Alarming headlines about our soaring national indebtedness frequently splash across the front pages of newspapers, our TV’s and computer screens, but members of congress aren’t the only ones who’ve racked up a hefty balance. Mr. and Mrs. America have some pretty serious debt obligations of their own.
The Associated Press reports U.S. borrowers held an average credit card debt of $4,962 in the period spanning from January to March of this year, down 4.7 percent from the previous quarter. The decrease is attributable to payments made on holiday season purchases, part of a natural credit cycle that analysts say don’t indicate real trend. Looking back a year ago at the same time, credit card balances are actually up 6.1 percent.
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The general consensus amongst some experts is that rising credit card purchases reflect growing consumer confidence, but the Quizzologists aren’t convinced quite yet. The European debt crisis still looms, storm clouds gather over the Iranian nuclear program, and U.S. growth rates and jobs numbers remain anemic. We’re not out of the woods yet. This week, the Quizzle blog took an in-depth look at the state of America’s plastic. Here are some choice cuts:
- Does Canceling My Credit Cards Boost My Credit Score?
- Warning! Close Your Credit Card Accounts with Care
- 10 Credit Score Facts and Fictions
- Are You Getting Caught by these Balance Transfer Traps?
- Five Things to Know If You’ve Missed a Credit Card Payment
- Don’t let Decreasing Gas Prices Increase Your Spending