Here we go again. TransUnion has weighed in and is predicting credit card debt to reach the levels we saw on the heels of our 2008 depression. And once again, it seems that the subprime borrowers (folks who have some dings on their credit) will be responsible for a bulk of this increase as credit card originations have increased for these folks.
What’s startling is that 25% of people surveyed think it will take them at least 90 days to pay off holiday debts. That’s not good folks. Carrying a balance on credit card debt is never recommended. In fact, we always recommend that you seek the advice of a professional if you find yourself carrying a balance with no clear plan to pay off the debt. As we close out this holiday season, we hope that those with credit card debt will “resolve to resolve”: resolve to make a plan to resolve outstanding debts.