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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Wyätt Gwyön who wrote (2071)3/15/2004 11:33:32 AM
From: mishedlo  Read Replies (1) of 116555
 
One in 73 US households declared bankruptcy in '03
Friday March 12, 5:13 pm ET

WASHINGTON, March 12 (Reuters) - One out of every 73 U.S. households filed for bankruptcy last year, a record high, despite historically low interest rates, the American Bankruptcy Institute said on Friday. The institute said Utah faced the highest per-household bankruptcy rate -- one out of every 47 -- followed closely by Tennessee, Georgia and Nevada. Alaska had the lowest rate last year, just one filing for every 189 households.
"Despite enjoying the sustained benefit of low interest rates, growing numbers of U.S. consumers are facing difficulty in meeting their monthly obligations," ABI Executive Director Samuel Gerdano said. "Ironically, these same consumers are being relied upon to continue spending to keep the economy growing," he added.

U.S. households had $10.4 trillion in debt outstanding at the end of last year.
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