You can always expect to face a few challenges the day after Christmas. These can range from traffic jams as you return from a family visit to the challenge of waking up in the morning and returning back to the office. All of these will last a day or so. A challenge, not as temporary, is paying off the month’s credit card bill. Now those extravagant gifts aren’t looking so smart, are they?
The Associated Press reports that Americans are falling behind on making credit card payments "at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come." An increasing number of credit card users are in debt and are more than 90 days late in paying off outstanding balances. Credit card delinquencies are up 26 percent over a year ago, reports the news wire service. All we can deduce from this increase is that Americans aren't afraid of high-interest debt.
So if you are looking to make the transition from the “spenders” category to the “savers”, may we suggest you skip the numerous after-Christmas sales this year?
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