CONSUMER DEBT GETTING OUT OF HAND
October 15, 2001
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With the economy slowing and unemployment on the rise, some say consumers’ debt load could become a problem, ABC News reported. The economic good times of the last decade have clearly been at an end for some time. But now many consumers are starting to feel the hangover.
Not only have consumers been using credit and borrowing at record levels, but delinquent payments and personal bankruptcies are also on the rise. Though the trend of rising consumer debt levels was evident before the devastating attacks of Sept. 11, those events have accelerated the downward spiral that the U.S. economy has been on. And in this environment of slowing economic activity and steep job losses, experts say Americans’ love affair with credit could start coming back to haunt them.
