Credit Card Repayments Drop Slightly in 2011
Credit Card Repayments Drop Slightly in 2011
Fort Lauderdale (PRWEB) January 30, 2012
As reported earlier by A New Horizon Credit Counseling Services, credit card usage by consumers has seen an increase in 2011 and is poised to continue to rise for 2012, but the non- profit agency that assists consumers in repaying their debt through a combination of budgeting, credit counseling, financial education and a structured debt management plan notes that repayment of the new revolving credit balances is slipping. A New Horizon Credit Counseling Services is a nonprofit credit counseling organization that has been helping consumers since 1978.
According to First Data, which processes credit card transactions for more than four million merchants, credit card purchases increased to 8.2%, 9% and 10.6% respectively in the first, second and third quarter of 2011 respectively.
However, Steven Stark, COO for A New Horizon Credit Counseling said, “In November, revolving credit, the balance consumers maintain on their credit cards after making their payments, has risen surprisingly, which can only mean that debtors are not paying their debt as quickly as they did after the recent financial crisis”.
Moody’s Investors Service reported that the three-month average repayment rate of 21.7% in August 2011 was at a 12-year high, but that rate has since fallen to 20.9% in November and, at a 0.8% reduction, was the steepest second-half drop since 2007.
Stark said. “When you consider this in combination with recent Federal Reserve data indicating a seasonally adjusted annual 8.5% jump in credit card debt in November, the fastest pace since 2008, it raises concern, which we pass along to, not only to our clients, but to the public during our community financial literacy outreach events.”
Repayment rates are still well above those that consumers made during the mortgage boom days, when it was a common practice to borrow on the equity in the family home to repay for credit card purchases. The six largest credit card issuers have each reported higher repayment rates for the last three years. This is encouraging because it reflects that many consumers are still concerned about the fragile economy and continue to work hard at reducing their debt.
For more information about their programs, contact 1-800-556-1548. They can also be found on the web at http://www.anewhorizon.org, or reached via email at csmanager(at)anewhorizon(dot)org
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Credit Card Debt Help Announces a New Library for Consumers Dealing with Credit Card Debt
Credit Card Debt Help Announces a New Library for Consumers Dealing with Credit Card Debt
(PRWEB) January 02, 2012
With the holiday season being over, consumers are feeling extremely stressed when it comes to making minimum payments. It’s a well-known fact that consumers tend to come within 10% of the allowed credit limit in the first 30 days of activating the credit card. When you combine this fact with the recent holidays, consumer credit card debt is at an all-time high. With this being said, credit card debt Help is pleased to announce a new library aimed at helping consumers with credit card debt. Our library was recently published which helps consumers expand their knowledge when it comes to credit card debt, and the viable options consumers may have when considering a solution. This new library will contain articles from; debt management, debt settlement, bankruptcy to even debt consolidation loans.
“We often see that consumers are enrolling into debt consolidation loans, ignoring the debt or even filing bankruptcy”, says Tiffany Davidson an advisor for Credit Card Debt Help. “It’s important for consumers to better educate themselves on alternative programs which are available; such as debt management or even debt settlement”. We often speak with consumers who enrolled into a solution, only to see it worsen their financial situation. When trying to find help with credit card debt, it’s important to know the ins and outs to all of the available solutions.
About http://www.creditcarddebthelp.net
At credit card debt consolidation, we provide consumers with access to well researched information pertaining to debt relief in general. The sole purpose of the company is to bring consumers to a better state of financial understanding. When struggling with credit card debt, it’s important to know which solutions to pursue, and which ones to avoid.
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