Credit Card Borrowing Highest in Over Four Years

Jul 12, 2012 by

Credit Card Borrowing Highest in Over Four Years

The Federal Reserve released data on July 9, 2012, saying that consumers charged more on their credit cards during the month of May 2012, than any other month since November 2007.  Although, increased use of credit cards is sometimes considered a good sign (indicating that consumers are confident they will be able to pay the debt off later), there is general concern.

The current high unemployment and slow economy, this increase is because of consumers are charging basic living expenses on their credit cards.  It is very common for our clients to have used their credit card to meet their basic household expenses during times of unemployment or disability.

 

Read the full article:   The Huffington Post

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