The endgame of the credit card nation – 40 year bull market in revolving debt expansion comes to a sudden halt. U.S. consumers on average have 4 credit cards with 1 out of 7 having 10 or more.
Credit cards are the gateway financial opiate of choice for many spenders. Banks understand that if consumers begin mistaking debt for actual wealth then this would lead to more willingness to borrow on bigger ticket items like cars and homes as the appetite for credit expands. This psychological gamble paid off multiple dividends over the […]
Student loan shark industry – total revolving debt contracts during recession while student loan debt increases by a stunning 80 percent on an annual basis. A college degree for working at McDonald’s?
College sticker shock is probably stunning many parents as college aged students now sign their intent to register at thousands of schools across the country. You can almost feel the panic when Johnny or Suzie tells mommy and daddy she is going to University of Break the Bank while they watch their home equity plummet. […]
The privateers of education – How banks collude with the government to inflate college costs. Student loan debt now surpasses total credit card debt.
One of the more ominous statistics coming from this recession is that student loan debt has now surpassed total credit card debt in the United States. The reason for this is based on the deep impact of the recession. Credit card debt peak at $975 billion back in September of 2008 and is now down […]
Credit Cards the Opiate of the American Middle Class – The Withdrawal is in And the Wall Street Dealers are Raking in Trillions of Dollars. 2 Credit Cards for Every Man, Woman, and Child in the U.S.
If you want to know how reliant the middle class has become on credit cards all you need to know is that in circulation we have 631 million credit cards in the U.S. For a nation with slightly above 300 million people this is roughly 2 credit cards for each man, woman, and child. Credit […]