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Detailed text transcripts for TV channel - CNN - 20100724:13:42:00

holder who has very marginal or poor credit. that population is growing very quickly and it is very frightening. i think for a short period of time we learned our lesson but i don t know there is going to be any staying pow per. gail, when it comes to credit, it is kind of like cholesterol you have the good and the bad credit. is it really that bad to carry a balance on your credit card? well, i would consider any debt over in the bad debt category if you can t responsibly service that debt obligation. simply by asking the question, do i have too much debt, signals to me that you re concerned about it. maybe you re not as good a parent, you re not as good a spouse, you re not as good an employee, you re losing sleep. it is all because that cloud of debt follows you around wherever you go. that s a red flag, another signal that it is time to reach out for help. but also, john, i mean it is not a cash world anymore. right? what are some of the benefits of using credit responsibly

Gail cunninghamCredit cardDebt obligationJohn olzeimerRed flag

Detailed text transcripts for TV channel - CNN - 20100724:13:41:00

it is a very sensitive discussion around money. nonetheless, it needs to happen. you need to sit down, set a date with your spouse, tell them at the onset, we re not going to fuss or argue about this but we just need to come clean. and people should remember that, right? because it is considered a big issue in a lot of divorces, for sure. and john, let s talk about the credit crunch and maybe how it is affecting all of us. so interesting numbers recently. credit card delinquencies fell to an eight-year low. do you think people have learned some lessons here? i think that that is in fact the silver lining or credit crunch. i ll be very honest. i ve been around the credit industry since 1991. one thing that s indisputable is that consumers and creditors have very, very short memories. eventually the floodgates will be fully open again and credit card issuers will be aggressively pursuing not only the people with very, very good credit but also the highly profitable segment of card

John olzeimerCredit crunchLets talkCredit card delinquenciesSilver liningCredit industryCredit cardCard holder

Detailed text transcripts for TV channel - CNN - 20100724:13:39:00

then you re still good to go. but if you depend on debit or check cards or atm cards, then you have to proactively opt in because it would now be illegal for a financial institution to stick you with that fee unless you do so. definitely something to think about if you want to avoid that embarrassment. john, stick around to take a look at these statements from the nfcc. now if any of you out there are answering yes to two or three of these statements, you may be in financial trouble. but here s the thing don t panic because we ve got our experts ready to help before you dig yourself into an even deeper financial hole. joining our conversation, gail cunningham from the national foundation for credit counseling in dallas. john, this quiz is really a wake-up call for people looking at their finances and trying to decide if maybe they re in trouble. yeah, absolutely. look, the litmus test we know credit cards are not going away. be realistic about credit cards. the litmus test is

John olzeimerDont panicGail cunninghamFoundation for credit counseling in dallasCredit cardsLitmus testWake up call

Detailed text transcripts for TV channel - CNN - 20100724:13:36:45

Detailed text transcripts for TV channel - CNN - 20100724:13:36:45
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