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Habits are hard to break: Just when you think you're firmly in control, you backslide again. Such may be the case with Americans debt addiction.
According to CardHub.com's, Q2 2011 Credit Card Debt Study, U.S. consumers accumulated a staggering $18.4 billion in credit card debt in the second quarter -- 66% more than they accumulated in the same quarter a year ago, and 368% more than in the second quarter of 2009. Based on the study, Americans will end 2011 with around $54 billion more in credit card debt than they began the year with.
"A debt increase of $18.4 billion during a single quarter is mind boggling, especially when you consider that this increase is 368% higher than what we witnessed in the same quarter two years ago," says Odysseas Papadimitriou, CEO of CardHub.com.com.
The study focused on consumer debt data from the Federal Reserve's G19 report in conjunction with quarterly charge-off data to determine how much consumer debt actually increased when you consider the amount of bad debt written off the books. The upside is that consumers ended the first quarter of this year with a significant net decrease in credit card debt -- as they had in the first quarter of 2010. However, in subsequent quarters last year, they proceeded to wipe out that reduction.
Originally posted by allprowolfy
What your looking at is whats left of the middle class; now using their credit cards to save their possesions as it happened to myself and others in 2006.
Going to get real interesting real quick this coming up year