US Finance World

Student credit card habits have been exposed by Equifax. Many students are spending irresponsibly in the recession, research from Equifax has revealed.

According to the credit reports provider, 19% of those in higher education only pay the minimum monthly payments on their credit cards.

Meanwhile, 23% have been caught out by penalty fees from banks for missing payment deadlines or going beyond overdraft limits.

Around three in 10 students also told Equifax that they “don’t know” how much they spend on their credit cards each month.

Neil Munroe, external affairs director for the organisation, said: “We urge students to manage their finances from the first week of term to ensure they minimise the risk of falling into serious debt.”

He added: “[Students] could find themselves struggling if they don’t keep a keen eye on their finances.”

Financial pressures on undergraduates have increased this year, as many have been affected by delays in processing student loan applications.

Last month, the Student Loans Company admitted that as many as 60,000 students might not receive their full loan by the start of the autumn term. Read more…

The promise of warm weather, blossoming flowers and robust attendance makes summer the peak season for weddings. But there are different perks for couples who marry in the winter — namely huge savings.

Peak wedding season falls between May and October in most of the U.S., says Richard Markel, the president of the Association for Wedding Professionals International. During that time, most wedding vendors — including caterers, photographers and limousine companies — charge the most because their services are in demand. But in the winter, business comes to a standstill, especially in the northern regions hit with particularly harsh weather, and engaged couples have more room to negotiate for lower prices.

• Bing: What to wear to a winter wedding

During the winter, the number of weddings throughout the country declines by 40% to 50% below that of peak season, Markel says. And of the roughly 2.2 million weddings that take place in the U.S.

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For those who have been fortunate to avoid complete financial destruction over the past two years, the question might now be whether it is wise to consolidate debt now, or wait a little longer. After all, there is some indication that the worst may not yet be behind us.

Economic Indicators

Recently, the US manufacturing figures suggested that manufacturing continues to chug along at a slower than expected pace. This has two implications for people who are looking at whether now is the right time to consolidate debt.

The first is that slower manufacturing activity suggests that job stability may still be on unsteady ground. Without solid manufacturing activity, a large component of the US economy will lack the strength it needs to keep unemployment low and wages high.

The second is that slower manufacturing suggests that people, globally, are not buying US goods.

Read more…