Consumers Paying Off Credit Card Debt Faster

by Mike Bevel, CollectionIndustry.com

When Ed Hynes writes for The Wilton Villager that consumers are paying off more of their credit card debt on time ? he forgot to interview this reporter, who thinks of his credit card debt as one of his longer-term relationships (8 blissful years next June ? wish us luck for the future!) and would feel abandoned without the monthly call from some helpful someone reminding me that the money I think of as mine is really Chase?s.

Ah, romance.

To help (most other) Americans (who aren?t me) pay down the staggering heaps of debt, credit card companies are complying with new laws that require them to raise the minimum payment amount, ensuring that more cash goes to the actual debt, and not just those delicious finance charges.

Additionally, it seems as if more and more debt-ridden folks are consolidating their balances by using home equity lines of credit. Though, as this reporter found out, it?s helpful to actually, you know, own a house for this to work. (Financial Tip #354: Barbie?s Dream House can not count as a house you own. A helpful hint to remember this? It?s in the name: Barbie?s. And she?s not so interested in helping out fiscally since she thinks it just weirds-up the friendship.)