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Bankruptcy Law Blog

The latest from Golden State Law Group, San Diego bankruptcy and injury attorneys.

Visa Releases Numbers Showing Steep Rise in Credit Card Spending

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In recent years, the amount of money collectively spent with credit cards dropped precipitously given the obvious problems that were being faced with the economy.  Consumer confidence was extremely low and many people stopped using credit cards to make purchases.  However, according to some basic numbers released by Visa, it seems that consumers are gaining confidence in their ability to handle their credit card accounts.

According to statistics released by the company, consumers spent a total of 8 percent more with Visa credit cards during the final quarter of 2011 as compared to the same time period in 2010.  Specifically, consumers spent a total of $13.6 billion with their Visa credit cards during the final quarter of last year.  In addition to credit card spending, money spent via prepaid Visa credit cards and debit cards jumped by a factor of 11 percent to a total of $994 billion.

While this rise in spending may be seen as potentially good news for the economy and for consumer confidence, it should also be noted that many people who wind up in serious financial trouble face this difficulty because of credit card debt that becomes unmanageable for any number of reasons.  While consumer spending is good for an economy, consumer credit card debt that grows tends to lead to the opposite effect.

San Diego Bankruptcy Lawyers

While it’s possible that many people are experiencing better financial times for any number of reasons, the fact does remain that there are still many people struggling with their finances to the point where they do not feel that there is an outlet for relief.  Economic recessions tend to have long-term effects on people, and those who find themselves in a difficult spot need to take steps to bring about an end to their struggles and their stress.

If you are one of the people who is still suffering from the effects of the recession, you need to take that first step towards regaining your financial freedom.  Contact the San Diego bankruptcy lawyers at the Golden State Law Group today to schedule a free initial consultation.