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Credit Card Charge-Off Collapse - the Next Economic Crisis
Consolidated Credit Counseling Services, Inc. predicts credit card debt as the next financial breakdown. Consumers state their unsecured debt is approximately triple over last year. The bailout plan has been passed to help with the mortgage crisis, but consumers have credit card debts that they can’t pay.
October 14, 2008 - Fort Lauderdale, FL People are cash-strapped and have been using credit cards to pay for household goods on a daily basis, according to the credit counselors at the non-profit Consolidated Credit Counseling Services.
The average unsecured debt of those who are seeking help from the credit counseling agency has gone from $6,000 to $8,000 in 2007 to an average of $14,000 to over $24,000 in 2008. Even minimum payments that credit card issuers demand are just too high for many Americans due to job losses and increasing living costs. Unemployment now stands at 6.1 percent; the largest monthly payroll drop in five years.
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Media Contact
Covering the Personal Finance Beat? Need Consumer Debt Statistics? Have A Question
about Bankruptcy? Need an Expert? Looking for New Ideas on how to Educate the Public
about Current Debt Issues?
We Can Assist You!
Contact Information:
April Lewis-Parks
Director of Community and Public Relations
email:
alewis@consolidatedcredit.org
Phone: 954-377-9344
Toll Free: 1-800-728-3632 x 9344
Consolidated Credit Counseling Services, Inc.
5701 West Sunrise Blvd.
Ft. Lauderdale, FL 33313
