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A new report finds that for the third straight month credit card charge offs have fallen, which might be good news for Americans looking to get out of debt.

According to the June credit card report from credit-rating agency Moody’s, credit card charge offs – those debts credit card companies deem as uncollectable – fell to 10.28 percent for the month, 43 percentage points below May’s number.

In addition, the report found that the credit card delinquency rate – the percentage of accounts that are at least three months overdue – fell for the eighth consecutive month to 5.08 percent. Read full article…

Oh my gosh, I’m so excited I could just go and flip a table.

My blog titled “‘Real Housewives of New Jersey’ credit card tales of trouble” about the broke but fabulous RHNJ co-star Teresa Giudice was included in the Carnival of Personal Finance hosted by Beating Broke.

Teresa and her husband are dealing with some nasty credit card debt right now. They’ve filed for bankruptcy but potentially face more legal troubles for allegedly concealing assets and lying under oath. Check out the carnival to get more information on this and a plethora of other finance-related topics.

Millions of people are expected to build up credit card debts this summer as they set off on holiday, it has been claimed.

Research by Bright Grey has shown that 32 per cent of British adults will add to their credit card debts as a result of booking their summer getaways .

Furthermore, 58 per cent of these people will be unable to pay off their credit card debts immediately, meaning they could incur large interest charges.

Roger Edwards, proposition director at Bright Grey, said: “Getting away on holiday can be a high point of the year for many people, however with one in three borrowing to pay for their getaway, it is important to make sure they don’t end up with a financial holiday hangover on their return.

“Planning ahead for the future financially can help avoid using expensive emergency measures to cover them for the short-term and also mean that everyone can enjoy the sun without the grey cloud of debt hanging over their heads.”

Using a credit card zero per cent interest on purchases for a number of months could help to keep down the costs of paying off debts. Read full article…

Anyone who has watched television, particularly during weekday hours, or who has taken public transportation, is familiar with the advertisements of for-profit colleges. The University of Phoenix – most of its students are actually online – ITT Technical Institute, DeVry University and others offer salvation to the unemployed or frustrated, those trying to get out of debt and those trying to change careers. Some former students, journalists and advocates, though, say that some of the colleges treat students as cash machines, saddling them with expensive loans and failing to deliver on their educational promises. Read full article…

Australia’s banks and financial institutions charge high “exception” fees and mortgage exits fees “simply because they can”, it has been argued.

John Collett, a finance columnist for the Sydney Morning Herald, noted that since the onset of the global financial crisis there has been “a massive transfer of wealth from consumers to the banks” that has enabled them to charge the fee levels they want.

He observed that the banks’ claim that rising fees are necessary to recover higher funding costs will soon be tested in a huge class action to recover exception fees on overdrawn accounts and credit cards.

Mr Collet said the banks had already been undermined in their attempts to use the same defence when raising home loan rates above the official cash rate.

“The Reserve Bank put paid to that argument in its March bulletin when it said that for the major banks, the increases in lending rates had more than fully offset their higher funding costs,” he added.

Mr Collett’s comments may encourage more consumers to compare credit cards ahead of the class action findings. This Read full article…