Credit Card Debt: [Honestly] How Bad Is It?

There sure is a lot of doom and gloom in the news about credit card debt. Much of the media would like us to think that everyone carries a balance (likely maxed out) and the credit cards will be the next bubble to burst. But take a look at this chart from Gallop…

According to this chart, it’s the exact opposite of what the media is telling us! Instead of charging more, people are feeling more inclined to pay down their credit cards due to the economic turmoil. So this whole folly about credit cards being the next bubble I simply don’t buy. Don’t believe me? Well wait a year or two before you say I’m wrong.

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