A major survey released by the think tank Demos provides some important new insights on how average American families are using credit cards.
The implication is hard to escape: many middle- and low-income American families are using consumer credit as a way to weather fluctuations in their finances.
Americans owe $800 billion in credit card debt, more than triple the amount from 1989, and a 31 percent increase from five years ago, according to a recent report, "The Plastic Safety Net," by the Center for Responsible Lending, and Demos, a research group based in New York.
The study found that a third of low- and middle-income American households used credit cards for basic expenses - rent, groceries and utilities - in any 4 of the last 12 months.
Those with the worst credit card debt were people ages 50 to 64, who owed $9,124
A fraudulent appraisal "can lead homeowners to borrow more money than their homes are worth, putting themselves at risk of being 'upside down' in a home -- e.g. not being able to sell for a high enough price to pay off their mortgage," according to a briefing paper on appraisal fraud put out by Demos, a New York-based think tank.
According to the advocacy group Demos, the average balance among lower- and middle-income households is $8,650.
"World News Tonight's" special series "Credit Crunch" aims to help you get on the road to becoming debt free.
Draut argues that "with the possible exception of having a larger array of entertainment and other goods to purchase, members of Generation X appear to be worse off by every measure" than prior generations.
Robert Frank, an economist at Cornell University, for instance, found that in counties with the widest income gaps, rates of personal bankruptcy and divorce rates were higher than average.
Today's 20-somethings are likely to be the first generation to not be better off than their parents." This is the first line of Economic State of Young America, a report released by Demos, a nonpartisan public policy think tank in New York City. And that's a troubling thesis for a generation that grew up being told they can do and be anything.
With another stroke of his pen, President Obama can authorize an Executive Order mandating paid sick leave for the same federally contracted workers whom he just gave a raise to.
A year ago today, inShelby County v. Holder, the Supreme Court dealt a huge blow to voting rights. The Voting Rights Act Amendment is at the center of a Senate Judiciary Committee hearing today and Congress has the potential to reverse the damage rendered by the Shelby decision.
Embedded gender and racial discrimination and lack of bargaining power are major causes of not only low pay for home health care aides but for many of the country’s low-wage, fast-growing occupations.
Workers at many of the nation’s largest and most profitable employers struggle to get enough work hours (and sufficiently stable hours) to make ends meet, making fair scheduling as important as raising wages for millions of workers.
President Obama should sign a Good Jobs executive order to encourage contractors to improve workplace benefits and respect their employees’ rights to bargain collectively.
Celebrating Pennsylvania’s recent passage of a restrictive piece of voter ID legislation, Pennsylvania House Majority Leader Mike Turzai (R) stated, “Voter ID, which is gonna allow Governor Romney to win the state of Pennsylvania, done." This statement, shocking only for its honesty, reveals what many voting rights organizations have been saying for years: Changing the rules relating to voting is a kind of power grab, a partisan effort to change outcomes.
Even though it’s only the 9th of July, nearly 3,400 maximum and minimum temperature records have been tied or broken so far this month. Dozens of people have died and the lack of rainfall combined with the extreme heat is threatening the Midwest’s corn crop.
Following up on our last post on the link between climate change and extreme weather, a new scientific study was released that found that manmade climate change increases the probability of extreme weather patterns. The study was a joint effort between the National Oceanic and Atmospheric Administration (NOAA) in the U.S. and the Met Office in the U.K.