Did you ever think that terrorist threats in Nigeria and Iran going nuclear could put pressure on your credit card payments! So seems the case. Events in both Nigeria and Iran have been putting an upward pressure on oil prices. At the same time, the US Fed has been raising interest rates continuously for some time now.
As reported by the American Bankers Association, ‘The proportion of consumers behind on their credit card bills remained near record-high levels in the July-September period as high gasoline prices and rising interest rates continued to put stress on personal budgets’. Not only were payments delayed, the delinquency rate was also on the up-tick late summer and early fall last year.
The lesson to learn is that one must factor in future uncertainties that could affect our financial planning.
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