Even if you’re not on the receiving end of one of those calls today, you may be tempting fate tomorrow. CardHub calculates that the average American today has about $7,879 in credit card debt, a seven-year high and only $500 away from an unsustainable level. On top of that, student debt loads have exploded – as have defaults on those loans. Add auto loans and mortgages to that mix, and you’ve got a country drowning in debt.
Looking at credit card data alone, the average American today has 52% more debt than she carried only a decade ago. Tough medical expenses, college tuition bills, rent and/or mortgage payments continue to rise, wages stay largely flat; it’s hardly surprising that debt grows everywhere from the emergency room to the movies and the grocery store.
There is still demand for loans that fill the gap between what Americans earn and the cash they need. People need some kind of credit card, and don’t have a bank account or a credit rating – thus a prepaid card fits the bill. Americans don’t earn enough money to cover their costs, and must rely on debt – inevitably, someone wants to collect that debt.
theguardian.com
I have taken key points out of the article if the article is in reference to the abuse of people by bill collectors it is a easy to read recap of the condition of the US economy. Low rates in my opinion are not helping US people but the parasitic predators of the people. |
