The Federal Reserve announced that for the first time since August 2008, just two months before the "official crash" of the United States economy, revolving debt on credit cards increased. The Fed believes this was largely due to increased spending during December for the holiday season.
Whatever the reason, this is not a good sign for people who carry balances on their credit cards every month. With the average hosuehold credit card balance around $9,000 (and that is with many people foregoing their credit cards over the last two years), increased card use is not going to solve the problem.
Whether people think that the economy is getting better or they are simply tired of not buying, one wonders if this news is just the beginning of a trend which will send many American consumers even deeper into debt.
It's time to change the way we think about spending and especially about credit card debt.
Get my new book "Master The Card: Say Goodbye to Credit Card Debt...Forever!"
For more information, go to www.joeparetta.com and click the "Purchase Book" link.
Wednesday, February 9, 2011
Monday, February 7, 2011
My Interview With The Debt Free Divas
Last Thursday (February 4), I was the guest on an internet radio show called "The Debt Free Divas." Toni and Jill (The Debt Free Divas) and I spoke about my new book, "Master The Card: Say Goodbye to Credit Card Debt...Forever"
We focused on the time in my life when I had several thousands of dollars of credit card debt, what made me start to take inventory of my financial life, and how I climbed out of debt, little by little.
We also spoke about how great life becomes when one no longer has the albatross of credit card debt "around our necks" and weighing us down. We talked about many of the dreams that we can pursue when debt is out of the picture.
Without giving away more of the interview, I invite you to listen to the show.
The interview is archived at the Debt Free Divas website. Click on the link here - www.blogtalkradio.com/debtfreedivas
Listen to the Debt Free Divas every Thursday at 11:30am Central and 12:30pm Eastern time.
Lastly, visit my website at www.joeparetta.com for information on purchasing the book and to see all the services offered.
We focused on the time in my life when I had several thousands of dollars of credit card debt, what made me start to take inventory of my financial life, and how I climbed out of debt, little by little.
We also spoke about how great life becomes when one no longer has the albatross of credit card debt "around our necks" and weighing us down. We talked about many of the dreams that we can pursue when debt is out of the picture.
Without giving away more of the interview, I invite you to listen to the show.
The interview is archived at the Debt Free Divas website. Click on the link here - www.blogtalkradio.com/debtfreedivas
Listen to the Debt Free Divas every Thursday at 11:30am Central and 12:30pm Eastern time.
Lastly, visit my website at www.joeparetta.com for information on purchasing the book and to see all the services offered.
Thursday, December 30, 2010
"Master The Card: Say Goodbye to Credit Card Debt...Forever!" is Now Available!
Balboa Press recently published my new book, "Master The Card: Say Goodbye to Credit Card Debt...Forever!"
Go to any of the following websites to purchase:
www.balboapress.com
www.amazon.com
www.barnesandnoble.com
www.borders.com
Go to any of the following websites to purchase:
www.balboapress.com
www.amazon.com
www.barnesandnoble.com
www.borders.com
Tuesday, December 7, 2010
Received Copy of My Book From The Publisher!
Today, Balboa Press sent me a paperback copy of my new book, "Master The Card: Say Goodbye To Credit Card Debt...Forever!"
IT LOOKS GREAT!!
IT LOOKS GREAT!!
Thursday, August 26, 2010
Americans Are Paying Down Their Credit Card Debt!
At least for now. And that's a good thing. With so many people unemployed or underemployed, it can be hard to "find" money to reduce debt. But many people are realizing that they must stay away from their credit cards during these tough economic times.
TransUnion states that during the second quarter of 2010, Americans reduced their average credit card debt to $4,951, which TU says is "down 13.4%" from the first quarter. TransUnion also states that delinquencies are down, too.
Something to think about: The economy will turn around at some point. When? We don't know. However, when that time comes, we should maintain the good habits regarding credit cards that we are now establishing during these recessionary times.
My book will focus on some of these practices and mindsets. I will keep you posted regarding its publication date. Stay Tuned!!
TransUnion states that during the second quarter of 2010, Americans reduced their average credit card debt to $4,951, which TU says is "down 13.4%" from the first quarter. TransUnion also states that delinquencies are down, too.
Something to think about: The economy will turn around at some point. When? We don't know. However, when that time comes, we should maintain the good habits regarding credit cards that we are now establishing during these recessionary times.
My book will focus on some of these practices and mindsets. I will keep you posted regarding its publication date. Stay Tuned!!
Friday, July 23, 2010
New Book is Coming!!
I am very excited to announce that my first book will be published very soon! It will incorporate much of what has been addressed in this blog....and more!
Stay tuned for more details!
Stay tuned for more details!
Thursday, March 18, 2010
Bank of America Gets Rid of Its Overdraft Fees on Debit Cards
Some days ago, in an attempt at improving its relationship with the general public, Bank of America announced it will stop charging overdraft fees on purchases made with it debit card. This will be effective beginning this summer. Bank of America and all other banks will now need to get customer permission to before providing overdraft protection on purchases made with debit cards and on all A.T.M. withdrawals, thanks largely to the new federal CARD Act legislation.
Over the years, banks thrived on these overdraft fees. According to an article in the "New York Times," "Debit purchases account for roughly 60 percent of overdrafts at Bank of America, the nation's largest issuer of debit cards." The article also states that other banks will probably follow suit.
The article continues that "93 percent of the fees are generated by just 14 percent of the customers who exceed their balances (on their debit cards) five times or more a year."
As I've stated within this blog, on other sites, and to my audiences, there is no substitute for personal responsibility. While the banks have taken advantage of the consumers, they've done so largely because we'v allowed them to do so. The banks "play on" our ignorance and laziness and so many of us just act like victims.
Yes, the new federal regulations should empower the public, but this is no time to get complacent. In fact, it is time to learn all we can about our rights and responsibilities as consumers. REMEMBER - the banks work for us; we should not work for them.
Over the years, banks thrived on these overdraft fees. According to an article in the "New York Times," "Debit purchases account for roughly 60 percent of overdrafts at Bank of America, the nation's largest issuer of debit cards." The article also states that other banks will probably follow suit.
The article continues that "93 percent of the fees are generated by just 14 percent of the customers who exceed their balances (on their debit cards) five times or more a year."
As I've stated within this blog, on other sites, and to my audiences, there is no substitute for personal responsibility. While the banks have taken advantage of the consumers, they've done so largely because we'v allowed them to do so. The banks "play on" our ignorance and laziness and so many of us just act like victims.
Yes, the new federal regulations should empower the public, but this is no time to get complacent. In fact, it is time to learn all we can about our rights and responsibilities as consumers. REMEMBER - the banks work for us; we should not work for them.
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