What credit-card payoff? Consumers are dumping debt

CHICAGO (MarketWatch) — Credit-card debt has been falling for 16 straight months but consumers aren't paying off their financial obligations as much you might think. Instead, they're walking away from the debt, forcing credit-card issuers to write off as much as 90% of that reported drop, according to a new report by CardHub.com. U.S. banks charged off a record $83.3 billion in credit-card losses last year. That makes up the bulk of the $93.2 billion drop in outstanding credit-card debt that was reported by the Federal Reserve for 2009. Original Article: Forum: News/Activism

More:
What credit-card payoff? Consumers are dumping debt

Tagged as: banks, banks-charged, bulk, credit card issuers, credit card payoff, Debt, free republic, marketwatch, politics