[BITList] what a surprise!

[x50type at cox.net]

    now who would have guessed that?
    ct
    Americans are Living on Credit, Says Study
    Credit cards over limit? You are living beyond your means, say analysts
    Credit card debt is a major factor in consumer financial distress. Recent statistics show that the number of American cardholders relying on their “plastic” to pay daily expenses is at an all-time high, according to a study by the Federal Reserve.
    Analysts say Americans are not only relying on credit cards to pay their bill – there are also more people living from paycheck to paycheck with absolutely no savings tucked away for the future.
    A report issued by Georgetown University also shows credit card debt and bankruptcy filings have skyrocketed revealing that consumers are “mired in credit card debt.”

    Records show that credit cards not only have high interest rates, but they have extremely high back-end fees that are unrelated to costs, such as late fees and overlimit fees, plus a host of billing tricks and traps that function as hidden price points.

    These “tricks and traps” generate more than $12 billion in revenue for the card industry, which is more than 30 percent of the industry’s pre-tax profits.



    ‘there are also more people living from paycheck to paycheck with absolutely no savings tucked away for the future.’

    the public has been manipulated by the very politicians they voted for – while the politicians laugh all the way to the bank. how much do they have tucked away for the future?
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