Chicago, Illinois (PRWEB) August 16, 2012
RoadFish.com men’s lifestyle and finance magazine today issued their statement regarding the current trend of U.S. consumers going deeper into credit card debt than this same time last year, though the rate of late-payments is remarkably holding steady at an 18-year low. The online men’s finance magazine’s observations on this matter may help consumers, in offering them some tips and advice for paying down debt and focusing on building savings.
According to a recent article by the Associated Press, the national rate of credit card debt is up from the same time one year ago, however the rate of late payments for consumers is at the lowest it has been in nearly 18 years. The AP states that this is data received from a recent consumer-credit data analysis, and that TransUnion reported that the average growth of credit card debt per U.S. consumer is up 6% from where it was a year ago. Interestingly enough late payments of 90 days or more is only up 0.03% from the same time last year, climbing from 0.60% to 0.63%. Not terrible considering that delinquencies were at a nearly 20-year low in 1994, at the rate of 0.56%.
According to the above-mentioned article, credit card debt jumped up to an average of $4,971 per person from the same time in 2011, which is a 6% increase. At the height of the Great Recession in 2009, the average credit card debt per consumer was reportedly $5,719—or 13% more per person than it is now. The article speculates that one contributing factor to the rise in credit card debt could be the fact that more credit cards have been issued to consumers this year than last. There has also been an increase this year in the amount of credit cards distributed to borrowers with less-than-desirable numbers on their credit score report.
RoadFish.com is choosing to look at the positive side of these statistics and focus on the massive effort being put into paying down debt. RoadFish.com’s Senior staff writer is quoted as saying, “So Americans are putting more on the plastic these days, but they’re also apparently really good about paying it off on time. That to me shows a heightened attempt to chip away at debt and a concentrated effort towards better money management. True, one could see it simply as a higher percentage of U.S. consumer credit card debt, but I think the fact that the debt is not lingering or not being paid off in a timely manner shows that borrowers are on top of their personal finances.”
As stated in the above-mentioned AP article, there was a 4% jump from last year in new cards issued to consumers and approximately 26% of those were handed out to borrowers whose credit is considered non-prime.
RoadFish.com urged consumers to continue to chip away at debt and focus on saving. RoadFish.com’s Senior staff writer is quoted as saying, “The best advice I can offer to anybody is to keep a budget. It’s the perfect tool for tracking expenses, seeing what unnecessary purchases you can cut out each month, finding out how much you have left over at the end of the month, and making a plan to chip away at debt with the excess money. I’m happy to hear that Americans are plugging away at their credit card debt and not falling behind, and I encourage everybody to keep up the hard work.”
RoadFish.com men’s lifestyle and finance magazine today commented on the rising of U.S. consumer credit card debt versus the incredibly low rate of delinquent accounts and urged consumers to continue to focus on wiping out debt and building their savings. Their observations and advice may encourage borrowers to increase their efforts.
About RoadFish.com
RoadFish.com is a widely read online men's magazine that spans such topics as lifestyle, finance, travel and tourism and current events. Readers of RoadFish.com tend to be men in their 30's and 40's that have already accomplished success in life and are now focused on a bigger goal. RoadFish.com men’s lifestyle and finance magazine features articles about men's luxury items and mens fashion, hot chicks, food and hotel reviews, as well as divorce and finance tips. It is owned and operated by Purpose Inc.