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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: redfish	4/4/2005 12:57:30 PM
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45% of Americans are making minimum or no payments on their credit card balances, according to the Cambridge Consumer Credit Index. Islandia, NY - Almost half of Americans (45%) are making only minimum or no payments on their outstanding credit card balances, up from 42% who did so in 2004, according to the Cambridge Consumer Credit Index. Of the respondents surveyed, 37% paid less than half but more than minimum payments (down from 39% in 2004). 17% of Americans paid more than half the balances due, down from 19% last year. The survey also asked respondents their reasons for taking on debt. 53% (up from 51% in 2004) said they did so because they are confident of their ability to repay. Conversely, 47% (down from 49% a year ago) are taking on additional debt because they do not have the money to pay for their necessary expenses. Overall, 39% of Americans have continued to pay off their balances in full (unchanged from 2004), 28% extended their payments (down from 32% a year ago). 33% did not use credit cards at all, up from 29% in 2004. cambridgeconsumerindex.com index.asp?content=press_release

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