22 Apr
2008
An unprecedented fall by experts was experience by credit cards during the month of March. The huge 2.7% drop compared to February’s .5% increase defined the largest monthly drop since May 2005. The reason behind this fall is the changing economy. Consumers are realizing that the payment of high interest rates does not actually benefit them. In today’s slow economy, they have opted to just relax on the spending to avoid having to pay what they define as “unneeded” charges. The data was revealed by the Central Bank who agree that with the fact that the slow economy is affecting consumer’s desires to expend; however, they persist that interest levels must stay the same to calm inflation concerns.
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