A brainstorm about credit cards
The owner of the credit cards is accountable for all balances, which should be paid off in full each month to avoid paying interest and fees. Some consumers in this country, however, only pay the minimum payments each month. A recent index showed that the repayment of outstanding balances on credit cards in December 2008 declined to 16 percent, the lowest since 2004. Many analysts predict that default ratings on credit cards will continue to rise, given the declining economy. Consumers are struggling with rising unemployment, declining home values and bruised investment portfolios.