These households have probably gone through budget shock--as their balances have risen, the interest rates have also increased every few months and the minimum payment percentage has just increased. The average APR is now above 13, so carrying that balance is getting very expensive. The average household is paying over 700 per year in interest for credit cards.
More Quotes from Bill Hardekopf:
There are so many different options for consumers that didn't exist 20 years ago.Bill Hardekopf
It used to be 25 days. A number of them have gone to 20 days.
Bill Hardekopf
The card does have some good attributes, but consumers need to be cautious and know what they're getting into. They really need to dive into the terms and conditions.
Bill Hardekopf
We don't think this is a good thing for consumers. The telecom industry has exploded, in terms of growth and options, and now ATT will be even bigger and more powerful than it was.
Bill Hardekopf
Many families are frustrated and overwhelmed by working hard only to see their debt grow instead of their savings. This is a large group of people who are one late payment away from receiving punitive default rates of almost 30 on credit cards and other loans. If you are at the edge, default rates will be devastating. If your credit card bill comes at the end of the month when there is no money left, contact your credit card company to change your billing schedule to fit with your pay schedule.
Bill Hardekopf
The largest carriers have raised rates each and every month this year. Instead of increasing across the board they have been increasing rates for one plan one month and another the next month.
Bill Hardekopf
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In this movement of colors I find the essence, which does not arise from a system, or an a priori theory.
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