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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Nicholas Thompson who wrote (6605)3/18/2004 11:30:43 AM
From: Karen Lawrence  Read Replies (1) of 173976
 
Consumer debt loads at record
By Barbara Hagenbaugh, USA TODAY
WASHINGTON — U.S. consumers have taken on record levels of debt as low interest rates have lured them to buy bigger houses and fancier cars and to charge more on credit cards than ever before.

But while historically low interest rates make the higher debt levels manageable now, the big unknown is what will happen when interest rates rise.

Weighing in on the increasingly heated debate, some economists warn consumers might be in over their heads when their payments increase. Others, including those at the Federal Reserve, say interest rates won't rise until economic growth — and incomes — are also gaining strongly, making the higher payments possible. Plus, much of the increase in debt in recent years has been for mortgages, and millions of Americans have low rates locked in for 30 years.

www.usatoday.com/money/perfi/general/2004-03-17-debtcover_x.htm
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