A newfound study has concluded that consumers have increased their debt by 3.6% last year after increasing at 8.6% in 2004. Over the same two-year period, minimum monthly payments have increased by 10%. Experian’s “National Score Index” also found that the number of late payments increased by nearly 20% between 2004 and 2006. The “Index” is based upon a nationwide analogy of the millions of consumer credit profiles. These figures exclude mortgage debt.
In February of 2004, the average debt was $10,371 with average credit card payments of $489.00.
In February of 2005, average debt from credit cards rose to $11,261.
In February of 2006, average debt from credit cards rose to $11,669.
Source: Experian’s National Score Index
These are simply that-averages. Most people have much more credit card debt than the listed $11,669.
There is a logic behind all of this madness and it is both disturbing and threatening. Should you be late 3 days on one credit card, it will be listed on your credit file as being 30 days late. That is the format that the credit bureaus use to categorize tardiness. If you are 31 days...
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