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Card-Carrying Consumers Suffer Debt Woes After a Happy Holiday

Columbia, MD (PRWeb) February 1, 2007 -- Confident consumers hit the malls during the holiday season, as retailers closed out 2006 with strong numbers. But those strong numbers likely translate into larger credit card balances for millions of Americans says CareOneCredit.com.

Electronics gave a charge to retailers, as sales rose 0.9 percent in December, according to the Commerce Department. It was the best showing in five months, and higher than the 0.7 percent analysts had predicted. Statistics showed that a soft housing market has turned consumers away from home equity withdrawals and back to the old standby, plastic.

Whether Americans could afford those products, though, remains in question, as consumer debt increased dramatically during the holiday season. Card debt skyrocketed in November to $8.7 billion in revolving credit, according to economic reports. After falling $1.3 billion in October, overall consumer credit rose to $12.4 billion for the month of November.

"The average American household credit card is estimated to be $9,200, but after a holiday season like 2006, I expect it to go higher in the coming year," said CareOne Credit Counseling services spokesperson Clarky Davis. "Consumers were definitely spending this holiday season, and that's great for the economy. But if those same consumers saddled themselves with more credit card debt, that's not a good sign in the long run."

With flat housing values, it's likely homeowners will refocus in 2007 and get their financial house in order. A good place to start will be agencies that provide CareOne Credit Counseling, where more than 400,000 Americans in September sought help managing financial debt. CareOne agencies expect those numbers to increase in the coming months with consumers turning to www.careonecredit.com for options to manage their debt.

"Consumers who turn to agencies that provide CareOne branded services are confident in the quality of financial education and debt management support they receive because we are committed to providing the highest standards of customer service in the debt management industry," said Davis. "Taking the first step can be the hardest part about getting financial problems in order. That's why CareOne Credit Counseling agencies (CareOneCredit.com) are committed to providing such a user-friendly website."

The CareOne brand also provides access to debt management agencies that uphold strict guidelines, including 24/7 access to account information, electronic payments, monthly statements, customized support and counseling, strict privacy, and the highest level of customer care.

Contact Information
Clarky Davis, Spokesperson
CareOne Services, Inc.
9755 Patuxent Woods Drive, Suite 100
Columbia, MD 21046

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