We're Using Credit Cards Less
Thursday June 12, 2008
The growth in credit card usage slowed down in April. The
While credit card growth slowed, non-revolving debt like mortgages and auto loans increased by 6.5% in April versus 5.5% in March. The surge is odd considering lenders have been tightening their requirements making it difficult for many consumers to get approval.
It's likely the slow growth in credit card debt will continue, at least for the short-term, while many consumers use their tax rebates to pay off credit card debt. However, once the rebates have been spent, consumers might go back to using their credit cards to pay for essentials like gas and food.
Making credit card decisions...
Comments
Credit card debt is on its all time high with today’s economy. Hopefully people can obtain the help they need to get out of debt. Thanks for the article!
With the mortgage crisis every lender and credit card company is tightening their lending practices and doing more due diligence. This is better for the industry as a whole but does effect our spending habits and ultimately our economy.
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