March 24, 2009
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News: Floridian Credit Card Consumers Hit Hard.
Local credit card consumers in the Tampa Bay area are among the hardest with credit card woes, according to the St. Pete Times. One of the more aggravated cases is with a 60-year old consumer who found herself owing AMEX $103,000 and couldn't pay it. Her only income was a monthly $660 Social Security check. She, like so many others, found herself suddenly facing bankruptcy. Across the country, it's not as bad. The national average for credit card debt is only about $6,000.
But, in the bay area, bankruptcies are spinning out of control. Just last month the figure had reached a staggering 1,986. That represents an astounding 46% increase over that time last year. Of course, not all of them were caused by credit card debt. Up till recently, medical bills were the worst monster. They haven't gotten any better certainly, but are being eclipsed in Tampa Bay by some of the worst unemployment in the nation which. This leads to running up credit card debt just to stay alive. Doctors and lawyers are just turning people away if they have no cash and can't pay with credit cards.
Still, the pundits with their private jets, will say that these are bad people for not exercising more responsibility. Shame on them for losing their jobs overseas and getting old so their health would suffer. Maybe all of America should take a vote to decide once and for all, who's the more obnoxious. With Americans currently owing $971 billion in credit card debt and good jobs going out the window like air escaping like a runaway balloon, what's a credit card lender to do? Why, lower lending, of course.
Can't hardly blame them. Forty percent of the credit card industry has had to do this so far. Maybe, instead of spending a few million dollars on beatifying our offices we could hire some more people instead, we'd all be a little more happy? …Nahhh.