Credit Card Balances going down? Don’t bet on it!
The Washington Post has reported that TransUnion, one of the three major credit reporting bureaus, says average credit card debt has declined for the first time since early 2007. Nationwide, the average debt per credit card borrower dropped 1.25 percent to $1,673 in the first quarter of this year from $1,694 in the previous quarter.
Trust me. This is a temporary blip. This report falls under the umbrella of “some good news about to go bad”.
With the way things are right now in the economy, there is no way this is a trend. Don’t bet on it. People will be relying on their credit cards more and more as gas continues to go up, and the dollar continues to go down. While not great news for consumers, this is good news for those companies offering their services through the Lead Exchange.
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