CONSUMERS’ CREDIT CARD DEBT IS FOR NECESSITIES, NOT LUXURIES
November 30, 2005
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A newly released study, The Plastic Safety Net, reveals that consumers now owe about $800 billion in credit card debt, approximately triple the amount owed in 1989. A conclusion of the report is that the increase in credit card debt is not the result of consumers living beyond their means but is caused by consumers not having the means to pay essential services. The study points out that wages have stagnated while medical and housing costs have skyrocketed.
The report was done by Demos and the Center for Responsible Lending.
SOURCE: Consumer Bankruptcy News
