Wednesday, February 9, 2011

Credit Card Debt: Up in December

The Federal Reserve announced that for the first time since August 2008, just two months before the "official crash" of the United States economy, revolving debt on credit cards increased. The Fed believes this was largely due to increased spending during December for the holiday season.

Whatever the reason, this is not a good sign for people who carry balances on their credit cards every month. With the average hosuehold credit card balance around $9,000 (and that is with many people foregoing their credit cards over the last two years), increased card use is not going to solve the problem.

Whether people think that the economy is getting better or they are simply tired of not buying, one wonders if this news is just the beginning of a trend which will send many American consumers even deeper into debt.

It's time to change the way we think about spending and especially about credit card debt.

Get my new book "Master The Card: Say Goodbye to Credit Card Debt...Forever!"
For more information, go to and click the "Purchase Book" link.

1 comment:

  1. Having a credit card can make life a little easier at times. It gives us convenience. However, our finances can begin to get out of hand before we even know what hits us, especially during economic depression. To avoid or to minimize the amounts of possible debt, always pay your bill on or before its due date to avoid costly late fees such as charges, interest, amortizations, and penalties that can increase your debt.

    Roslyn Rosecrans