The Fed's most recent Survey of Consumer Finances was released earlier this week, and in spite of all the negative reports concerning shrinking incomes and net worth, it actually contained some tidbits of positive news regarding credit card debt. They're hard to find among all the other depressing information, but hey, I'll take what little good news we get these days!

Dear Creditnet: I'm thinking about applying for a loan modification so I can hopefully continue to afford the mortgage payments on my home, but I've heard it will really hurt my credit scores. Is that true? If so, what kind of hit can I expect my scores to take? -Wendy in CA

If you didn't already get the memo, piggybacking still works! I know I've written about this topic before, but this is just one of those posts that needs to be resurrected every now and then. In fact, for those that have no credit at all, piggybacking remains one of the fastest ways to add positive credit history to credit reports and give your FICO scores an immediate boost.  I recommend it quite often to parents and spouses who are interested in helping a child or significant other build credit from scratch, even though the practice continues to receive a lot of bad press. But while I consider piggybacking to be a rather safe credit-building technique, it's also important to understand that it's not risk free.  Especially if you're the one seeking to build credit, there's one big risk to consider before you're added as an authorized user on anyone's account. What if the account holder responsible for the card eventually racks up a bunch of credit card debt and stops paying?  How would that affect you?

If you haven't heard yet, Capital One announced that it closed on the purchase of HSBC's U.S. credit-card business earlier this month. Capital One paid a little over $31 billion in cash and received just over $28 billion in credit card receivables following the acquisition. It really was a win for HSBC as they desperately wanted out of the volatile credit card business in the U.S., and it also happened to be a perfect strategic fit for Capital One who continues to aggressively grow its domestic credit card portfolio. Part of the deal included HSBC's well-known Orchard Bank credit cards too, which have consistently ranked for years among the best credit cards for people with bad credit. If you have great credit scores, you've probably never even heard of this card. However, you would be hard-pressed to find anyone with bad credit who hasn't at least considered an application for an Orchard Bank credit card at some point in time.

The Citi Diamond Preferred Card is all about the 0% interest promotion. Beyond that, there's really not much else for cardholders to get excited about, unless a little VIP treatment from time to time will float your boat. Let's be very clear here. If you're looking for a new credit card that's going to reward you for your monthly spend, this isn't the card for you. There are plenty of other rewards credit cards on the market that offer much better deals. But if you're simply looking for the longest 0% interest promotion available without having to pay an annual fee, you might want to take a closer look at what the Citi Diamond Preferred Card has to offer.