Consumers continue to open more accounts and take on more debt. Home loan and credit card balances have increased for three consecutive months — this has not happened in three years according to Equifax. First mortgages alone increased by 2.5% over the course of 2013. This is the largest increase in three years.
New credit cards issued from January to November of 2013 hit a five-year high — $39.6 million. This was a 9.5% increase from last year. This isn’t the only five-year high though – the total limit of new credit cards for the same time period was $184.4 million — a 12.5% increase from last year.
If your debt is steadily increasing, your home is underwater, or you are suffering under high-interest credit cards, then contact an attorney who can negotiate with your lenders for reductions in your debt.