A clearer picture, based on those studies, shows:

-that about 43% of American households spend more than they earn each year.

-that each household holds an average of $8,000 in credit card debt.

-the personal bankruptcy filing has doubled in the past decade.

-the number of consumers enrolling in credit card debt relief programs has increased.

And although those figures are only considered as a trend and not a conclusion, it certainly says a lot about the United States economy in the 21st century. Credit card debts are considered “revolving debts” and in the last 5 years, a 31% increase was seen, according to the Federal Reserve. Some credit this boom with an influx of capital from countries with budget surpluses, specifically China, while others point to the advent of the internet or an increasingly materialistic American consumer.

It would be amiss to leave out perhaps the main culprit of this increased reliance on credit – the credit card companies themselves. They are not only open to extending credit to those formerly they’d considered as “high risks” but they are actually quite aggressive in pursuing them. “High risks” are those consumers with bad or poor credit scores, who some credit card companies, notably HSBC and Capital One, target because they can charge higher interest.

What is a poor credit score and how to improve it

This is by no means the standard answer at it depends on the lender or creditor, what they think is a bad credit score, but generally, a score below 620 is consider poor. A score above 720 is considered excellent and the vast majority of consumers have scores between 660 and 720. The mean score is 680.

Your credit score is made up of five main parts: your payment history (35%), your amounts owed (30%), the length of your credit history (15%), new credit (10%), and the types of credit used (10%). This being the case, the fastest way to improve poor credit is to make on time payments and keep your balances low.

James Randolph is a guest blogger and debt professional for www.hamiltondebtrelief.com.

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Andrew Sentence and Martin Weale voted for an increase to 0.75%, while six of the remaining seven members voted for no change whatsoever. The final member, Adam Posen, voted for no change in the base rate but a £50 billion increase in the asset purchase programme (more commonly known as ‘quantitative easing’).

The votes will add further to speculation that the Bank of England could increase its base rate sooner than previously expected, especially after it was confirmed that inflation reached 3.7% in December – almost double the 2% target.

Economic theory dictates that when inflation is high, the base rate can be increased to encourage higher levels of saving (as interest rates on savings are influenced by the base rate). This in turn can lead to lower spending levels, which subsequently forces down consumer prices and ‘corrects’ inflation.

However, the Bank is reluctant to raise rates while consumer lending and house prices remain relatively low, partly because of the negative impact a base rate rise could have in these areas – and on the wider economy.

But there would be some other advantages to increasing the base rate. Interest rates on savings and bank accounts would rise, which would be good news for the many savers who have been unable to get good returns on their deposits since the base rate dropped to 0.5%.

Thisismoney.co.uk says the general consensus amongst economists is that the last quarter of this year could see a base rate rise, but there could be a ‘token’ increase before then. It’s possible that the latest developments could encourage them to make a more significant move before the final quarter.

More information on how the base rate could affect your finances can be found at http://www.thinkmoney.com/mortgage/remortgage/what-is-going-to-happen-to-the-base-rate-and-how-will-it-affect-remortgages-0-3059.htm.

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• Hypercom T7 Plus credit card terminal
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Hypercom T7 Plus Credit Card Terminal

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Product Description
Keep all of your race-day cash and credit cards safe with this Kyle Busch sterling silver and black leather credit card holder/money clip from LogoArt®. It has slots for credit cards, a magnetic money clip, and a sterling silver car number emblem on the front.

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Product Description
Topics Covered:
A Problem Called ‘Credit Card Debt’
Stop Paying the Minimum
How to Play the Balance Transfer Game Successfully
College Student Credit Card Debt
Getting Out of Credit Card Debt
Don’t Save When You Have Debt
Credit Card Debt Management
Credit Card Debt Reduction
Negotiating Your Debts
Credit Card Debt Settlement
Taking Steps towards Credit Card Debt Elimination
Getting a Run for Your Money: How to Consolidate Your Debt
Consolidate Credit Card Debt
The Benefits of Credit Card Debt Consolidation
Should I Get a Consolidation Loan?
Is Consolidating Credit Card Debt a Good Option?
Bad Debt Credit Card: What is It?
Always Avoid Payment Holidays
Low Interest Credit Cards
Excessive Credit Card Debt Examined

Get Out of Debt Now: Don’t be Held Hostage By Your Credit Card

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