Financial counselling can be a valuable tool for dealing with severe credit card debt, it has been argued.

Justine Davies, a finance author with a decade of financial-planning experience, suggested that when a family member gets into debt problems, it may be better to “outsource” the matter rather than simply jumping in to bail the person out.

“Family relationships especially between siblings are fraught enough without adding money into the mix,” she said in a piece for National Features, hosted on news.com.au.

Indeed, Ms Davies noted that obtaining a free copy of a credit file, doing research about the full ramifications of personal debt and consulting counsellors are all ways people can deal with their money troubles while still having the emotional support of family members.

Consumers concerned by their financial position can also choose to compare credit cards and other money products in search of better options. Read full article…

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…

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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Have you decided to pay off your credit card balances early? If so, you are like millions of other Americans looking to rid themselves of credit card debt. While it may have been harder to do in the pass it now looks many are using their monthly statements as incentives. As consumers start to get a better understanding of their credit card statements and the amounts they owe, surveys suggest that many are making the necessary moves to do something about it.

According to recent surveys from companies like National Foundation for Credit Counseling (NFCC) many cardholders have become more motivated to pay off that amount sooner than later. Many have decided that paying the minimum balance like they normally would have done is simply just not going to cut it.

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A single mother is taking National Australia Bank to court over claims it failed to offer her support in enquiring about her credit card debt.

The Consumer Law Action Law Centre has teamed up with a single mum and is suing National Australia Bank (NAB) over claims it didn’t help her in her efforts to assess her credit card debt.

Helen Hill, of Hampton Park, Victoria, has alleged that the bank failed to provide her with a credit card statement and a copy of her contract when she asked for it and was also imprudent in offer to increase her credit card limit.

The Sydney Morning Herald reports that the legal group is claiming that NAB increased her credit card limit on numerous occasions without carrying out any background checks to see if she could afford to pay her debts off.

“I have had three credit cards in the past five years. I

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