A survey of 1000 Americans 18+ revealed that 24% think that their credit card balances will rise following the holiday season. It is up from 19% in 2010. Separately, overall credit card debt in the United States is down 3.2% from June 30, 2011 to October 31, 2011.
Results of the FreeScore.com survey are as follows:
After the holiday season, the percent of Americans 18+ that expect…
|
2011 |
|
2010 |
||||||||
| Credit card balances to be higher: | 24% | 19% | ||||||||
| Credit card balances to be lower: | 19% | 18% | ||||||||
| Credit card balances to be the same: |
|
58% |
|
62% |
||||||
According to the Federal Reserve Statistical Release on Consumer Credit issued November 7, 2011, revolving debt, or credit card debt, was at $798.6 billion at the end of the 3rd quarter – down 3.2% from the previous quarter when debt was at $795.9 billion. http://www.federalreserve.gov/releases/g19/current/
According to Carrie Coghill, director of consumer education for FreeScore.com, “It seems that consumers have been saving up to spend during the holidays. However, it is key that consumers not over extend themselves. Only buy what you know you can pay off in the first quarter of 2012. Remember, if you miss a credit card payment, it can lower any one, or all, of your credit scores which can cost you when you need to borrow,” she recommended.
About FreeScore.com
FreeScore.com is the leading online consumer credit service, providing members with affordable, unlimited access to all three credit scores and their complete credit profile. For more information, go to FreeScore.com. FreeScore.com is an FYI Direct, Inc. company.
The data for survey were collected through Survey Sampling International in Shelton, Connecticut. Results have a margin of error of +/- 5%.
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