- Dec 18, 2010
- 18,811
- 197
- 106
2009 - credit card debt went down, I do not have exact numbers
2010 - CC debt increased by $9 billion
2011 - estimates put the increased CC debt at around $54 billion by the end of 2011
As a whole, Americans now have roughly $772 billion in outstanding credit card balances
http://moneyland.time.com/2011/09/14/54-billion-closer-to-our-next-financial-crisis/
I wonder if the increased CC debt is from people not being able to pay their basic bills, and using the CC as a crutch.
Or, is the increased debt from people trying to live well beyond their means?
There is a difference in someone using a CC to buy food for their family, and someone buying a new flat screen TV just because they want one.
First came the housing crash and the banks had to be bailed out.
Will the banks claim there is a credit card crash and need to be bailed out again?
2010 - CC debt increased by $9 billion
2011 - estimates put the increased CC debt at around $54 billion by the end of 2011
As a whole, Americans now have roughly $772 billion in outstanding credit card balances
http://moneyland.time.com/2011/09/14/54-billion-closer-to-our-next-financial-crisis/
I wonder if the increased CC debt is from people not being able to pay their basic bills, and using the CC as a crutch.
Or, is the increased debt from people trying to live well beyond their means?
There is a difference in someone using a CC to buy food for their family, and someone buying a new flat screen TV just because they want one.
First came the housing crash and the banks had to be bailed out.
Will the banks claim there is a credit card crash and need to be bailed out again?