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    The Latest News In Adult Credit Card Use

    Last updated 6 months ago

    The use of credit cards tends to vary drastically from person to person. Some people use credit cards to pay for most of their daily expenses, while other people hesitate to charge any monthly expense to their credit card account. Here is a look at the latest trends in credit card use among adult Americans.

    Young adults ditching credit cards

    According to, since the recession, the number of young adults in America living without credit cards has doubled. In fact, by the end of 2012, approximately 16% of Americans between the ages of 18 and 29 didn’t own a single credit card. In 2007, this rate was only 8%. As could be expected, credit card debt among this age group has also declined by approximately a third. Many young Americans are shying away from credit card use after witnessing the financial struggles faced by their parents during the recession.

    Banks charging mobile fees

    Developing mobile app projects can cost between $1 million and $5 million. Many times, boards and executive committees of banks want to see some sort of financial return on this mobile app investment. Even though there are varying opinions within the banking industry on whether or not it is a good idea to charge for mobile banking services, some banks have already begun implementing these fees. For example, U.S. Bank began charging 50 cents for every mobile check deposit since 2010.

    College graduates worry about debt

    There are almost two million recent college graduates entering the working force or looking for a permanent, professional position. Unfortunately, a large number of these recent college graduates have the additional burden of carrying around student loan debt. As a result, recent college graduates are increasingly cautious of using credit cards and adding on to their current debt obligations.

    Since 1990, the bankruptcy attorneys of Cutler & Associates, Ltd. have provided legal service to people in the Chicagoland area. If you are considering filing for bankruptcy, give us a call at (847) 849-1834. We have seven convenient Chicagoland locations, including an office in Aurora and Schaumburg. 

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    Last updated 6 months ago

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    Credit Card Debt Affects All Income Levels

    Last updated 6 months ago

    According to, 55% of the country has a larger emergency fund than credit card debt level. However, nearly 24% of Americans claim to owe more credit card debt than they currently have in the bank. An additional 16% admit to having neither credit card debt nor savings.

    Even though credit card balances began to decline during the financial downturn of 2007, American consumers’ fundamental attitudes toward spending saw little change. According to, the average rate of American households saving fell from 5.4% in 2008 to 3.9% in 2012. Even though Americans may be carrying lower credit card balances, many Americans are also living with various forms of debt including mortgage and student loans. Interestingly, this is not limited to one particular socioeconomic status. estimates that approximately a quarter of all income levels currently have more credit card debt than money in their savings accounts.

    With more than 25 years handling consumer bankruptcy cases in the Chicagoland area, Cutler & Associates, Ltd. can help you understand whether you qualify for Chapter 7 or Chapter 13 bankruptcy petition. You can reach our Aurora or Schaumburg office by dialing (847) 868-2265. 

    How to Limit Credit Card Spending

    Last updated 6 months ago

    Having a credit card can help you prepare for emergencies, rent a car, or improve your credit score, but you shouldn’t use your credit card for every single purchase. One of the biggest mistakes you can make when you begin using a credit card is not tracking your spending habits and choosing to spend up to your monthly limit. Here are some tips to help you manage your everyday expenses without relying exclusively on your credit card.

    Save money for emergencies

    Unexpected repairs, costly medical bills, and other financial emergencies are a part of life. In these situations, it can be very helpful to have a credit card on hand. However, it’s a good idea to not become completely dependent on one financial tool to cover these unexpected costs. One way to prepare for these unexpected events is by saving up an emergency fund. Whenever you have some extra income, you can keep adding to this emergency financial pool.

    Keep your credit cards open

    Your credit history makes up a large portion of your credit report and credit score. If you cancel your credit cards, this action will erase the good credit you have established over the years. As a result, you may find it more difficult to qualify for a future mortgage, car loan, or even an apartment lease. Instead of cancelling your credit card accounts altogether, actively limit yourself from spending your entire credit limit.

    Try using a secured credit card

    If you are worried about accumulating too much credit card debt, you may want to try taking out a secured credit card instead. Unlike traditional credit cards, secured credit card limits are based on an actual amount you deposit on your own. Essentially, this means you are using your own money to borrow against the card.   

    To learn about filing for bankruptcy in the Chicago area, contact Cutler & Associates, Ltd. at (847) 868-2265. Since 1990, our Aurora bankruptcy attorneys have focused on Chapter 7 and Chapter 13 cases. By calling today, we can stop collection calls, UCC 1 filings, and wage garnishments.   

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