The Two Sides of Credit Cardholders in America
| September 19, 2009 |
As many people know there are two sides of every story, and at no surprise this can be said with credit cards as well. In the case of credit cards, one side of the story is the fact that more cardholders are paying off their debt now than anytime in American history. The other side is that more cardholders are defaulting on their credit card payments than any other time in American history. With record setting numbers on both side of the credit card spectrum it would seem that there is a large division ever in America when it concerns credit and the ability to access it.
I first started thinking about this after I read a recent article from Eva Maria Norlyk entitled, "Are We Becoming a Nation of Credit Haves and Credit Have-nots?" Of which she gives information of growing number of credit cardholders that are paying off their debit, as well as the increasing amount of debt that credit card issuers are writing off. From the article one point that is made that really hits home is the growing ideology that people have essentially decided to either take steps to pay off their debt or simply walk away from it.
If this continues to happen, which is highly likely, we could see two very different groups of people when it comes to getting credit. On one side you will see people who will find loans easy to obtain and credit cards easy to access and on the other side, one that finds it difficult to get approved only to find extreme high interest that they do not want.
| Share | Tweet |
