credit-card debt

U.S. consumers have cut back spending — which should be good news because economists and financial counselors have long urged them to pay down their debt, especially on credit cards. But when everyone does it, you get a nasty recession. Congress may have to come to the rescue with a second stimulus package.

The credit crunch is hitting people right where it hurts: More consumers are paying their credit card bills late, and credit card companies are becoming increasingly aggressive about going after their money, The Wall Street Journal says today.
The percentage of credit card delinquencies rose in the first quarter to 4.51 percent, up from 4.41 percent [...]