Suan Erler in Northwest Indiana News reports:

Those carrying credit card debt at variable interest rates, like those with adjustable rate mortgages and other loans, are likely to see corresponding hikes in their monthly bills.

“When a homeowner is already experiencing difficulty, they could end up out of their house by trying to pay a credit card and not paying their mortgage,” said Stalling, whose agency counsels those in budget crisis.

Credit card debt carried by the average American was $8,562, according to American Consumer Credit Counseling, amounting to a total U.S. credit card debt of $60 billion.

Full Story

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This entry was posted on Tuesday, August 10th, 2004 at 4:20 pm and is filed under Credit and Debt, Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.