Bad News: Credit Card Debt is Down

The average American credit card debt is down almost $ 2,000 from two years ago. This is a bad thing.
In the recent study, Nerd Wallet found the average credit card debt per indebted household to have decreased from $ 16,383 in March 2010 $ 14,517 March 2012. The average credit card debt for all households fell from $ 7,219 to $ 6,772.
One may be inclined to believe that Americans control their finances and whipped into shape. The reality of the situation is much grimmer. In 2010, credit card companies wrote seriously delinquent debts, with a huge amount of money bad. America's credit card debt has fallen. The cost-off rate, which is the percentage of the dollars that are classified uncollectable, rose to 10.7% a 300% increase compared to 2006.
After losing a huge number of payments, credit card companies began to exercise discernment smarter in providing financial products. With credit harder to obtain average debt continued to fall.
So no. A decrease in credit card debt does not indicate increased financial literacy, an improving labor market or smarter spending habits. It means that the situation was beyond repair and requires an artificial reduction.How did we get here?
Like the subprime mortgage crisis, this credit bubble grew from easy access to unsustainable financial products. Poor risk assessment referred to people who probably have not had large credit limits were accepted for new cards left and right. Interest rates were low, and people were free to live far beyond their means.
Add a global financial crisis to the mix and you have a recipe for disaster. Without work, paying down debt was a pipe dream for many.
It is noteworthy that while the average credit card debt has decreased since 2010, the number of households increased 3.5% due. Credit card companies wrote only seriously delinquent accounts, which meant forgiving a large sum of debt in a relatively small number of households. As a nation, a greater percentage of us are in debt today than in 2010.


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