Tuesday , 18 June 2024

Excessive Growth In U.S. Credit Card Debt Is Unsustainable – Here’s Why (+2K Views)

Over the past three months, the year-over-year growth in credit card debt has debtexceeded wage growth in the United States…for the first time since the Great Recession. While it clearly indicates improved US consumer confidence it is not going to be sustainable in the long run.

The above comments are edited excerpts from a post by SoberLook.com entitled Credit card debt growth exceeds wage growth in the US.
The following post is presented courtesy of Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) and has been edited, abridged and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.
The following chart comes from Sober Look.
Year-over-year growth in credit card deb minus growth in average hourly wages
*http://soberlook.com/2014/08/credit-card-debt-growth-exceeds-wage.html (Content copyright 2009-2014. SoberLook.com. All rights reserved. Sign up for our daily newsletter called the Daily Shot. It’s a quick graphical summary of our most recent topics.)

Follow the munKNEE!

Related Articles:
The economy is slowly hobbling back to health but for many Americans the rainy day fund is still looking a little dry, the credit card bill is still looking a little scary [Unfortunately, the liklihood is that,] as the economy strengthens further, many Americans will…spend their new found extra cash rather than save it. Words: 474 Read More »
Households with credit card debt carry $16,000 at an average rate of 15% and, given that some households have little credit card debt, you can imagine how high the debt is for others.. Imagine, $16,000, but that is actually down by 17% as the grand American household deleveraging continues. [Be that as it may, credit card debt is still excessive with all ages and all income groups. Here are the facts.] Words: 760 Read More »
The Credit Card Accountability, Responsibility and Disclosure (CARD) Act Of 2009, popularly known as the CARD act, will take effect on February 22nd 2010 and bring sweeping changes in the original credit card policies. What does it mean and how will it affect your credit card rating as well as the cards in your wallet? Words: 343 Read More »