Released: March 10, 2010
Lower credit card debt traced mainly to charge-offs
Source: Christine Dugas, USA Today
Americans cut more than $93 billion in credit card debt from 2008 to 2009. Good news, right?
It’s not what it seems, according to an analysis of federal data by CardHub.com, a credit card comparison website.
Rather than turning wholly frugal, consumers instead fell further behind on bills in 2009, causing a surge in debt charge-offs, says Odysseas Papadimitriou, CEO of CardHub.com.
Read Full Article: Lower credit card debt traced mainly to charge-offs
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credit cards, credit, debt, headlines, charge-offs
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