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*
*I* *AM* Thus Spake:
Credit Card Debt Up 7.6% - Almost $3,000 per Person
On May 7, 2007, the Federal Reserve released the G-19 Consumer Credit
report for March, 2007. It stated that revolving credit (like credit
card debt) was 7.6% higher than March 2006. The total was $872 billion,
or $2,943 of credit card debt for every man, woman, and child in the
United States.
This is besides the $1.5 trillion in non-revolving credit, like auto
loans. That equates to an additional $5,093 debt per person, and
represents a 4% increase over March 2006 debt.
Higher mortgage rates have caused many families to switch from home
equity loans to credit cards to finance purchases. In addition, the
Bankruptcy Abuse Prevention Act of October 2005 has prevented many
indebted families from filing for bankruptcy, further inflating the
credit debt figures.
Personal consumption drives 70% of the U.S. economy. If this were to
falter, so would the bulk of our entire economy. A combination of softer
retail sales, higher debt levels and lower home equity levels is a shaky
foundation for continued economic growth.
Story continues... <http://useconomy.about.com/b/a/000056.htm>
*
* *I* *Am**
* (The One)*
* 8-) *
*--
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There are none so blind as those who do not want to see,
and close their feeble mind tighter to see even less.
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<font color="#009900"><big><big>*I* *AM* Thus Spake:<br>
<br>
</big></big></font><br>
<big><big>Credit Card Debt Up 7.6% </big></big>- <font color="#ff0000">Almost
$3,000 per Person</font><br>
<br>
<small><font color="#ff0000"><big><big>On May 7, 2007</big></big></font></small>,
the Federal Reserve released the G-19 Consumer Credit report for <big><font
color="#ff0000">March, 2007</font></big>. It stated that revolving
credit (like credit card debt) was 7.6% higher than March 2006. The
total was $872 billion, or <font color="#ff0000">$2,943 of credit card
debt for every man, woman, and child in the United States.<br>
</font><br>
This is besides the $1.5 trillion in non-revolving credit, like auto
loans. That equates to an additional $5,093 debt per person, and
represents a 4% increase over March 2006 debt.<br>
<br>
Higher mortgage rates have caused many families to switch from home
equity loans to credit cards to finance purchases. In addition, the
Bankruptcy Abuse Prevention Act of October 2005 has prevented many
indebted families from filing for bankruptcy, further inflating the
credit debt figures.<br>
<br>
Personal consumption drives 70% of the U.S. economy. If this were to
falter, so would the bulk of our entire economy. A combination of
softer retail sales, higher debt levels and lower home equity levels is
a shaky foundation for continued economic growth.<br>
<br>
<br>
<br>
<a href="http://useconomy.about.com/b/a/000056.htm">Story continues...</a><br>
<br>
<br>
</b>
<div align="center"><b><font color="#009900"><big><big> *I* *Am*</big></big></font></b><br>
<b> (<font color="#ff0000"><big>The One)</big></font></b><br>
<br>
<b><span class="moz-smiley-s11"><span> 8-) </span></span></b><br>
</div>
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<font color="#330033"><big>There are none so blind as those who do not want to see,
and close their feeble mind tighter to see even less.</big></font>
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