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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: LLCF who wrote (68484)2/16/2001 12:21:22 PM
From: Les H  Read Replies (2) of 436258
 
I Want My SUV to Want Me. by Cheap Debt

"The real story of the 1990s," concludes a recent Economic Policy Institute report, "was not the stock market boom but the debt explosion."

More than 1.2 million Americans filed for protection from creditors under federal bankruptcy laws last year, and the number could increase by as much as 20 percent this year.

Consumers are devoting 34.1 percent of after-tax income to keep up with required payments on installment, mortgage debt, home-equity loans and vehicle leases.

The average U.S. household has enough savings to support three months of current consumption.

The average U.S. household has $8000 in credit card debt.

More than 40% of U.S. households have less than $1,000 in liquid assets and 65% have less than $5000.

The wealthiest 1 percent of households have an average net worth 167 times that of households in the middle 20 percent but the average debt held by the top 1 percent was only six times as great as the middle 20 percent.

Homeowners can claim just 54 percent of their home's value in equity, down from 70 percent a generation ago.

U.S. corporations could default on some $33 billion in loans this year, a jump of over 40 percent from last year.
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