While those shaken by the Great Recession are still stalling on
paying down debt, those who are doing better are thriving by
changing how they pay their credit card bills, according to an
August 2013 survey
from research firm Aite Group.
The survey analyzed three groups: the survivors whose financial
health had improved since the recession started, those whose
financial health declined and those whose financial health did not
change. The latter two groups saw very small improvements when it
came to paying credit card bills in full every month. Yet the first
group, those who bounced back after the recession, have become 15
percent more likely to pay their credit card bills diligently.
This change in behavior is part of an overall trend in
consumers' attempts to shed financial complexity, according to the
report. While those whose financial health has plummeted since the
recession have packed on more loans (and more fees related to those
loans), those whose financial health improved have been steadily
off-loading financial burdens.
The chart below compares the credit card payment habits of the
three surveyed groups. The survey, commissioned by Chase Blueprint,
polled 1,242 consumers and has a margin of error of 3 percentage
Fed study: Recession really changed our spending
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financial health" border="0"