December 3, 2013

Are Late Payments on Credit Cards Going Up or Down?

More Americans fell behind in their credit card payments in the 3rd quarter of 2013. Typically the delinquency rate climbs around the fall due to back to school spending.  The delinquency rate is expected to climb again in the 4th quarter this year as many consumers spend for the holidays and put off payments until the New Year if they can make them then.

Consumer debt has increased over all, but mostly due to auto loans and student loans while credit card debt remains most steady.  However, new credit card accounts rose by 6% in the 2nd quarter of 2013.  

If you feel the holidays are pushing you over beyond your ability to repay your debt, contact a qualified debt settlement attorney.  A qualified debt settlement attorney can work to reduce the principal balance owed on a debt making repayment possible.  Don’t let holiday spending get you down, contact a qualified debt settlement attorney.