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SAN FRANCISCO — Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.
The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP. That represented more than 4 percent of the total outstanding principal balances owed to the trusts on credit cards that were issued by banks such as Bank of America and Capital One and for retailers like Home Depot and Wal-Mart.
Originally posted by mistressofspices
Credit Card companies are organized loan sharks. If you can't make a payment (or heaven forbid miss a payment due to life happening), they jack the interest rate up.
...snip...
Hard lesson learned my friends. Do has business as you can with cash!
Originally posted by buddhasystem
I really don't get it. Whatever instrument you use, card or cash, do your budget first and stick to it.
Originally posted by mythatsabigprobe
Budgets only work when you have a set income every month.
Originally posted by mythatsabigprobe
Well the guy said he was in business for himself. You can't budget some months, because you don't know what's coming in.
Budgets only work when you have a set income every month.