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FICO Predicts Rise in Credit Card Debt

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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.

Read more here: http://www.cutimes.com/2013/10/11/fico-survey-predicts-rise-in-loan-demand

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.

 

FICO Predicts Rise in Credit Card Debt was last modified: November 1st, 2014 by Kevin Fallon McCarthy
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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.
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