Credit card debt rises Total credit card debt outstanding on Dec. 31 was a seasonally adjusted $800.5 billion, an increase of $2.3 billion from a month earlier, or 3.5% at an annualized rate, the Federal Reserve said in a report Monday. That was the first increase since August 2008 -- which was just before the financial system meltdown. Card balances had been shrinking since the credit crisis as some consumers voluntarily paid down debts and as others had their credit yanked by retrenching banks. Credit card debt is down 16% since the end of 2008, when it totaled $958 billion. Rising card use also could reflect that some cash-strapped Americans are using plastic to make ends meet, or that people are launching businesses by borrowing on their cards. full article
I oppose this, and I opposed it as my credit card balances increased during the period mentioned. Obama cannot continue to just keeping raising taxes and increase our credit card debt. Something has to give. It's time for fiscal sanity.
Well he did support the CC reform which raised everyone min payment. So cash strapped + no job + raised min payments = teh suck.
My minimum payment hasn't changed, and now the card company isn't allowed to raise my APR without notifying me in advance. Obama's credit card reforms have worked strongly in my favor.
If he pushed for reform that raised everyone's minimum payment, doesn't that decrease the time it takes to pay off the debt?
Nope, credit cards are just like taxes: if you charge less, you will get more revenue and we'll pay off our debt faster. You must think Vince Foster was actually depressed, too.
Look, the only red light and klaxon we need, other than for your mom, is for when President Obama quietly uses the Bush wire-tapping laws to use your credit card account for his liberal agenda, and hand-made chocolates ordered from John and Kira's (I found that on my VISA bill!)
It seems to me that the credit card debt is rising and falling with the economy. That's why we're down 16% from the 2008 level. So, that it marginally rises would seem to me to be a lagging indicator that the economy is improving, as the article mentions but is not quoted on. In fact, it looks like KingCheetah intentionally redacted it.
I clearly put full article in the link. Juan Valdez do you support Obama forcing more hard working American citizens into debt?
