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The Future of Credit Debt In The New Year

The Future of Credit Debt In The New Year

: Richard West Law Office

new yearsWhile 2013 was marked by slow economic recovery in the United States, there is still plenty more ground to cover. That is especially true with America’s oversized personal credit debt. Spending was again rampant in 2013, and analysts and experts predict more for 2014.

What Does the New Year Hold?

According to experts, the New Year may hold more of the same for credit debt. Analysts at CardHub.com, a credit card resource website, are predicting four major things for 2014:

  • American consumers will likely rack up another $45 billion in credit debt
  • Availability of credit will likely increase
  • American consumers’ credit scores will continue to improve throughout the year

John Kiernan, senior analyst at CardHub.com, said “We’d like to think that people are more aware of the ramifications of allowing debt to get out of control and things have improved year over year. […] but things aren’t exactly on the course where we want them just yet. We want to see people pay down more debt rather than increasing it at a slower rate.”

It is hard to understand why this credit debt mindset has not dissolved yet, but it appears to be here to stay for the immediate future. Experts all over the country have ideas and theories for fixing the problem, but we aren’t in the clear yet.

Dr. James A Roberts, professor of marketing at Baylor University, had this to say, “As consumers, we suffer from what I call short-term amnesia. After teetering on the financial brink it should be reasonable to think that we will have learned our collective lessons. But this is far from what happened.”