While debt and delinquency rates often go hand in hand, it may surprise you that being overextended on your credit card(s) may also lead to decreases in your credit limits. CardRatings.com discusses ways to minimize the impact of a cut. https://bit.ly/3RL0WZN
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Debt is on the rise in the U.S., and so are missed payments. If you’re among the growing number of Americans who have a missed payment on your credit report, there is a chance you might be able to dispute it. In our latest post, we share how you can possibly dispute missed payments from your credit report as well as steps you can take to improve your financial standing. Check out the article to learn more: https://lnkd.in/gtxYnj3U #creditscore #creditreport #missedpayment
How To Remove Missed Payments from Your Credit Report - CreditBuilderIQ
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Are you maintaining a balance on your credit cards? You are not alone there is over $600 Billion in credit card debt outstanding right now. Even if you pay your cards in full you might be affected, credit issuers are lowering credit limits on new accounts. If you are spending money on a card, read this article. https://lnkd.in/e_iuipVP #money #economy #creditcards
Credit-Card Delinquency Rates Were Worst on Record in Fed Study
msn.com
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📈 **Credit Card Delinquency Hits Record High: A Call to Action for Financial Institutions** 💡 **Key Insight:** The increase in accounts only making minimum #payments underscores the fact that more #consumers are struggling to manage their debt. 🤝 **Consideration:** As #credit card #delinquencies soar, #financial institutions should consider strengthening partnerships with #debt #settlement companies to offer better solutions to these #consumers. - ❓ **What?** U.S. credit card delinquency rates at highest level since 2012. - 💰 **How much?** Nearly 3.5% of balances were 30+ days past due as of Q4 2023. - 🛑 **Why?** Rising #inflation and #interest rates strain #household #budgets. 🔗 For a deeper dive, read the full article (https://lnkd.in/eKfwxbPx).
Credit Card Delinquency Rates Hit Worst Level On Record - Credit and Collection News
creditandcollectionnews.com
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Chief Compliance and Consumer Affairs Officer at National Debt Relief Press: PR@nationaldebtrelief.com
It's a disturbing trend: according to a new report by Bankrate, 56 million Americans have been in credit card debt for at least a year, with 49% of all credit card holders carrying debt from month to month. While Americans are managing these debts fairly well, the potential for a disaster down the line is apparent. More than ever, people need to be prepared to manage their debts carefully and take steps to ensure their long-term financial health. #DebtManagement #PersonalFinance
56 million Americans have been in credit card debt for at least a year. ‘We are seeing pockets of trouble,’ expert says
cnbc.com
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The number of Americans carrying a credit card balance is climbing, with many using their credit to cover unexpected or emergency expenses, a new Bankrate report reveals. The share of credit card holders that carry a balance has increased to 49% — up from 39% in 2021, according to a Bankrate survey. This is likely due to the increased cost of credit card debt over the past two years. The average interest rate has climbed from an average of 16.45% in 2021 to 22.77% in October 2023, according to the Federal Reserve.
43% of Americans with credit card debt say it's due to emergency expenses
cnbc.com
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An interesting read for the collections industry. Navigating the Trillion-Dollar Credit Card Landscape. It has implications on debt collections both in the short and long term. The blog breaks down credit card debt by consumer age and state. https://lnkd.in/eMajbwtG
Average Credit Card Debt Increases 10% to $6,501 in 2023 - Experian
experian.com
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With credit card balances and interest rates rising over the past several years, the minimum payments have jumped substantially. Please let me know if you or anyone you know is interested in reviewing their options for a no cost debt consolidation review nationwide. #academybank #interestrates #mortgagelender #nationwidelending
Americans are paying nearly as much interest on credit cards and other debt as they are on their mortgages
businessinsider.com
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The number of Americans carrying a credit card balance is climbing, with many using their credit to cover unexpected or emergency expenses, a new Bankrate report reveals. The share of credit card holders that carry a balance has increased to 49% — up from 39% in 2021, according to a Bankrate survey. This is likely due to the increased cost of credit card debt over the past two years. The average interest rate has climbed from an average of 16.45% in 2021 to 22.77% in October 2023, according to the Federal Reserve.
43% of Americans with credit card debt say it's due to emergency expenses
cnbc.com
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In the first quarter of 2024, Americans’ total credit card balance is $1.115 trillion. 💳 Missing one payment can quickly domino for the worst. But there are steps to take now to get your finances back under control. ⬇️ #KWealthAdvisors #FinancialPlanning #CheckingAccounts #RecentGrads #MoneyManagement #PersonalFinances
What to do if you're falling behind on credit card debt
theweek.com
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Credit card interest rates are hitting all-time highs. 😟 While a predicted drop in the Federal Reserve Rate will help, it's still rough out there for those carrying a balance. In this recent blog post, we discuss steps you can take to lighten the load. Read on at: https://hubs.ly/Q02N_CJq0 #FFCCU #creditunion #creditcard #creditcarddebt #balancetransfer #lendinghelp #ILoveMyCreditUnion #CUDifference
Taking Control of Credit Card Interest Rates
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