Happy New Year? Not for credit card companies

dancnoone · Jan 5, 2009

U.S. consumers have never before been so deeply in debt. There was nearly $1 trillion of credit and charge card debt outstanding as of October, up more than 25 percent since 2003, according to the U.S. Federal Reserve. That is in addition to $10.54 trillion in mortgage debt.

Unemployment, already at 15-year highs, is expected to rise to its highest levels since the early 1980s, when credit cards were not nearly as widespread.

In short, there's more debt than ever and fewer people are able to pay it.

http://www.reuters.com/article/newsOne/idUSTRE4BU4ID20090102
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Markk9 · Jan 5, 2009

People did it to them selves, credit cards companies did it out of greed. Now we all are going to pay for it.

Mark

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