Below is a nice spin from a recently published article in the Atlanta Business Journal:
Atlantans are charging up a storm again, indicating continued recovery from the Great Recession, according to the latest National Consumer Credit Trends report from Equifax Inc. (NYSE: EFX).
Metro Atlantans’ credit card debt jumped 7.4 percent to $10.9 billion in the second quarter. This echoed the national trend — up 5 percent to $634 billion.
“Every major market has seen increases in credit card debt, even those cities where the housing market issues are not completely resolved,” said Assad Lazarus, interim unit leader of Equifax Personal Information Solutions. “This shows that American consumers are more confident about their financial futures, and that means the U.S. economy has entered an expansion mode… These trends suggest that American consumers are getting on with their lives”
This news is not something to be proud of unless your business is dependent on consumer credit. The average credit card debt per HH is now $15,800. The average credit card interest rate is 15%. Therefore, the average HH is paying $200/month in interest or $2,400 annually. This is approximately 6% of the average HH take-home pay.
On average, our recession happen every 57 months and last for 13 months. As of today, we are at 74 months since the last recession.
Can your HH survive 13 months with no paycheck?
GET RID OF DUMB DEBT!
$olutions that produce ¢hange 