Consumers are dramatically scaling back how much of their credit card balances they pay each month. Data released this month show that the credit card payment rate — the percentage of outstanding card debt paid — fell by 2.5 percentage points to 16.1%. The drop in November, the latest month available, is among the largest on record, according to CardTrak.com, a credit card research firm. Full Story »
Posted by Derek Hawkins
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A run-of-the-mill news report on a trend I wasn't aware of, the dip in the credit card payment rate. Interesting and revealing that even with less debt, consumers are having trouble paying. This is good for the straight facts on the issue, but isn't much for context.
This is an interesting story, though I do wish USA Today had reached out to a wider set of sources than the ones they did. All the sources work for credit card/financial services companies or a credit card research company. Perhaps someone critical of the credit card industry, would have added more depth to the story.
A good article on something that's not getting much play in the media. People are living on plastic, not on the usual things, but house payments, car payments. While I buy grocery's, clothes, and things for my house, Can you imagine the interest on a house payment?.
I' ve noticed that my mail box isn't as full of those credit (no interest for a year) cards that there used to be. The bastards got my son when he ... More »
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