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Are you familiar with the average credit card debt in the United States? Depending on who you ask, the figures are staggering: some studies suggest a figure of up to $9,000 per person. It’s hard to arrive at a single accurate answer to this question — but actually, it doesn’t really matter that much. What does matter is that any significant credit card debt is too much to carry.

What’s the Problem with Credit Card Debt?

Sure, any debt is problematic, but it’s simply a fact of life in modern America. Most people have mortgages for hundreds of thousands of dollars, so why does another five or six thousand dollars in credit card debt make a difference?

Actually, credit card debt is problematic for a number of reasons.

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The number of Americans paying credit card bills late has declined, report shows

It appears that consumers are putting themselves in a slightly better financial position, according to a new report that reveals credit card late – stage delinquency rates have declined for the fifth consecutive month. Delinquency rates are utilized by financial experts to measure future losses. The current declines recorded suggest that charge off rates may also decrease in the coming months.

“Seasonal factors are influencing the improvement in delinquencies and could benefit charge offs in the coming months,” Fitch Ratings managing director Michael Dean said. Read full article…

Debt counsellors have criticised a new baby teether that is shaped and marked like a credit card.

The plastic toy is stamped with mock credit card numbers, an expiry date and the name “Ima Spender”, the Daily Telegraph reported.

While the product is unlikely to prompt many newborns to compare credit cards just yet, social commentator Maggie Hamilton said the teether was “the ultimate symbol of materialism”.

She argued that children are being forced to grow into “mini-adults” much too quickly, with clever advertisers seeking to infiltrate their minds from six months of age.

The newspaper also quoted financial counsellor Garry Rothman, who suggested the toy trivialises the money problems being experienced by scores of families.

Penny Hartelt, who is selling the Baby’s First Credit Card Teether via her online gift shop littlegirlygadgets.com.au, defended the product as “just a bit of fun”.

The news comes after Sydney Morning Herald finance columnist John Kavanagh noted this week that many credit card issuers have been moving their interest rates up in “significantly steep steps” this year, with balances also growing accordingly.

Americans may seen lower prices and savings at retail chains when new interchange fees go into effect

As the hot debate surrounding interchange fees begins to wind down in Congress, it looks as though retailers are poised to win a victory. As the House and Senate reached a compromise on a bill that will essentially lower interchange, or “swipe fees,” for credit and debit card transactions, consumers may be wondering how the new legislation will affect their wallets.

Once the bill is signed into law, merchants will feel some financial relief as the interchange fees – costs that the retailers must pay credit card issuers and banks for each credit or debit transaction – will decline. Read full article…

Unfortunately, bad credit cards are no longer the only type of credit scam out there. Even though they’re the most prominent, there are more and more people willing to take advantage of anyone in need. Part of this probably stems from our struggling economy — more people are struggling financially, and more people need credit. Part also comes from the fact that we’re an increasingly credit based society.

Regardless of the reasons, though, it’s important that you recognize the signs of bad credit cards and credit scams before you get sucked in.

Warning Signs of Credit Scams

Here are some warning signs that you’re falling victim to a credit scam.

-They advise you to use an EIN to get a new credit card.

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