The Federal Reserve has released data on consumer debt for August, and for the 11th month in a row we’ve paid down credit card debt and increased savings. Take that, rate-hiking credit card companies!
revolving debt
![The Downside To Alternate Payment Systems](../../consumermediallc.files.wordpress.com/2012/06/con_billmelaterwebshot.jpg?w=178&h=108&crop=1)
The Downside To Alternate Payment Systems
If you use services like Bill Me Later, eBillme, or Pay Payl’s Pay Later—payment options designed to let you pay online without using a credit card—you should be aware of the risks as well as benefits that come with them, writes SmartMoney. The most important thing to consider: as far as FICO is concerned, you’re applying for a line of credit (with the potential for high interest rates) when you pay with one of these systems, and your credit score may drop accordingly.