Shout out to Alaska, Maine, and North Dakota « Beating Debt News Archives

Shout out to Alaska, Maine, and North Dakota December 11, 2008

Posted by BDO in News.
Tags: beat, beating, card, consumer, credit, Debt, economy, spending, transunion
trackback

According to TransUnion, a credit and information management company, the third quarter 2008 saw an overall increase of 1.57 percent in credit card debt amongst consumers. Even though the economy is slowing, consumers are not making the hard decision to reduce their expenses.

Nationally, we are increasing our debt load. Why? Are we hoping that better economic times will bring more income to pay off our debts? The fallacy in this logic is we already have debt from the last good economic time. We need louder and stronger voices to help our fellow neighbors understand that we need to “Stop spending money we don’t have“. We need more press and analysis on the negative affects of consumer debt on our economy.

This report was not all bad. I want to give a shout out to the residents of Maine, North Dakota, and Alaska who managed to decrease their debt load by -1.4, -1.12, and -.57 respectively.