Credit, Noted

Over 8 Million Users Stopped Using Credit Cards In 2010

According to a recent press release from credit bureau TransUnion – TransUnion’s analysis estimates that more than eight million consumers stopped actively using bank-issued, general purpose credit cards over the past year. This deleveraging is believed to be due in part to charge-offs in the higher risk segments of the population, more conservative spending in the low-risk segments, and significant efforts by consumers across the board to maintain the health of their credit card relationships as a financial cushion. Based upon income levels estimated by TransUnion’s income estimation model, consumers with higher incomes were just as likely as consumers with lower incomes to suspend their use of this payment option. (Emphasis mine. -NCN) It’s interesting to note that the decrease…

Continue Reading
Basics, Credit, Debt Reduction

How To Eliminate Credit Card Debt

1.  Create a list of your credit cards. Include account balances, interest rates, due dates, and minimum monthly payments. 2.  Make minimum payments to all credit cards, on time. 3.  Make an additional payment to one of the cards on your list. If you make an extra payment to the account with the smallest balance, you can quickly eliminate an entire card balance from your plan.  This may provide a much-needed emotional boost and keep you motivated. If you make an extra payment to the account with the highest interest rate, you guarantee that you will be paying the least possible amount of interest.  This is a mathematically-sound approach. 4.  Continue to make minimum payments and the extra payment until…

Continue Reading
Credit, NCN News

No Longer Focusing On Credit Cards

It’s been several days since I last posted an article here at No Credit Needed.  I could easily blame my life, which has been hectic and filled with much to do, but I won’t.  I could also blame writer’s block, but I don’t have it.  Instead, just like every other article I’ve ever written, I’m going to be honest.  I haven’t written an article because I can’t get over a self-created (is that a phrase?) issue with the direction of No Credit Needed.  I’ll try to explain. Way back, more than four years ago now, when I started this site, I had one goal.  I wanted to be debt free.  Well, it “only” took me ten months to get out…

Continue Reading