Credit Card delinquencies hit index record - WALB.com, South Georgia News, Weather, Sports

Credit Card delinquencies hit index record

By Wainwright Jeffers - bio | email

ALBANY, GA (WALB) - More news that could add to your financial stress, for the second straight month, a record number of Americans were late with credit card payments.

There's no time like the present to pay down that credit card debt, but fewer people are doing it.

"Our business has increased and that's because people simply need the help," said Irma Whitten, CCCS Albany CEO.

Fitch's Prime Credit Card Delinquency Index, which measures credit card debt more than 60 days late, hit 4 percent, up 1/4 of a percent since December.

Irma Whitten with Consumer Credit Counseling Service says it's because many people are only paying for the essentials.

"Times are tough and people are simply paying their living expenses and not paying the credit card debt," said Whitten.

With some not paying it means bad news for others doing everything right.

They're seeing their credit limits slashed, and maybe even higher rates.

"Credit card companies are raising interest rates as well as decreasing credit limits," said Whitten.

American Express is giving some customers $300 to give up their accounts as the company tries to reduce the number of delinquent accounts.

To get the money, customers who receive the offer must pay off the card balance by the end of April.

"Now the very first thing that consumers should remember is to put the credit cards away," said Whitten.

Putting them away and paying them off, but Whitten understands for some it may be tough.

"These times may seemingly be the time to use credit cards if you don't have a job and you have to eat and there's a credit card in your pocket then the inclination is to use it," said Whitten said Whitten.

Most of those customers American Express is trying to get rid of have already received the offer.

They'll get the $300 dollar check only after they pay the balance and close the account.

Feedback


©2009 WALB News. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Town Hall Saturday for grant eligibility

    Town Hall Saturday for grant eligibility

    Friday, February 23 2018 1:21 PM EST2018-02-23 18:21:51 GMT
    Low-income families in Albany can qualify for grants to help repair their homes. (Source: WALB)Low-income families in Albany can qualify for grants to help repair their homes. (Source: WALB)
    Low-income families in Albany can qualify for grants to help repair their homes. (Source: WALB)Low-income families in Albany can qualify for grants to help repair their homes. (Source: WALB)

    Albany City Commissioner Jon Howard is hosting a town hall for all residents on Saturday morning.  The city's community economic development director will be speaking about grants many Albany residents qualify for from the federal and state government.  

    More >>

    Albany City Commissioner Jon Howard is hosting a town hall for all residents on Saturday morning.  The city's community economic development director will be speaking about grants many Albany residents qualify for from the federal and state government.  

    More >>
  • Irwin Co. man pleads guilty to 2016 murder

    Irwin Co. man pleads guilty to 2016 murder

    Friday, February 23 2018 1:15 PM EST2018-02-23 18:15:36 GMT
    Patrick Thrower plead guilty to murder in Irwin County. (Source: Ocilla PD)Patrick Thrower plead guilty to murder in Irwin County. (Source: Ocilla PD)
    Patrick Thrower plead guilty to murder in Irwin County. (Source: Ocilla PD)Patrick Thrower plead guilty to murder in Irwin County. (Source: Ocilla PD)

    An Irwin County man will spend the next 30 years behind bars.  Patrick Thrower plead guilty to murder last week in Irwin County. 

    More >>

    An Irwin County man will spend the next 30 years behind bars.  Patrick Thrower plead guilty to murder last week in Irwin County. 

    More >>
  • Spring allergies sweep Southwest GA

    Spring allergies sweep Southwest GA

    Friday, February 23 2018 11:31 AM EST2018-02-23 16:31:46 GMT
    Theck said trees blooming are the main culprit for spring pollens right now (Source: WALB)Theck said trees blooming are the main culprit for spring pollens right now (Source: WALB)

    You've no doubt noticed that green or yellow dust filling the air, and piling up on homes, cars, and almost everywhere.

    More >>

    You've no doubt noticed that green or yellow dust filling the air, and piling up on homes, cars, and almost everywhere.

    More >>
Powered by Frankly