Though there seems to be a news article every day talking about how the financial world is coming to its knees over some travesty or another, the reality of the situation is that people are becoming more and more responsible over time regarding their revolving credit card debt. Considering all the problems that have centered around credit cards and other types of credit lines, this is spectacular news to hear, even if younger peoples still seem to have some trouble early in their credit lives.
This drop has been pretty substantial as well, seeing as the percentage of homes with credit card debt has dropped from 44 percent in 2009 to its current rate of around 33 percent. A drop of over 10 percent is massive, especially considering it only took six years to get to that level.
A lot of the reason that this has been the case is because people are just being smarter with their purchases and more thrifty when it comes to what they feel they need versus what they want. For example, shoppers in general are spending less this year on back-to-school shopping.
While surely manufacturers are seeing this as the end times, the fact of the matter is that debt for a household is bad news and can lead to some terrible situations.
Have you found a way to cut the credit card debt in your household? We’d love to hear some individual stories about what you did! Either drop us a line or leave a comment below.