By James Lardner, Jose Garcia, Cindy Zeldin
A groundbreaking publication that debunks the concept that Americans' own indebtedness effects from profligacy and gives startling research and lifelike solutions.
""For the 1st time ever recorded, americans owe more cash than they make. loved ones debt degrees have now passed loved ones source of revenue by way of greater than eight percent."-- Newsweek," August eight, 2006
At a time whilst americans owe as regards to $800 billion in bank card debt, the parable is that charge cards are essentially financing America's luxurious lifestyles--helping white suburban households pay the prices connected to extravagant houses, luxurious automobiles, and golfing membership memberships--or supporting those that aspire to those existence. "Up to Our Eyeballs" finds the annoying truth that charge cards are in reality the recent "safety net," getting used via determined center- and low-income households to control crucial expenses.
In the more and more unstable American economic system, the place a decline in work-related merits like medical insurance and pensions has followed a emerging rate of dwelling and elevated activity instability, shopper debt has turn into a truth of lifestyles for lots of American households. "Up to Our Eyeballs" is a troubling exam of the factors and effects of this explosive upward push in patron debt.
Including a severe examine how the monetary turned the competitive, hyper-profitable it truly is this present day, this e-book additionally accommodates ideas that might be of genuine aid to suffering families.
Read Online or Download Up to Our Eyeballs: The Hidden Truths and Consequences of Debt in Today's America and What We Can Do About It PDF
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Additional resources for Up to Our Eyeballs: The Hidden Truths and Consequences of Debt in Today's America and What We Can Do About It
Sample text
6 billion—an increase of nearly 400 percent. This combination of record profits and widening spread is the kind of pattern often seen when a small number of corporate players achieve a dominant position in their field and enter into tacit (or not so tacit) arrangements to keep prices high. Thus,one set of customers—corporations and affluent individuals—has gained,while another set—low- and middle-income borrowers—has lost. 37 Interest rates are not the only place where banks seem to adopt 32 UP TO OUR EYEBALLS very different practices with these two classes of borrowers.
3 GOTCHA! Take an inventory of your wallet. 1 A credit card almost qualifies as a necessity nowadays. Try renting a car, booking an airplane trip, or engaging in almost any kind of online commerce without one. In fact, convenience rather than credit is what many people are after when they apply for that first card. But circumstances change, and if you are like the majority of Americans, you have looked at your credit card statement in horror on at least a few occasions. 3 In 2005, Demos and the Center for Responsible Lending commissioned a survey of more than 1,100 middle- and low-income families with a recent history of unpaid balances.
Can there really be such a thing as a free market or an informed consumer in a situation like this? A number of people who have studied the workings of the credit card industry have concluded that there can’t be. 46 In the lending field, this general problem may be compounded by the habitual tendency of borrowers to underestimate future, as opposed to present, financial difficulties. This “optimism bias,” as some have termed it, produces decisions based on the up-front and obvious costs, as opposed to those that arise later and depend on certain contingencies of borrower behavior.
