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Whaddayaknow…Americans Pay Off Credit Card Debt! – This is Not Science Fiction. It’s Really Happening.

So says Daniel Gross [1]:

The credit card industry presumes, based on happy experience, that Americans will borrow more money each quarter to support their spending habits, regardless of the direction of interest rates, and that enough consumers will be happy simply to pay off just enough debt to allow them to borrow more. But last quarter MBNA, to its apparent shock, found that “results were further impacted by unexpectedly high payment volumes from U.S. credit card customers,” and that “the payment volumes were particularly higher on accounts with higher interest rates.”

And Gross admits, even that the New Bankruptcy law had soemthing to do with this.

Gee, Dan… Ya THINK?