Quick Credit Relief


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Quick Credit Relief

The content is accurate at the time of publication and is subject to change.
With the exception of Warren Buffet, Oprah, Bill Gates, and the rest of the world’s wealthiest people, we are all broke. According to the Federal Reserve Bank NY, since 2008, the overall household debt, including mortgages, car loans, student loans, and credit cards decreased by over $1 trillion. Following five years of borrowing and spending, and barely treading above the tumultuous waters of the Debt Sea — now, millions of American consumers are finally seeing some relief. Across the board, American consumers are changing their habits and are becoming more responsible for their finances and more concerned about their credit health. These changes in consumer behavior are proving beneficial for American consumers fighting debt in the form of student loans, car loans, mortgages, or other large personal or business expense. Consumers have changed their habits in a variety of ways. And you too can make a big difference in your wallet, by following a few simple steps. Get Shorter Loan Terms: The trend seems to be that homeowners are getting shorter mortgages. In the first quarter, 34% of refinancers paid off their 30-year loan and changed to a 15- or 20- year mortgage. "Consumers want to pay of their home down faster than ever before," a Credit-Land representative said. "Shorter-term loans are becoming more and more popular." People are eager to pay off their debt, and are no longer satisfied with their debt piling up uncontrollably. In the third quarter of 2008, the falling household debt went from $12.5 trillion to $11.4 trillion in the second quarter of this year, according to the Federal Reserve. Know Your Bank. It seems that another reason for the widespread debt reduction stems from tighter credit card standards applied by the bank. These new regulations make it extremely difficult for consumers with bad credit history to borrow money. As banks continue to give credit to established account holders, consumers with weak credit histories suffer. Save More:Another reason for debt reduction can be attributed to the fact that consumers are simply saving more. The American disposable income rate which measures how much Americans save was 5% in July of this month, which is quadruple what it was in 2005. All of this data shows a paradigm shift in the American consumer. Spend Less: Overall, there seems to be an increase in the consumers who have altered their spending habits in order to live within their means. The new fiscal trend may be that Americans begin stepping up to the plate and begin taking responsibility for their money. Analysts warn that this could only be a temporary trend and to not count our chickens before they hatch. Previous economic downturns have not had a lasting effect of America’s spending habits. “Research has shown that once consumers get out of economic turmoil they may go on shopping binges,” a Credit-Land representative said. “The longer that people practice these fiscally responsible tactics, the more engrained these practices will be.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!