This is great news, Slate: Americans Pay Off Credit Card Debt!:
But all is not tulips and nectar over at MBNA, the largest independent issuer of credit cards. Yesterday it reported a poor quarter and ratcheted down earnings expectations for the year. Its stock sank to a two-year low. Credit card giant Capital One Financial had a better quarter, but its stock has been slumping lately, too. Bad news for the credit card companies may be better news for us. There are signs at both companies that consumers may be responding to higher rates by doing something almost completely unexpected and practically un-American: paying down credit card debt.
For once, some actual good news. I find this sort of thing encouraging.
I’m glad. I hope their stock sinks to half a penny. I hate the credit card industry. The idea that these companies thrive off the debt of their card holders is disgusting.
Hopefully, people are more aware of the pitfalls.