not necessarily. Students and their pa

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