The National Foundation for Credit Counseling has issued a statement of concern following the release of Fed data indicating that consumer debt climbed 1.9% to $2.16 trillion during the final month of 2005.
Overall, American consumers borrowed an additional $3.3 billion during the holidays.
"While there are a number of explanations for these increased numbers-holiday shopping, higher fuel and heating costs, rising interest rates and minimum payments, and potentially unforeseen situations such as illness or loss of jobs-there is no doubt that American consumers are amassing more debt than ever with little thought towards how they will repay it," said NFCC CEO Susan C. Keating. "This is why the services of accredited community-based credit counseling agencies are so critically important for the millions of consumers in need of assistance and financial education."
For info: www.nfcc.org.
