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Infographic: Recession survivors are tackling debt

Summary

While those shaken by the recession are still stalling on paying down debt, those who weathered the storm are quickly recovering

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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 points.

Paying credit card bills after recession
See related:Fed study: Recession really changed our spending habits, More infographics

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Credit Card Rate Report Updated: September 16th, 2020
Business
13.91%
Airline
15.48%
Cash Back
15.94%
Reward
15.78%
Student
16.12%

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