When the economy took a major hit a few years back, many people here in Wisconsin had their lives severely impacted. Some recently released statistics indicate that the effects of this economic turmoil have continued to linger in the state and may be influencing consumer behavior.
While some see credit card debt as a sign of irresponsibility or foolishness, a new report from the think tank Demos shows that this is an unfair assessment of people who routinely carry over credit card balances from one month to the next.
During the aftermath of the economic recession, many Americans put away their credit cards and drastically cut back their spending. Many Wisconsin residents saw their neighbors lose their homes to foreclosure or lost their jobs and simply didn’t feel comfortable using credit cards as frequently for purchases.
Credit card debt can creep up on you.