Consumer Credit Card Debt on the Rise: 5 Things to Know for the Week

Simon Zhen

By , Staff Writer
Posted on Mon Nov 19, 2012, Last Updated on Mon Nov 19, 2012

More Columns »

In the week that Americans engage in a tradition of braving frigid temperatures to snag some of the best shopping deals of the year, a new report shows that consumer credit-card debt has increased from one year ago. The fact that stores are opening earlier in honor of Black Friday may somehow correlate with consumers’ appetite to spend.

  • Any Ally Bank customer who has been eager awaiting mobile check deposit has had their wish fulfilled. The cool, new feature is now available in the latest version of Ally Bank’s mobile banking applications. Customers can also make bill payments and transfers between non-Ally accounts through the mobile apps.
  • Consumers can expect to see extra safety measures when it comes to their banking. Financial institutions are beefing up their security protocols the ensure that security breaches won’t wreak havoc on customers’ accounts. Two-factor authentication is one way that banks are adding extra layers of account protection.
  • Amid Hurricane Sandy’s aftermath, many big banks offered various forms of financial assistance to customers who were affected by the storm. One of the banks — Wells Fargo — is being investigated for the suspension of foreclosures in disaster areas, which may have cause more harm than relief to some customers.
  • Thursday is Thanksgiving, which means that most banks will be closed as Americans enjoy their big celebratory feasts. If you have any financial errands that require a visit to a branch, it would be best to complete them earlier in the week.
  • The average American is spending more on their credit cards, according to a new report by credit-reporting agency TransUnion. Compared to last year, credit-card debt increased by 4.9 percent to $4,996. With the banks starting to lend again and the upcoming holiday season, we can expect number to grow.

Post a Comment

  • Myquicklawyers

    Nothing new about it! Americans spend more than what they earn and credit card has allowed them to do so. Credit card is good, until the debtor can pay the debt off on time. But in most cases, people fail to pay off outstanding credit card debts and they fall deep down in massive credit card debt. Unless we can live within our means, it would be very difficult to get out of debt burden which gradually moves towards filing bankruptcy and losing everything we have. No lawyer can help if we don’t change our habit.

  • Juan Reynoso

    Retailers claim that the economic is getting better base on consumer expending, but the truth is that consumers are getting into more debt, credit card debt is going to increase more in the next year, Americans are using their credit card to cover their household expenses and family traditional obligation,gift and other expenses. Their income is being reduced by this economic downturn and many are loosing their jobs due to the reduce labor cost by many companies, some retailers had close stores,but the press and the Obama administration do not want to tell the truth about what is take place in our country. 2013 will be the worse year for the average American family the ones that depend on their jobs for their welfare. God will save our country from our own demise. We will learn from this economic catastrophe and will raise aging to become the greatness that we was before, we let the Washington culture of corruption destroy our economic.