Rein in credit card debt

Source: The Herald Bulletin [Anderson, IN]

We believe: Americans need to keep a close eye on how much they spend with their credit cards. If there was one overarching theme in 2007, it was debt. Americans are swimming in it, and many are drowning. From subprime mortgages to credit cards, Americans are spending way more than they’re taking in. Something has to give before bankruptcy becomes not the exception but the rule. An Associated Press story last week stated that credit card accounts at least 30 days delinquent jumped 26 percent to $17.3 billion in October from 2006. Defaults, where lenders essentially write off the debt because they have no hope of collecting it, jumped 18 percent to $961 million in October.

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