My New Blog

January 19th, 2011 1:43 PM
Credit cards have been called "yuppie food stamps" and have given new meaning to the term "paper or plastic."  They're in almost everyone's wallet with almost 700 million all-purpose bank credit cards plus another 500 million retail store cards.  They have transformed how we live with more Americans being dependent on debt than on savings.  This is a radical change from the last major economic crisis of the 1930's.  The average credit card debt for Americans household is estimated anywhere from $8,000 to $15,519.  The current economic situation is no excuse because consumer credit card debt has been high for years. Many Americans live beyond their means and do not save for a rainy day. Tech gadgets, expensive vehicles, and designer clothes are not necessities. So when an economic crisis does hit, people are not prepared.
Posted by Russell Rowe on January 19th, 2011 1:43 PMPost a Comment (0)

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