Every generation needs a new revolution.

- Thomas Jefferson

Living Well Means Living Smart

You do not have to keep up with the Jones' if you have substance, but who has time to develop themselves anymore when it is so much easier to purchase your position--even when you cannot afford the posing position you desire:

Fallout from the mortgage mess and lower home prices may have started to creep into the credit card arena, judging from July payments and some initial moves by issuers to tighten the screws on cardholders.

After falling for three consecutive months, delinquent payments on credit cards -- defined as more than 30 days late - increased slightly in July, to 4.64 percent from 4.62 percent in June, according to CardWeb.com. A year ago, the delinquency rate was 4.18 percent.

The amount of credit card debt consumers are paying off, meanwhile, has fallen. The portion of outstanding balances paid in July slipped to 18.3 percent from 18.4 percent a month earlier.

The repayment rate hit its peak (21 percent) in October 2006 after credit card companies began complying with regulators' mandate to boost minimum payments to cover interest, fees and some principal. For years, the default minimum was just 2 percent of your outstanding balance.
[Read]

Substance = UnAmerican ?

posted at 18:47:48 on 08/24/07 by clearpolitics - Category: Economics - [Permalink]

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