For Many Americans, Debt Is Still An Uphill Climb
Despite many recent trends, including a decline in credit card use and an increase in timely payments to lenders, many consumers are still struggling under mountains of credit card debt.
As of the start of 2011, Americans still hold a combined 609 million credit cards and more than $800 million in debt related to purchases made with the cards.
While some have learned their lesson others are still struggling with credit score damage and a restricted access to credit, New York news provider The Rochester Democrat and Chronicle reports. In addition, since the average American now carries three credit cards, many are experiencing higher interest rates which can in turn cause more debt.
Recent research has revealed these rates on all consumers' credit cards can total more than 14 percent, the news source says. For the average consumer, this means more expensive monthly payments and a greater risk for future debt accumulation.
In 2011, many consumers will also experience an increase in penalty and annual fees as credit card companies attempt to reduce their recent revenue losses.
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New government regulations in place for consumers in need of debt relief for credit cards and other unsecured debts.