Credit card and loan delinquencies are on the rise, reports the American Bankers Association. Existing mortgage woes, a shaky job market, and rocketing gas and food prices may be to blame, but falling behind on credit card payments is bad, bad news for all of us. Even those who with spotless payment records may begin to see interest rates creep up and credit limits shrink as banks adjust their credit card products to reduce risk. If you fear you may soon have trouble making credit card payments – or have already fallen behind, here’s what to do. Continued

Struggling with credit card debt? Low-rate balance transfers can save you wasted cash. But before you transfer a balance, double check to be sure moving your balance won’t do more harm than good. Continued

“Weekend Inspiration” by muha….

Vacations, whether on a local beach or exotic foreign city, are important rewards. Getaways both motivate and rejuvenate, and after a year of hard work, we deserve it.

Unfortunately, what we deserve and what we can afford can be two entirely different things. Here are six ways to save on your next vacation, so you don’t have to say: “I’ll have another Mai Tai and $623.94 in finance charges please.” Continued

Debt management (also called credit counseling) is a booming industry these days as more and more consumers drown in credit card debt. With ads promising easy debt relief, these programs are tempting to anybody struggling to stay on top of debt. But are they legit? Will they help you or hurt you? Here are 10 things you need to know before working with a debt management agency—both pitfalls to watch out for, but also benefits you can expect. Continued

I turned 27 this year, and my mailman started delivering more wedding invitations than bills. It sounds lovely, except that those damned lacy invites end up costing more than the bills! My opinions of showers and gift registries aside, all this nuptial nonsense got me thinking: Is it safe to get married when one partner, or both, has a lot of debt? Continued

Are you broke? Have you been broke in the last year? If so, here’s a simple tip anybody can do to start building financial security. Do this and, at the very least, you won’t be broke again. It can also psych you up to save more, spend less, and get rich. This tip is so simple you will probably laugh, but it works. Trust me! Continued

Jeff writes: I’m about $5500 in credit card debt that I want to get out of before I go back to school in August. I’m thinking of taking up these offers for low interest rates on balance transfers I get in the mail from new cards. Is it worth the hassle? Will it adversely affect my credit rating? Can I know my credit limit before I apply so that I can see whether or not I can transfer a substantial amount?

Hi Jeff,

Thanks for reading, and thanks for your question. Congrats on deciding to get out of that debt so soon…I wish you all the best in getting it done.

I don’t know the interest rates you’re currently paying, but I’m going to guess the average is around 14.9% — maybe more. Since you have 6 months before school, that means it will take six monthly payments of $958. That’s a big chunk of cash each month, but if you can do it, getting debt-free is the best way you can possibly use that money. Now onto your question: Will a 0% balance transfer offer or two help? Continued

Even as the prime interest rate tumbles, Business Week reports that Bank of America is jacking up its credit card interest rates. Bank of America recently notified millions of credit card customers that their interest rates would be going up –to as high as 28% – for no apparent reason. If you carry a Bank of America credit card, it might be high time to find a new credit card.

Credit card companies are notorious for finding any excuse to raise customer interest rates – even customers who pay on time, if their overall credit score declines for any reason. But this time, Bank of America doesn’t even have one of those reasons. Apparently they just need the money.

This letter from Bank of America (.pdf) to an anonymous Visa card holder (thankfully not me!) explains how their interest rate is being raised to 28%. Yes, 28%. Continued

Creditors have a secret they will do anything to protect. This secret — kept in Manhattan penthouses by old cigar-smoking white men — makes banks filthy, filthy rich. This secret allows the rich to rob from the poor. Despite its limitless power, the secret is hidden in plain sight. You may know the secret already; though you may not know just how rich it is making your creditors (and how poor it is making you).

It is also easy to forget the secret, or to dismiss it. You may have learned it along time ago, vowed to take action and then, months later, forgotten all about your resolve to stop your creditors from using the secret against you. So what is the secret? Continued

Next time you want to buy something and you can’t pay cash, ask yourself: “Can I pay for this in full within three years?” I call it the three year rule, and if follow it, you will never find yourself overburdened by debt. Continued