Best Bankruptcy Lawyers in Greenwich, CT

Analysis: Credit Card Debt Is Up — and It’s Taking Longer to Pay Down The message from this Article is to be mindful of the too easy use of credit cards and to stay within your budget. If life events result in over use of credit cards and inability to pay, there are options and the sooner you inquire, the more options you may have. Our Bankruptcy Law, grounded in the U.S. Constitution provides a fresh start to folks who realize how punishing the credit interest rates are and cannot realistically pay down the debt. From fuel and groceries to hotels and airline tickets, consumers are putting more purchases on credit cards — and taking longer to pay them off, the Wall Street Journal reported. Since 2020, credit card spending has steadily increased at three of the four largest banks. Customers also aren’t paying off their charges as quickly as they used to. Credit card loans, or unpaid balances on accounts, jumped 14% at JP Morgan compared with a year earlier and 9% at Bank of America. Credit card loans were also up at Citigroup and Wells Fargo. In the aggregate, credit card loans at the four banks grew faster than spending in 2023. The unpaid balances also surpassed 2019 levels for the first time, showing that consumers are putting more purchases on cards and taking longer to pay off their bills than they were before the pandemic.