Help, I’m drowning in debt
Americans have debt piled on top of debt. A combination of deregulation, greedy lenders and wishful burrowers equaled the perfect storm. I have written about the sub prime mortgage problem but this is a variation on that. Credit card debt. There is not a day that goes by without at least credit card offer coming in the mail. They offer you Low, LOW, LOW introductory rates. Then they the real rate which usually considerably higher. On top of that they hit you with late fees where in the interest rate can climb to loan shark rates.
Don’t forget the marketing these credit cards on campuses. That’s one of the worst practices.
More here.
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From AP:
Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.
An Associated Press analysis of financial data from the country’s largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears. (more…)
