Credit-Card Debt Nears $1 Trillion Mark

February 24-29 Is America Saves Week – Generation Z and Millennials Especially Must Focus on Saving Rather Than Spending And Racking Up Credit-Card Debt

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PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia is lamenting reports that fourth-quarter credit-card debt is at record levels.

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According to recent Federal Reserve numbers reported in The Wall Street Journal, “Total credit-card balances increased by $46 billion to $930 billion, well above the previous peak seen before the 2008 financial crisis... Americans spent aggressively amid a strong economy and job market, and the proportion of people seriously behind on their payments increased.”

“We heard all through November and December that retail sales numbers were up, consumer confidence was up, and spending was up dramatically,” Celia said. “Americans spent, apparently, very aggressively—a lot more than I would have wished—amid this very strong economy and strong job market. But the downside is that many people have gotten seriously behind in their credit card payments. Americans have almost a trillion dollars’ worth of credit-card debt. Come on, people!”

Credit-Card debt today

The previous peak, Celia noted, which wasn’t as high as today’s, was in 2008. Through 2006 and 2007, Americans showed the same abundance of enthusiasm, but all that came to an end with the financial crisis of 2008.

“Also according to the Federal Reserve, those in serious credit card delinquency, meaning that payments are later than 90 days or more, rose to the highest level in almost eight years. But here’s the worst part—the serious delinquency rate for borrowers between the ages of 18 and 29 rose to the highest level since the end of 2010. A word to these young Americans—the credit-card debt you can’t pay even in 90 days will haunt you for the rest of your life. You haven’t bought a house yet. You haven’t raised a family yet. And you still have student loan debt. You haven’t gotten married. But your credit-card debt is already out of control, and you will become a slave to it. Don’t let this rise anymore. Get rid of it.”

Celia’s advice is especially timely this week during America Saves Week. Young people definitely can’t put aside any savings, he said, if all their extra money is tied up paying off credit-card debt.

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Dan Celia is the CEO and President of Financial Issues Stewardship Ministries. Married to Registered Nurse, Yvonne, in 1980, Dan has two married daughters, is blessed with sons-in law who love the Lord, and has seven grandchildren. Dan has worked for 35 years as an entrepreneur and businessman, starting eight corporations and co-founder of two others. In 1999 Dan sold his Small Trust Company (managing over 900 million dollars) to go into Ministry. Dan has developed and uses a biblically-responsible system of financial management with great success. He started a radio ministry in 1997 as a part time ministry and has seen the Lord expand and bless this ministry to his current full-time ministry. Dan has interviewed newsmakers and pundits like Steve Forbes, Ben Stein, T. Boone Pickens, Tony Perkins, John Alison, Rayola Dougher API, Congressmen, Senators and Presidential candidates. He is proud of his partnership with the American Family Association where he serves as a board member. Dan is now on over 640 stations three hours daily, NRB TV, BizTV, Dove TV and CBN Life Style Network. Financial Issues is heard in every state in America and throughout the internet globally. Financial Issues has supporters from over 17 countries. Dan is a Regular Weekly Contributor to Townhall.com (the number 1 source for conservative news and analyzation). Dan has been a guest on Fox Business, Bloomberg, Salem Radio, Family Net, 700 Club,and many others . He is a conference speaker, author of six books, publishes a weekly newsletter and has been Executive Producer of several video productions and FISM TV is producing original family friendly content and other video projects all keeping with in FISM’s Christian world view.