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That Ticking Noise You Hear in Your Wallet is a Credit-Card Time Bomb
For those holding out hope that the American economy can miraculously avoid a long and deep recession, consumer credit is often viewed as the wonder drug that can cure all manner of economic ills. As such, last week’s report showing that consumer credit grew by $15 billion was widely heralded as proof of America’s economic strength and resilience.
The reality is very different, however: We’re already suffering from the after-effects of too much debt, meaning that our salvation cannot be found in more of the same.
Death by a Thousand Charge Slips
Credit card debt, which now stands at whopping $957 billion nationally…
15May2008 | Money Morning | Comments Off | Continued
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