Report: Credit Card Debt Rising [AUDIO]
A new report shows Americans are on track to increase credit card debt substantially this year. CardHub.com says credit card debt will likely increase 8 percent over last year’s debt by the end of 2014.
The website also predicts a 14 percent increase over the total for 2012. But Rider University economist Maury Randall sees the debt increase as a positive, in light of the fact hiring, stock markets and consumer confidence are on the rise.
“But I don’t think we’re at a point at this time where we have to be alarmed, and particularly I don’t view this as being an alarmist type of thing,” Randall said.
Credit card balances decreased in the first quarter, according to the report. CardHub shows the average household credit card balance went down $352 during the year’s first quarter. The average is now $6,628. But the report says that’s typical, and this year’s first quarter decline was less than in previous years.
Randall suggests that the credit card debt would be an alarming issue were it not for the fact that so many other economic factors seem to be moving in the right direction.