According to FICO, 46% of bankers expect consumers want more additional credit line increases on their credit cards, with only 8% expecting a drop.
Even worse, 53% expect credit card balances to increase in the next six months, and only 7% expect them to decline.
Apparantly, they expect 30 – 39 year old’s to lead the demand for more credit. Although this is slightly worrisome considering the amount of student debt this age group holds.
If you need more credit to pay down other debt, consider taking care of your debt within your monthly income — without taking on additional debt. Why pay debt with debt if you don’t have to, right? Consult with a lawyer who specializes in negotiating for large reductions in your debt.
Kevin Fallon McCarthy
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- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018