Have Americans let credit cards lead them into trouble?
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> U.S. debt woes grow with unpaid credit cards
>
> AP SAN FRANCISCO Mon Dec/24/2007 08:11 pm
> -- Americans are falling behind on their credit card
> payments at an alarming rate.
Are Americans in trouble because of credit cards, or irresponsibility.
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Have Americans let credit cards lead them into trouble?Yes. But the government has been perfectly happy with all the taxes those sales and debt has brought them.
But now, don't place 100% of the blame on the debtors, Congress decided to double the minimum payment and then allowed the credit card companies to double the interest.
We are paying it off no faster (which was the alledged goal) but the payments are (obviously) killing many.
Think it is bad now? Those were October numbers, just wait until Jan/Feb/March numbers come in. We ain't seen nothing yet.
And oh yeah, bankruptcy reform (passed at the same time as the doubling of minimum payments) was supposed to cut way down on bankruptcies, instead they are skyrocketing and only getting worse.
Hang onto your hats, it is going to be a real bumpy ride.
Have Americans let credit cards lead them into trouble?Yes they have. Many people have become accustomed to getting what they want, when they want it, regardless of the cost and whether they can actually afford it. They fall behind because they over estimate their ability to repay the debt. If they make only a minimum payment, it can take years to repay. There is also a tremendous lack of responsibility that further indebts the credit card abuser.
Have Americans let credit cards lead them into trouble?No.
Irresponsibility, credit cards are passive/inert.
Have Americans let credit cards lead them into trouble?Some People have and Some people HAVE NOT
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