Unpaid credit cards increasing at alarming rates

With consumer credit tightening this year in the fallout from subprime mortgage meltdown, are more Americans falling behind on their credit card payments? Yes they are, as the "cash machine" mentality many consumers isn't jiving with the "must make minimum payment" moniker those crazy pieces of plastic come with.

Did you know that a $6,000 credit card balance with a revolving credit line can run a minimum payment of about $200 per month? Quite a bit, isn't it? And that's below the average credit card debt load in this country. With less access to cash, cost of living increases and goofy financial decisions, those credit card payments are becoming a lower priority of borrowers. After all, that's what credit is -- borrowing. Did you just charge that flat-panel TV? You're actually borrowing it from your credit card company in a manner of speaking. Nice, eh?

The Associated Press report also said that the largest increase in past-due credit card payments were those that were 90 days in arrears already. If you think the mortgage loan default and term reset problem was bad in 2007, it will only continue into 2008. Perhaps the serial borrowing American will learn a hard financial lesson this year. And then, perhaps they can get back to paying those credit card payments on time and in good fashion.