Chat with us, powered by LiveChat

FICO Predicts Rise in Credit Card Debt

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.

 

The following two tabs change content below.
Avatar for Kevin Fallon McCarthy
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.