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Ridgewood NJ, the Federal Reserve released the latest data on consumer credit . Consumer credit increased at a seasonally adjusted annual rate of 0.4 percent during the third quarter. Revolving credit increased at an annual rate of 8.6 percent, while nonrevolving credit decreased at an annual rate of 2.4 percent. In September, consumer credit increased at an annual rate of 2.2 percent.
Managing your finances can be a little tough. People sometimes have a tricky financial situation depending on their spending habits and income. They tend to go for loans to get the stability they need and quite often it’s through personal loans. In fact, getting a loan has a lot of perks and advantages.
So, we’ve come up with 6 reasons why you should consider applying for a loan.
Continue reading 6 Reasons Why Getting a Personal Loan is a Great Option
the staff of the Ridgewood blog
Ridgewood NJ, The millennial generation (people in the age range 23-38) increased their average credit card debt by 7% in the past year. This is the second-largest increase in credit card debt among all generations. Experian examined millennial credit card usage and compared it to determine how the generation spent compared to its peers.
Continue reading New Jersey Millennials Have 4th Largest Credit Card Debt at $5,288 Average
the staff of the Ridgewood blog
Ridgewood NJ, Americans have taken on more credit card debt in the last few years. Overall credit card debt hit $807 billion in Q1 of 2019 in the US according to Experian , a 29% increase over the last 5 years.
Here are additional credit card trends:
Check out the full research article here: https://www.experian.com/blogs/ask-experian/state-of-credit-cards/
DECEMBER 10, 2015 LAST UPDATED: THURSDAY, DECEMBER 10, 2015, 1:21 AM
BY MELANIE ANZIDEI
STAFF WRITER |
THE RECORD
Consumers are expected to end the year with credit card debt that is close to levels experts consider unsustainable.
A study released Wednesday by the credit card comparison company CardHub found that consumers racked up $21.3 billion in new credit card debt in the third quarter, from July through September. That’s 34 percent more than the same period last year, and the most for the third quarter since 2009, the year the recession ended.
CardHub projects that credit card debt by Dec. 31 will surpass last year’s by $68.5 billion. At that pace, the average household will be ringing in the new year owing more than $8,000, the highest since the last recession.
“We consider an average [household] debt of $8,400 as being unsustainable — proved in 2008 when the crushing debt plunged us into the Great Recession,” Jill Gonzalez, a CardHub analyst, said in an email Tuesday afternoon.
She added that these rising levels of credit card debt should serve as a “wake-up call” to consumers, who should “rein in spending” in an effort to avoid reaching that tipping point.
https://www.northjersey.com/news/business/credit-card-debt-is-dangerously-high-experts-say-1.1471448
