Debt Spiraling Out Of Control

Debt Spiraling Out Of Control!

Consumers are making minimum or no payments on their credit card balances, according to the Cambridge Consumer Credit Index. Of those people surveyed with revolving balances on their credit cards:

� 39% of consumers made only the minimum payment due and 3% made no payments at all last month,

� 49% of consumers who are taking on more debt (up from 44% in 2003) said they are adding debt because they don't have the funds to pay for the purchases in full when the credit card bills arrive, and

� 51% of consumers (down from 56% in 2003) are taking on debt because they are confident of their ability to pay the balance off in full.

The number of people who are unable to pay their credit cards in full is enormous! Minimum or non-payment of credit cards negatively affect credit ratings!

Source: Cambridge Credit Counseling Corp.

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Debt Spiraling Out Of Control!

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