Statistics show that a growing number of Americans are struggling to keep up with their #CreditCard payments. If you’re having this problem, there are steps you can take to pull back from the brink. CardRatings.com discusses how to get your #CreditCardDebt under control. https://bit.ly/4ciPT1Y
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If you’re struggling with #CreditCardDebt, the good news is that there are plenty of outside resources if you’re looking to consolidate your #debt and simultaneously lower your #InterestRates and/or monthly payments. CardRatings.com covers how. https://lnkd.in/eGWAgtme
Pros and cons of debt consolidation services
cardratings.com
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𝗧𝗵𝗲 𝗺𝗼𝘀𝘁 𝗰𝗼𝗻𝗰𝗲𝗿𝗻𝗶𝗻𝗴 𝗳𝗮𝗰𝘁𝘀 𝗶𝗻 𝘁𝗵𝗶𝘀 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗮𝗿𝗲。。。 - Credit card APRs have 𝙜𝙤𝙣𝙚 𝙪𝙥 𝟯𝟬% over the last year and a half. - 𝙉𝙚𝙖𝙧𝙡𝙮 𝟰𝟬% 𝙖𝙧𝙚 𝙡𝙞𝙫𝙞𝙣𝙜 𝙥𝙖𝙮𝙘𝙝𝙚𝙘𝙠 𝙩𝙤 𝙥𝙖𝙮𝙘𝙝𝙚𝙘𝙠 and say they don't see a way to pay off the debt at all. - The rate of becoming delinquent on a credit card date reached its 𝙝𝙞𝙜𝙝𝙚𝙨𝙩 𝙨𝙞𝙣𝙘𝙚 𝙩𝙝𝙚 𝙚𝙣𝙙 𝙤𝙛 𝟮𝟬𝟭𝟭. #financialliteracy #financialwellness #financialfreedom
What's behind America's record-breaking credit card debt?
scrippsnews.com
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In fact, 49% of credit cardholders are carrying a balance from one month to the next as of November, according to a recent Bankrate survey. That’s up from 31% in 2021 and 47% in July of last year. What’s more, a whopping 58% — or 56 million — credit card users have been entrenched in debt for at least a year.
‘Moving in the wrong direction’: More and more US households use credit cards to make ends meet — with 56 million Americans struggling to pay off credit card debt for over a year
finance.yahoo.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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After years of accounts flush with stimulus money, consumer debts are rising, and #CreditCard companies are tightening their approvals. It's a great time for #FinancialInstitutions to capitalize on better tools to manage #CreditCard programs. https://lnkd.in/gfzWZg9b
Banks Tighten Up as Card Delinquencies Jump
thefinancialbrand.com
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In the first quarter of 2024, Americans’ total credit card balance is $1.115 trillion. 💳 Missing one payment can quickly domino for the worst. But there are steps to take now to get your finances back under control. ⬇️ #KWealthAdvisors #FinancialPlanning #CheckingAccounts #RecentGrads #MoneyManagement #PersonalFinances
What to do if you're falling behind on credit card debt
theweek.com
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After years of accounts flush with stimulus money, consumer debts are rising, and #CreditCard companies are tightening their approvals. It's a great time for #FinancialInstitutions to capitalize on better tools to manage #CreditCard programs. https://lnkd.in/g_6prySC
Banks Tighten Up as Card Delinquencies Jump
thefinancialbrand.com
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Credit Card debt just reached over $1 trillion nationally. Credit card interest rates are now averaging over 28.5%!! Don't get stuck in an endless cycle of paying BIG interest payments to the credit card companies without making a dent in your principal. If you own a home, you are sitting on a lot of equity that you can take advantage of to pay off those credit cards and stop paying those ugly interest rates. Let's talk about how to take advantage of your equity which in return will also improve your credit. #payoffdebt #TeamTulman #creditcarddebt
Credit card balances jumped in the second quarter and are above $1 trillion for the first time
cnbc.com
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Americans are accustomed to charging expenses. When they don’t have enough cash to pay, they turn to credit cards to cover the difference. Credit card usage has increased over the years, and in 2024, it reached a record amount, exceeding $1 trillion. Consumer credit is big business for commercial banks, which can set borrowing rates on credit cards at double-digit rates — higher than those for other types of consumer loans. Here's a full breakdown: #credit #debt #economy
American credit card indebtedness has risen since the pandemic as consumers increasingly turn to plastic as inflation erodes their incomes. Here’s where things stand.
thestreet.com
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US credit card balances spiked in the third quarter to a $1.08 trillion record! WOW! As you might know, credit cards are one of the most expensive ways to borrow money. The average annual percentage rate is now more than 20% — also an all-time high. Is this the next financial tsunami? What do you think? #creditcard #banking #payment #debt #fintech https://lnkd.in/ebfNkqFC?
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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