Payments on Credit Card Debt Exceed Ten Percent of Income for 1 of 5.
The San Francisco Chronicle published an article criticizing the 2005 bankruptcy reform measures and arguing for Congressional action on predatory lending and loan shark like interest rates. One credit card debt statistic from the article demonstrates the severity of the problem in America:
- monthly service payments on credit card debt for 1 in 5 households exceeds 10 percent of the household income.
At the same time that personal revolving debt is at or near all time highs, bankruptcies are down from 1.6 million in 2004 to 850,000 in 2007. Now that makes sense!
