Consumers Cutting Up Credit Cards, Buying Cars Instead

According to a recent CNN Money article consumers are still not using their credit cards regularly but they are continuing to take out automobile loans.

The writer, Tami Luhby, states that credit card delinquencies are at their lowest level since 2008.

Yet automobile loans have risen in terms of new car sales by 16.3 percent for the 2nd quarter of 2012.

This is good news for the auto industry which had reeled in previous years from poor economic conditions and good news for consumers that are continuing to shed household debt.

The article on CNN Money can be read in its entirety here: Consumers cut up credit cards, but buy cars.

Non-Profit services like Debt Reduction Services Inc. can help consumers unload Credit Card and other collection debt in some cases by reducing interest rates and payment amounts while still paying the balances owed in full. Call 1-877-688-3328 for more information.

Luhby, Tammy. (2012, August 29th). Consumers cut up credit cards, but buy cars. CNN Money. Retrieved from http://money.cnn.com/2012/08/29/news/economy/credit-card-debt/

 

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