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Consumers Needing More Credit…Here We Go Again?

Do Consumers Need More Credit ?

According to the latest report from Equifax, the amount of new consumer credit that is available via credit cards is increasing at a rapid rate – far above other consumer loans. From 2013 to 2014 there was a 28.5% increase in new credit on bank-issued credit cards. The next highest category was auto loans with only a 19.8% increase – still fairly significant though.  It seems consumers think they need more credit and the consumer appetite for credit is growing rapidly and banks are more than happy to satisfy. Read more here about credit growth

Having more credit at your disposal can be a good thing, but not when you are already struggling to cover your minimum payments. Don’t take on more debt in that circumstance. Contact a debt settlement attorney who can lower the amount you owe to your creditors so that you can use your money better.

 

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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.