Over the past year more than 8 million consumers have eliminated their credit cards.

Only about 62 million people have an active credit card now compared with 70 million a year ago.

Some of the speculation is that people fell behind on their payments due to the recession and that the loss of the credit card was involuntary.

Another idea is that people are just getting smarter and not using credit so much.

And it is probably a little bit of both.

It is useful to point out though that if you eliminate a credit card, whether it is voluntary or involuntary, you credit score will go down because of the all-important debt to available credit ratio. If you have less available credit your score will plummet.

Even so, it may be worth it to eliminate credit cards….

More than 8 million drop out of credit card use.

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Credit card companies are sending out some pretty deceptive solicitations despite the increased regulations with the CARD act.

For example “0% APR”, read the fine print and you will see how easily that 0% can turn into 29.99%…..

Or “Low APR”, apparently the word “low” lies in the eye of the beholder, is 18% still low? Your call, but only if you read the fine print.

And there are more….check out the 8 most deceptive terms used on credit card offers at the Huffington Post.

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· Low Credit Scores. Your credit score is a compilation of your history, your debt to available credit ratio, your credit mix and other things. There are things you can do to improve your credit score, you should take advantage of them.
· Applying for a lot of credit. Every inquiry into your report dings your credit score. Limit your applications and be mindful before applying for credit.
· Using your credit. Well, rather using too much of your credit. That all-important debt to available credit ratio should never exceed about 20% of your available credit.
· Missing a payment. Yes, this one should be obvious. But regardless of the reason why, it will hurt you every time.
· Your mix of credit. Having too many retail cards and ‘sub-prime” credit brings down your score. Stick with the well-known credit cards and avoid everything else.
· Canceling your credit lines. Remember, the debt to available credit ratio also counts your available credit. Keep as much available credit as you can.
· Avoiding credit. If you have no credit history it can be as bad as having bad credit. Establish some credit.
· Co-signing. One piece of advice here is be careful, don’t co-sign recklessly if you co-sign at all.

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We found a great resource online for those who are looking for a credit card. From excellent credit to bad credit or even limited credit you can just input your info and it will bring up the best offers available that meet your criteria.

With good credit you may want rewards or 0% on purchases. With bad credit of course, you options are more limited but you can find a few of the best offers for secured credit cards or even unsecured credit cards for people with bad credit, which can help you to repair and improve your credit as you go.

Check out CardHub.com for more information.

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In just one week the CARD credit card reform act will take effect and while many may be expecting a friendlier credit card experience, consumers need to remember that the credit card companies they are dealing with are still the big corporations and they are still in the business to make a profit.

Therefore, there are a few things a smart consumer needs to be conscious of. First off, make sure that you read every piece of mail that comes from your credit card company, even if you don’t have the time, even if it looks like an advertisement, even if it looks like junk mail. The credit card companies are required to notify you of any pending changes. It is up to you to make sure that you read the notices.

Be wary about canceling a credit card. You may be better off to just stop using the card and pay it off. If you cancel the credit card company can raise your minimum payment, they could also put you on a five-year repayment plan. Also, if you do not have another credit card in place before canceling the old one, it may be much more difficult to get a new one because of the current tight credit conditions.

Be aware of any type of “inactivity fees” if you stop using your card. If the company charges these fees you are still on the hook to pay them, even if you haven’t used your card.

Balance transfer fees can get as high as 4 to 5 % of the balance transferred now as opposed to just 2% in the past. Some credit card companies charge a flat fee so before you do any type of balance transfer make sure that you are aware of how much the fee will be.

The CARD act will bring some good changes but right now credit card company profits are declining, so pay attention to any type of change of your credit card to avoid paying too much.

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Even with current economic conditions and the apparent credit crunch, there are still many credit card offers that you can take advantage of if you need a credit card.

However, it is important to analyze the credit conditionsbefore you sign on the dotted line.

Check out this advice on Choosing Your Next Credit Card.

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Just how bad are the top credit card blunders that people make? Things like paying late, getting excessive cash advances, paying only the minimum payment and more?

Here is a 10-point scale on How Bad Are Your Credit Card Mistakes?

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Many people have the habit of using credit cards for almost everything, but especially in the current economy the debt can catch up and overwhelm you.

Read about 5 people who quit their credit card habit, cold turkey.

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The average credit card debt in the USA is around $8000.00 give or take. And most people have a tendency to only pay the minimum amount, which unfortunately will leave them in debt forever.

Pay the minimum and you are essentially only paying the interest and you will never make a dent in the principal, which is why credit card debt is probably the worst kind of debt that you can carry.

If you have excessive credit card debt the best thing to do is to start with the card with the highest interest rate and pay larger payments until you pay it off. Either that or try to transfer all of it to the lowest interest rate card.

Also, use your credit cards sparingly as credit card debt can accumulate quickly.

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When you have bad credit your life can be difficult. You are often charged much higher interest rates and down payments if you can get credit at all.

However, if you want to rebuild your credit it is a good idea to start re-establishing credit in one way or another, however, especially if you have bad credit you need to be very concerned with the fine print.

Make sure that you know about every fee as there are sometimes set-up fees, annual fees and even monthly maintenance fees along with higher interest rates.

Before getting any type of new credit, make sure you are fully aware of all of the fine print.

And, shop around for the best credit for you.

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