-
Subscribe Today!
Dec
5
Credit Cards Under Fire
Filed Under Congress, credit cards, personal finance
Congress is taking aim at credit cards and their high interest rates.
US credit card debt has soared in recent years to 877.1 billion dollars in 2006, up over 100 billion dollars from 770.5 billion in 2003, according to the Federal Reserve.
“I’m happy to report that some credit card companies have begun the clean-up. But more needs to be done,” said Republican Senator Norm Coleman.
Just say no to too many credit cards!
- Jennifer Lanouette over at Comscore is reporting news that I’m sure causes great happiness for Joe Biden and his family...
- New York Times columnist David Brooks writes that our country’s affair with easy debt is limiting our historically treasured ability...
- Spotted on a Democratic message board “Why we call him Joe Biden (D-MBNA).” If Joe Biden is elected VP tomorrow,...
- Need some low priced advertising or are looking for a service to monetize your blog? Sign up for an Adtoll...
- This American Life explains why the credit crunch happened on this week’s radio show. I listened to it this afternoon...
Comments
2 Responses to “Credit Cards Under Fire”
Leave a Reply
One big reason for a surge would be that real estate values leveled off. Many people had been using their homes to cash out refinance every three or four years, taking the cash and paying off auto and credit debt.
With the leveling off of real estate values over the last 14 months, I bet a lot of people can’t get cash out of their homes.
Hi Steve,
Very true. We refinanced several times for better rates and to use the equity in our old house for various projects and also to pay off higher interest debt.
I think the other part of the housing loan bubble is all of the investors who were buying houses to flip with interest only loans in Nevada and other hot markets.