America’s perfect financial storm
Tuesday, May 16th, 2006It’s been reported that outstanding credit card debt is standing at about $696 billion dollars. Thanks largely to industry lenders that have extended their numerous offers to people with less than perfect credit or with questionable abilities to repay the charges.
Many credit cards are coming with penalty rates above 30%, even if the individual is late on just one credit card payment. That payment might not have even been owed to that credit card company to trigger the higher rates.
Several months ago, credit card companies raised their minimum payment requirements from an average of 2% to 4%.
There are about 45 million people in the United States without health insurance or that are underinsured. 41% of moderate to middle income adults don’t have adequate health insurance coverage.
Homebuilder sentiment slumped to an 11-year low in May …continue reading the article titled America’s perfect financial storm

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