Credit Card Debt
Credit card debt woes grow; Americans falling behind on payments.(Business): An article from: Winnipeg Free Press [H] [T] [M]
Gale Reference Team (Digital) Thomson Gale 2007-12-24
Release date: 2007-12-27
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Looming Crisis: America's Credit Card Debt Bubble-Burst
If you are one of the millions of Americans locked into long term debt service, your road to debt serfdom was likely paved by a mortgage, home equity loan, credit cards, or a combination of all three.
When the U.S. economy began to melt down in 2007 and entered a rapid period of decline in 2008, all eyes were fixed on the subprime mortgage crisis. Though the mortgage crisis, triggered by spurious lending practices and unprecedented risky investment bank practices, was undoubtedly the dominant factor affecting the American consumer in 2008, credit card debt and default was also making a contribution to the deteriorating economy and collapsing standard of living. As the subprime mortgage...
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