Will 2015 be a rocky credit card debt year for consumers?
Overall trends when it comes to consumers and credit cards can vary quite a bit from year to year. What will this year end up looking like for consumers when it comes to credit card debt?
A survey paints a somewhat gloomy picture when it comes to this question. The survey was done by FICO and the Professional Risk Managers’ Association. In the survey, risk officers at banks were asked about what credit card trends they predict will occur among American consumers in 2015.
Many of the surveyed risk officers predicted higher credit card balances among consumers. In the survey, around 60 percent of respondents predicted consumers holding high-than-average credit card balances and over 35 percent of respondents predicted consumer credit card debt increases.
Many of the surveyed risk officers also predicted increases in consumers having problems with staying current on their credit card debt payments. Increases in late payments and delinquencies among consumers when it comes to credit card debt were predicted by around 40 percent of the survey respondents.
What do you think of these predictions?
High credit card debt balances and struggles with keeping up with credit card payments can be a very tough combo on consumers. Facing these two things together can put a person in a remarkably precarious financial position in which they could end up having to deal with some very significant consequences. When facing these two things, one thing a consumer may want to consider is talking their credit card debt situation over with a bankruptcy and debt relief attorney to get a better understanding of their overall situation and to get a picture of what sorts of things can be done to address the situation.
Source: The Huffington Post, “Bankers Predict Higher Credit Card Balances in 2015,” Kari Luckett, April 24, 2015