Thread: The strongest economy in the world
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Old 17-08-2006, 03:45 PM   #244 (permalink)
Milkman
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Quote:
Americans are spending with plastic at a staggering rate. Consumer credit-card debt has almost tripled over the last two decades—from $238 billion in 1989 to $800 billion in 2005, according to an analysis of Federal Reserve Board data by Demos, a national research and consumer advocacy group. The average American family now owes more than $9,000 in credit debt, according to Gail Cunningham of the Consumer Credit Counseling Service (CCCS) of Greater Dallas, a nonprofit financial-management group. And with credit companies mailing out a record 6 billion credit-card offers last year (according to Mail Monitor, a market research group), American families are averaging about seven cards. "It's a picture of America on the edge," says Cunningham.
Entire & Link: American Debt: Escaping the Credit-Card Quagmire - Newsweek Business - MSNBC.com
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