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Is Credit Card Debt on the Rise?

by | Apr 17, 2014 | Avoid Bankruptcy, Credit Card Debt, Debt Settlement, Mortgage Debt

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.

Read more here: http://ecreditdaily.com/2014/03/mortgage-credit-card-balances-higher-3rd-straight-month-equifax/

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.

 

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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.