They don’t care; in fact they probably rejoice and celebrate when the minimum payment is dropped by charging up more debt. They are blind and stupid to this issue and the credit card companies love every minute of it.
Bankruptcy’s are up and I’ll bet the primary culprit that drives the average person to declare is credit card debt.
I remember growing up, a credit card was unheard of and later when I was old enough to understand such a thing, you had to go and retrieve the application from a bank, fill it out and provide a company with reams and reams of financial background and even then some good folks were turned down just for lack of info never mind bad credit.
Today the credit card companies might as well have their own mail service. The preapproved, just sign your name and your done apps are hitting my box at the rate of three to five a week.
They have made it so that all you need is an address and a pulse and you can qualify for $1,500.00 on a Visa or MC. It’s even more maddening when you hear of someone’s dog, little Joey’s bowl of fish or that brand new Sig 229 you christened with a nickname receives a preapproved supper-duper gold plated, double jewel incrusted Visa card complete with titanium carry case and a 7.2 billion dollar credit limit.
Personally I hope the card companies go the way of the dodo bird.
TMMT
More remarkable that they are surprised by this trend ....
... given today's 24-hour/da TV/radio/magazine ads of "Just do it!" and "Whatever you what - Whenever you want it.... Immediate gratification...."
Each month I'd send in about $100, then put 1/12th of the amount (minus the $100) in my money market in an off-budget account (meaning the amount was removed from my net worth calculations). It is still 3 or 4 months from being due, but I have the balance already to be paid out fully. I've done this for several accounts, but I bet I show up as one of the 'in debt' people.
In addition, all my work expenses are on my personal cards. Therefore, my AmEx bills can run around 6 or 7 K/ month. But I pay it off since I get reimbursed. Heck - I probably skew the results. I think there are a lot of people like me, at least more than what one would think....