CONSUMERS TAKING ON MORE CREDIT CARD DEBT
July 24, 2006
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Consumers coping with steadily rising gasoline prices increased their borrowing in May. The Federal Reserve reports the use of credit cards and other types of revolving debt rose 2.5 percent, the fastest pace since October 2004.
Financial analysts also concluded that many consumers were relying on credit cards for large purchases since a declining real estate market and rising interest rates made home equity loans less accessible and more expensive.
For full story – http://www.consumeraffairs.com/news04/2006/07/gas_credit_cards.html
