"I'm seeing this a lot more now than I did two or three years ago," says Laurie Giles, an elder life planning attorney in Shelton, Conn., and author of the "What Now? "A lot of times, it's parents who had stable jobs for 20 or 30 years who got used to living on credit, then they're suddenly downsized and they don't have strong savings built up, or their savings went down with the market.And their house isn't worth what they thought." No one tracks statistics on how common the practice is nationwide, and most lenders consider such information proprietary.The overall amount of credit card debt dropped 8.8 percent in 2009 and 7.6 percent in 2010, before leveling out in subsequent years, according to the Federal Reserve.In February, Americans owed 8 billion in revolving debt (almost all in the form of credit card debt).Cardholder benefits are subject to change without notice.for Balance Transfers made within ninety (90) days from the anniversary date of account opening. My APR for Balance Transfers made ninety one (91) days or more from the anniversary date of account opening will be the Standard APR.But Lease Trader.com, a nationwide car leasing marketplace, reports a 29 percent increase over the past two years in the number of parents asking their children to co-sign for them when shopping for a car lease.
That's the topic people are least likely to want to talk about with someone they just met.In the Credit poll, conducted March 28-30 by Gf K Roper Public Affairs and Corporate Communications, 34 percent of respondents said they carry a balance, and 15 percent reported not having any credit cards.It's almost an American tradition: Kids in their 20s without a credit history have long turned to their parents to co-sign for them, whether it's for a first credit card, a car or an apartment lease.Whether you redeem your voucher towards a bottle of wine, an indulgent dessert or just a discount towards your meal, we want your holiday to start in the best possible way.Then you can wake up the next day and enjoy your free breakfast as part of your book direct deal!