Credit Card Debt On The Rise
It is the trap that people are led into through the gigantic effort of our unstoppable consumer culture. It ruins lives far more often than it helps them. Paying interest on stuff that we don't really need as a method to stave off the materialistic hunger pangs is probably what will define this moment in history. Stuff, and tons of it, kept in expensive to rent storage units, while the burden grows, is the method of operation for so many of us. This is Babylon.
Consumers have racked up more than $2.2 trillion in purchases and cash advances on major credit cards in just the last year. And it's become a habit for them to spend more than they have. The overall credit card debt grew by 315 percent from 1989 to 2006, according to public policy research firm Demos.To compound the problem, fewer people are paying their credit cards bills on time. The percentage of people delinquent on their credit cards is the highest it's been in three years, according to CardTrack.com.














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