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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: No Mo Mo who wrote (82798)	8/9/2000 12:14:28 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 132070

Darin, no doubt the flood of unsolicited credit card offers clogging up the mail of US consumites has to do with it...but debt is increasing in all categories. in June e.g. credit card debt growth moderated somewhat, while non-revolving debt jumped big. apparently what is happening is that many already way overstretched consumers are incurring second mortgages in order to pay off credit card debt, only to proceed to run it right back up again. a sure sign that this is indeed happening is the large decline in home equity ownership in recent years in spite of the enormous real estate bubble. so while house prices are on a steep increase in many areas, the debt that is collateralized with real estate climbs even faster. hb