Get out of the Daily Credit Grind

In a recent JD Power & Associates survey one in five people said that their interest rates have risen in this past year.  The average interest rate rising from 11% in 2008 to 14% this year and not only have the interest rates risen but also the late fees associated with the account as well.  In a likely trend customer satisfaction scores have dropped to their lowest levels since the survey started.  Taking the top ranking for least satisfied customers is First Premier Bank followed closely by Credit One Bank both institutes specializing in high risk/ high interest accounts (a.k.a. special finance). 

Package in rising interest rates with limited credit lines and you have yourself a recipe that has every payday lender and loan shark drooling with tens of thousands of hard up individuals walking through the doors daily.  Peoples spending levels haven’t tapered off at the same rate as credit lines are cut, there will be a riff somewhere in the middle when the two sides converge.  But until that happens people will seek alternate forms of financing to pay off their debts and continue to purchase.  Please refer back to budgeting and make sure you are not spending outside of your means.