First of all, credit card debt reduction is an indicator that banks have tighter lending standards. Revolving debt is decreasing because credit cards for people with bad credit are harder and harder to find. Unless you have a clean credit record and a credit score of at least 720, banks might not approve you for new credit cards.

The drop in credit card debt reduction might point to something else as well: Consumers are opting to open fewer credit cards.

Though reducing personal debt is always a good thing, refusing to apply for credit can harm a person’s ability to navigate through life. If you do not have a credit card, how will you reserve a hotel room? Qualify for a cellular phone plan?

Perhaps more importantly, how will you build your credit score? Responsible use of three to five credit cards, each with low balance-to-limit ratio, is one of the best ways to build good credit. Sure, credit card debt reduction is good, but by all means, you should be willing to open new credit card accounts if you do not have at least three!

It is about a person who was able to negotiate $150,000 in credit card debt, for less than 25%!  I recorded the entire call and will be posting it next week.

This information is GOLD!!!!  Literally, amazing information - from the lies they told him to the actual results.

All credit card companies will be named!

Stay tuned!!