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The debt bomb ticks away.(Insider Report)
"Consumer debt has more than doubled in the past 10 years to record levels, making it hard for many families to cope," reported CBS News on January 6. "Consumer debt hit a record $1.98 trillion in October 2003, according to the most recent figures from the Federal Reserve. That debt--which includes credit cards and car loans, but not mortgages--translates to some $18,700 per U.S. household."
During the first half of last year, the nation's savings rate dropped to just 2 percent, meaning that "many people lack the means to deal with financial emergencies, much less their eventual retirement." In addition, for the poorest one-fifth of ...
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Source: HighBeam Research, The debt bomb ticks away.(Insider Report)