Saturday, June 07, 2008

Consumer Debt Jumps $8.9 Billion

Americans' personal debt jumped to a more-than-expected $2.6 trillion in April, according to a report from the Federal Reserve released Friday.

The largest debtor nation on earth has a population also addicted to debt. When will we reverse this trend and start living within our means? The answer to that could be frightening. I beleive the rise in this number is the result of Americans trying to get fixed income loans to pay off ridiculpusly high interest rates on revolving credit. The American middle class is now the working poor with a credit line. A line that most are near the end of.

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