National Credit Card Debt Increases in Fourth Quarter of 2007

The National average for credit card per bankcard rose 4.81% from the previous quarter to $1,694.

This data is compiled from Transunion Credit Bureau analysis of trends in the credit lending industry during the fourth quarter of 2007. The largest increases in credit card debt occurred in Florida 6.84%, Nevada 5.98% and California 5.95%

Credit card delinquency, the percentage of bankcard users which are 90 or more days past due, hit a national average of 1.36% in the fourth quarter up 32.04% over the previous period. The national 90 day bank card user delinquency rate is expected to continue to rise throughout 2008 from a value of 1.36% in 2007 fourth quarter to 1.9% by year end.  This is due to the anticipated deterioration in the economic conditions throughout the country combined with the current mortgage crises.

What Can You Do To Protect Yourself And
Your Business During These Difficult Times?

• Turn Past Due Accounts Over To Collections Within Thirty Days

• Obtain a signed credit application

• Check credit references

• Obtain a personal guarantee until you have established a working relationship

• Terms COD

• Terms Net 30

• Be mindful when lending money

• Execute a promissory note whenever you loan money