Sadly, yes. According to a new credit card debt study by CardHub.com, Americans are on pace to rack up nearly $47 billion in new credit card debt this year. Not only that, but the $32.5 billion in existing credit card debt that consumers paid off during the first quarter of 2013 represents the smallest first-quarter pay-down in the past four years, which means that “paying off” is slowing down and “charging” is picking up. In fact, the first quarter of 2013 is the first time in a year that consumers did not improve their credit management relative to the same quarter the year before.
Although the credit card default rate continues to drop, according to this CardHub.com study, consumers are not actually paying down their debts — just paying their bills on time.
See the full study here: http://www.cardhub.com/edu/q1-2013-credit-card-debt-study/
If you have credit card debt and are struggling to pay down on that debt, contact a debt settlement attorney. A debt settlement attorney will negotiate with your creditors to get you out of credit card debt for a fraction of what is claimed due.
Kevin Fallon McCarthy
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