With the holidays fast approaching, many Wayne County residents will be faced with a difficult choice. Facing financial challenges, how does one handle the shopping season -- cut back on spending, perhaps forgoing special gifts? Or add it on to the growing credit card debt and try to pay it off in 2015 and beyond?
A recent report looked at Americans' credit card habits and found some interesting statistics. One the one hand, the rate of credit card charge-offs has not been this low in almost three decades. That rate, just under 2.9 percent, represents credit card accounts that lenders declared as a loss due to cardholders' nonpayment. Taken in isolation, that statistic would generally be good news, indicating that consumers by and large are able to make their credit card payments and not fall into default.