CardRatings.com Analyzes Whether a Recent Drop in Credit Card Debt is Actually Good News
12 Junho 2024 - 6:30PM
Business Wire
Credit card debt declined in the first quarter
of 2024; however, with other types of debt rising, consumers may
simply be trading one problem for another. CardRatings’ credit card
experts explain why this drop in debt might not actually be good
news.
Given the number of Americans struggling with credit card debt,
seeing balances owed go down might seem like a cause for
celebration; however, other debt trends from the first quarter of
2024 suggest that people are simply trading one form of debt for
another.
At the end of 2023, Americans owed a total of $1.129 trillion in
credit card debt. During the first quarter of 2024, that debt
shrunk by $14 billion. Conversely, total consumer debt rose during
this same quarter – by $184 trillion.
CardRatings.com, a leading credit card review and comparison
site, examines these figures and discusses the driving force behind
these trends in their article: Is the recent drop in credit card
debt actually good news?
CardRatings provides tips on credit card refinancing options and
discusses the benefits of more accessible solutions such as balance
transfer credit cards.
“It is usually encouraging to see credit card debt numbers
decrease, but the fact that total debt numbers are still on the
rise shows that some people may still be struggling,” says Jennifer
Doss, executive editor and credit card analyst at CardRatings.
“Instead of using other types of borrowing to help reduce credit
card debt, consumers could consider a balance transfer credit card.
Though it might seem counterintuitive to open a new credit card to
pay off current credit card debt, when used responsibly, these
offers can save people a lot of money on interest charges.”
Doss is available to discuss these recent debt trends, as well
as general strategies and tips for paying off credit card debt.
About CardRatings
CardRatings is owned and operated by QuinStreet, Inc. (Nasdaq:
QNST), a leader in providing performance marketplace technologies
and services to the FinTech, financial services and home services
industries. QuinStreet is a pioneer in delivering online
marketplace solutions to match searchers with brands in digital
media. The company is committed to providing consumers with the
information and tools they need to research, find and select the
products and brands that meet their needs. CardRatings is a member
of QuinStreet’s expert research and publishing division.
CardRatings innovated online credit card ratings and has been
offering independent ratings and reviews of credit card offers
since 1998. The website collects and maintains data on more than
800 credit card offers and carefully compiles objective lists of
the top credit cards by card type, making it easy for consumers to
find the right card to fit their needs.
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version on businesswire.com: https://www.businesswire.com/news/home/20240612605617/en/
Jennifer Doss Executive Editor jdoss@quinstreet.com
QuinStreet (NASDAQ:QNST)
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