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.
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.
Kevin Fallon McCarthy
Latest posts by Kevin Fallon McCarthy (see all)
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018
- Make Your Credit Cards Work for You - January 23, 2018