That’s correct, nearly $48 million in new credit card debt was added in 2011, which is a 424 percent increase from the previous year.
And despite the fact that more consumers are paying down their debts, this article points out that Visa and MasterCard are seeing an increase in the number and value of credit card purchases over the past two months. Some may see this as encouraging news that people once again have confidence in the economy. However, the reality is more likely that people are continuing to rely on credit cards as a means to get by from month to month. The article’s harsh conclusion is that the rise in credit card purchase values will make it more difficult for people to pay down these debts later in life. If you are at or near your “later in life” moment, it may be time to look at the reality of the situation and speak to an experienced debt settlement attorney to determine what options are available to you. Through debt settlement or other alternate means, you may be able to pay down those debts so that you can enjoy a peaceful retirement.