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View Full Version : Credit Card Debt Getting Worse?


Steve
02-23-2008, 11:53 AM
As you look around to those you know or stories you hear or customers you have, do you think their credit card situation is getting worse?

When credit cards put you in jeopardy (http://www.cnn.com/2008/LIVING/personal/02/22/financial.security/index.html) - fewer people are paying their credit cards bills on time. The percentage of people delinquent on their credit cards is the highest it's been in three years, according to CardTrack.com.

The principle is not the only problem, it's also the interest you're accruing. If you have a $2,000 balance at a 14 percent interest rate ** and make just the minimum payments ** it will take you more than 14 years to pay off that debt plus the interest.