Credit Card Debt: Danger in Your Wallet - ASK THE EXPERT

http://www.americanprogress.org/issues/2008/09/avoiding_overdrafts.html

Has the economic downturn affected Americans' credit card use? Is credit card debt more harmful than other types of debt? Can we protect consumers from falling too deeply into credit card debt? Tim Westrich of the Center for American Progress weighs these questions in the latest installment of CAP's ASK THE EXPERT series.

Category:

Nonprofits & Activism

Tags:

• american
• amex
• bank
• card
• charge
• consumer
• credit
• debt
• dollar
• finance
• interest
• bankrupt
• loan
• mastercard
• money
• progress
• visa
• westrich
• seeprogress
• progressive

[sugarpuddin88]

The USA is the only country to tax your wages, tax your investments, and even tax your savings

All other countries rather tax consumer goods instead, (VAT)

This has made America a debtor nation of consumers who buy more than they can afford - And who have no savings!

Good bye america - You die like the dinosaur

You had it coming!

[hahawhat98]

I agree sugarpuddin88, lets just hope these monsters don't go after all the other countries

[aviomaster]

@xrangerx - IS that what your Government media  told YOU.

[xrangerx]

America has the lowest tax rate among 1st world nation. Other nations tax rates are well over 50% (mostly due to public health care).

[sugarpuddin88]

They also pop 15K per semester in free college money - they drop the class and keep the money; over and over and over again!

Who is going to pay for this?

[hahawhat98]

hmmm, that's actually a good idea, you can easily get $30K in credit and go back to mexico and buy a house or something...hahaha...this whole system has become a joke...I had some guy, I assume he was an immigrant intentionally try to crash into me on the road, I assume he was doing some kind of scam on the insurance companies...I swerved and missed him...you don't there is many real workers these days?...could be true, even my cousins are calling me wanting to setup some kind of new business

[sugarpuddin88]

Do you know what immigrants are doing today?

Running up credit cards & student loans in order to get cash to take back to their old country where things are cheaper!

America is over for the so-called Working Class! That is a FACT!

[hahawhat98]

when I was 18, my mom encouraged me to get credit cards...please, if you care about your kids, don't do that...teach them how to humble themselves and beg on the sidewalks if need be but don't use credit cards...get a part time job or something...

[sugarpuddin88]

Many have learned, (the hard way)

In my new country for example, they learned about the Central Banks the hard way

They are still fighting to come out from under their tyranny! Having borrowed money from them at astonishingly immoral interest rates was not the worst of it - Rather they have to run their country by their rules while there is outstanding balance

They can't open banks in their own country for example while there is outstanding loan

The IMF is a parasite; like all banks

[WolfishNuckajuh]

wasnt he the old tin-tin!? the fluffy white dog musta died :\

[Meowianne]

Consumers are using credit cards less & debit cards more. This is primarily due to the tightening of credit, low consumer confidence, smaller pools of discretionary income & increased unemployment. In the 2nd quarter of 2008, debit card usage (cash) is now outperforming credit card usage. This is substantiated in NEWSWEEK, Aug 30, 2008, Daniel Gross, "Get Ready for the 'Pain Of Paying'" & from recent research at Javelin Strategy for Research, July 2008.