Dredit Card Debt Down!

Consumers paying off credit card debt much faster than before the Great Recession!  Maybe caused by bankruptcy filings?!  LMAO

With unemployment and underemployment at record highs and businesses shutting their doors everyday, how can consumers be paying off their debt?  The only way I can think of is that the debt is being discharged through bankruptcy. 

Okay, maybe some are biting the bullet and cutting back on their expenses, which is the smart thing to do.  But with retail sales numbers flat or slightly better than last year this strategy of cutting back does not seem to be widespread. 

What will happen when the double dip recession slaps us all in the face and layoffs, downsizing and reduced hours start all over again??  We will all wish that we had cut back, reduced our debt and been better prepared.

Good luck to all those trying to survive out there!

Reg Baker, CPA
www.regbaker.com