USA Today reports that Americans fell behind on credit card payments in the third quarter of 2013. The rate of credit card payments at least 90 days overdue rose from 1.27% to 1.36%. Transunion, one of the three major credit bureaus, also predicts that the credit card delinquency rate will rise even further in the fourth quarter — to somewhere around 1.48%.
Also, the number of new credit card accounts open in the second quarter of 2013 increased 6% from the same quarter in 2012.
It seems we are opening more credit cards, and yet, falling behind.
If you have recently missed credit card payments or are about to, consider consulting an attorney who can help you negotiate your debt within your monthly income and avoid bankruptcy.
Kevin Fallon McCarthy
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