Tuesday, January 06, 2004

Consumer Debt More Than Doubles in Decade

"Mark Zandi, chief economist at Economy.com, points out that the rate of growth of card debt has slowed 'because people are using their homes as cash machines.''

But while refinancings have allowed upper income households to put their balance sheets in order, lower income families without that option are finding it harder to cope, he said.

Get in debt -> finance economy -> More jobs -> More people think they can spend more -> more get in debt?

Its. Not. Sustainable. The rich get richer, the poor remain trapped in the cogs. Still, it could be worse I guess. At least we're not being physically forced to buy things we don't want...

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