Consumer Debt Mired In Delinquency
Delinquent debt is overtaking the consumer loan market in epidemic proportions. The final quarter of 2007 saw payments on car loans, credit cards and home equity loans fall farther behind than at any point in the past 15 years, according to the American Bankers Association. Bloomberg.com reported earlier this month that American Express and Capital One are among the companies that doubled funds reserved for debt gone bad.
Of course, it’s a no-brainer situation. Gas and grocery costs are outpacing the earning power of consumers, and spending habits have shifted as a result. Credit is increasingly being used as a means of purchasing the necessities of life, and less for purchasing luxury items — and there is certainly less left over to pay off debt each month.
Creditors have tried to stem the tide with tighter lending standards, shifting business priorities and shaking up boardrooms. But none of that changes the fact that overdue consumer debt is at record levels. This is a difficult thing to say in a credit-driven, instant-gratification society, but maybe we should all just step back, take a breath, sell some stuff or pick up a second job to live beneath our means and try to save some money.
April 15th, 2008 at 9:21 pm
[…] Consumer Debt Mired In Delinquency Consumer Debt Mired In Delinquency By Hayli Morrison | April 15th, 2008 Delinquent debt is overtaking the consumer loan market in epidemic proportions. The final quarter of 2007 saw payments on car loans, credit cards and home equity loans fall farther behind than at any point in the past 15 years, according to the American Bankers Association. Bloomberg.com reported earlier this month that American Express and Capital One are among the companies that doubled funds reserved for debt gone bad. […]
April 15th, 2008 at 10:16 pm
[…] Article Shot wrote an interesting post today onHere’s a quick excerptConsumer Debt Mired In Delinquency By Hayli Morrison | April 15th, 2008 Delinquent debt is overtaking the consumer loan market in epidemic proportions. The final quarter of 2007 saw payments on car loans, credit cards and home equity loans fall farther behind than at any point in the past 15 years, according to the American Bankers Association. Bloomberg.com reported earlier this month that American Express and Capital One are among the companies that doubled funds reserved for debt gone bad. […]
April 15th, 2008 at 11:32 pm
[…] Consumer Debt Mired In Delinquency Consumer Debt Mired In Delinquency By Hayli Morrison | April 15th, 2008 Delinquent debt is overtaking the consumer loan market in epidemic proportions. The final quarter of 2007 saw payments on car loans, credit cards and home equity loans fall farther behind than at any point in the past 15 years, according to the American Bankers Association. Bloomberg.com reported earlier this month that American Express and Capital One are among the companies that doubled funds reserved for debt gone bad. […]
April 16th, 2008 at 12:22 am
[…] Consumer Debt Mired In Delinquency Consumer Debt Mired In Delinquency By Hayli Morrison | April 15th, 2008 Delinquent debt is overtaking the consumer loan market in epidemic proportions. The final quarter of 2007 saw payments on car loans, credit cards and home equity loans fall farther behind than at any point in the past 15 years, according to the American Bankers Association. Bloomberg.com reported earlier this month that American Express and Capital One are among the companies that doubled funds reserved for debt gone bad. […]
April 17th, 2008 at 5:45 pm
[…] Consumer Debt Mired In Delinquency Consumer Debt Mired In Delinquency By Hayli Morrison | April 15th, 2008 Delinquent debt is overtaking the consumer loan market in epidemic proportions. The final quarter of 2007 saw payments on car loans, credit cards and home equity loans fall farther behind than at any point in the past 15 years, according to the American Bankers Association. Bloomberg.com reported earlier this month that American Express and Capital One are among the companies that doubled funds reserved for debt gone bad. […]
May 25th, 2008 at 3:23 pm
[…] should keep in mind that if you have consistently made late payments or exceeded your credit limit then calling and asking for a lower interest rate will probably be […]