While debt and delinquency rates often go hand in hand, it may surprise you that being overextended on your credit card(s) may also lead to decreases in your credit limits. CardRatings.com discusses ways to minimize the impact of a cut. https://bit.ly/3RL0WZN
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Do you know the interest rate on all of your revolving credit cards and other debts? If not, find out! Credit card debt can be so debilitating in a personal finance plan. https://lnkd.in/gk8xWeve
Americans paid a record $130 billion in credit-card interest and fees last year. The bill could be even bigger this year.
marketwatch.com
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Are you maintaining a balance on your credit cards? You are not alone there is over $600 Billion in credit card debt outstanding right now. Even if you pay your cards in full you might be affected, credit issuers are lowering credit limits on new accounts. If you are spending money on a card, read this article. https://lnkd.in/e_iuipVP #money #economy #creditcards
Credit-Card Delinquency Rates Were Worst on Record in Fed Study
msn.com
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📈 **Credit Card Delinquency Hits Record High: A Call to Action for Financial Institutions** 💡 **Key Insight:** The increase in accounts only making minimum #payments underscores the fact that more #consumers are struggling to manage their debt. 🤝 **Consideration:** As #credit card #delinquencies soar, #financial institutions should consider strengthening partnerships with #debt #settlement companies to offer better solutions to these #consumers. - ❓ **What?** U.S. credit card delinquency rates at highest level since 2012. - 💰 **How much?** Nearly 3.5% of balances were 30+ days past due as of Q4 2023. - 🛑 **Why?** Rising #inflation and #interest rates strain #household #budgets. 🔗 For a deeper dive, read the full article (https://lnkd.in/eKfwxbPx).
Credit Card Delinquency Rates Hit Worst Level On Record - Credit and Collection News
creditandcollectionnews.com
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Chief Compliance and Consumer Affairs Officer at National Debt Relief For Media requests email: PR@nationaldebtrelief.com
It's a disturbing trend: according to a new report by Bankrate, 56 million Americans have been in credit card debt for at least a year, with 49% of all credit card holders carrying debt from month to month. While Americans are managing these debts fairly well, the potential for a disaster down the line is apparent. More than ever, people need to be prepared to manage their debts carefully and take steps to ensure their long-term financial health. #DebtManagement #PersonalFinance
56 million Americans have been in credit card debt for at least a year. ‘We are seeing pockets of trouble,’ expert says
cnbc.com
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The number of Americans carrying a credit card balance is climbing, with many using their credit to cover unexpected or emergency expenses, a new Bankrate report reveals. The share of credit card holders that carry a balance has increased to 49% — up from 39% in 2021, according to a Bankrate survey. This is likely due to the increased cost of credit card debt over the past two years. The average interest rate has climbed from an average of 16.45% in 2021 to 22.77% in October 2023, according to the Federal Reserve.
43% of Americans with credit card debt say it's due to emergency expenses
cnbc.com
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The number of Americans carrying a credit card balance is climbing, with many using their credit to cover unexpected or emergency expenses, a new Bankrate report reveals. The share of credit card holders that carry a balance has increased to 49% — up from 39% in 2021, according to a Bankrate survey. This is likely due to the increased cost of credit card debt over the past two years. The average interest rate has climbed from an average of 16.45% in 2021 to 22.77% in October 2023, according to the Federal Reserve.
43% of Americans with credit card debt say it's due to emergency expenses
cnbc.com
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Credit card debt surged to over a trillion dollars in Q3 as Americans struggled to cover rising living costs. Read up on how we got here, what it means for consumers, and what you can do if you’re burdened with credit card debt. https://loom.ly/hpeAnyk #creditcards #financialplanning #personalfinance
Credit card balances spiked in the third quarter to a $1.08 trillion record. Here's how we got here
cnbc.com
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An interesting read for the collections industry. Navigating the Trillion-Dollar Credit Card Landscape. It has implications on debt collections both in the short and long term. The blog breaks down credit card debt by consumer age and state. https://lnkd.in/eMajbwtG
Average Credit Card Debt Increases 10% to $6,501 in 2023 - Experian
experian.com
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Did you know that lenders and creditors can adjust #credit limits at any time, for any reason, in an effort to lower their own risk? That's why it's important to understand how a credit limit decrease may impact your #CreditScores. Learn more here: https://bit.ly/3QF1crV
How a Lowered Credit Limit Affects Your Credit Score | Equifax
equifax.com
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With credit card interest rates on the rise, here are some tips to help debtors break the borrowing cycle. #TotalClarity
With credit card interest rates at record highs, these 4 tips can help debtors beat the 'brutal' minimum payment cycle
cnbc.com
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