Consumers Still Fiddling While Debt Bubble Continues To Grow
Consumer debt continues to climb, in May, 2008, it increased almost $8 Billion dollars to a record $2.57 Trillion dollars according to the Federal Reserve. That’s $2,570,000,000,000.00. That’s a lot of money!
That’s 3.64% growth, slightly less than April’s 3.65% increase. Most of it was revolving credit; credit cards, was $5.6 Billion, the rest was big ticket loans like cars.
This does not include mortgages, which is another mess altogether.
The consumer credit card debt bubble continues to grow and eventually it will explode. Using your home as a spigot to spit out cash to pay off credit cards is over. Now all people can do is max out their credit cards. Soon, there will be nothing left to charge & you will have to do something.
I have been helping people get rid of their credit card debt for 3 years now. If you are falling behind on the payments or tired of paying outrageous interest rates, you have to do something. If the creditors won’t help you, we can.
We can get the creditors to take 50% or less, and work out a payment plan that will pay off the debt in about 2-4 years & lower your payments. If you need help, call me to see if debt settlement might be the right option for you.
Christopher Winkler
DebtChemotherapy.com
July 11th, 2008 at 3:00 am
[...] Polmear wrote an interesting post today onHere’s a quick excerptConsumers Still Fiddling While Debt Bubble Continues To Grow July 11th, 2008 Consumer debt continues to climb, in May, 2008, it increased almost $8 Billion dollars to a record $2.57 Trillion dollars according to the Federal Reserve. That’s $2,570,000,000,000.00. That’s a lot of money! That’s 3.64% growth, slightly less than April’s 3.65% increase. Most of it was revolving credit; credit cards, was $5.6 Billion, the rest was big ticket loans like cars. This does not include mortgages, which [...]