consumers are starting to rely heavily on their credit cards
New York, NY (PRWEB) July 07, 2017
Credit card debt is one of the more challenging hurdles a lot of consumers face on a daily basis and National Debt Relief recently shared what could be an alarming development. From an article published May 20, 2017 and titled “American Credit Card Debt Now at $1 Trillion
May 20, 2017”, the material explains how the credit card debt is affecting people and what steps they need to take be proactive with their finances.
The article starts off by pointing out that consumers are starting to rely heavily on their credit cards to the point that the national consumer debt is at level last seen before the 2008 financial crisis. This can be a cause for alarm for a lot of people because credit card forms only part of the overall expenses in any household budget. There are even bigger accounts to pay off such as mortgage and even student loans.
However, the article is quick to point out as well that as far as statistics are concerned, the economy is doing pretty good. Unemployment is down while job growth is continuously on the upswing. Add the fact that the Federal Reserve recently increased interest rates. This is a good indication that people are doing good with their finances and are able to meet the new rate.
To further dissect the alarming amount of credit card debt, it might be a good point to understand that a third of this debt is usually paid at the end of the month before their due date. This combines all those who pay their statements in full as well as those paying minimum.
The article also looks into some of the reasons why consumers, knowing the perils of high credit card debts still continue to rack up big debt amounts. The article shares that one reason can be the quality of the rewards lenders are giving out. This can be a number of things from cash rewards, gift cards, and even air miles they can use for travel.
To read the full article, click https://www.nationaldebtrelief.com/american-credit-card-debt-1-trillion/