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In the increasingly volatile American economy, where close to 800
billion dollars is owed in credit card debt and where there has
been a steady decline in work-related benefits like health
insurance and pensions, consumer debt has become a fact of life.
Credit cards are the new safety net being used by desperate middle
and low income families to manage essential expenses such as
groceries and medical bills. Here is a troubling examination of the
causes and consequences of the explosive rise in American consumer
debt.
A groundbreaking book that debunks the notion that Americans'
personal indebtedness results from profligacy and offers startling
analysis and realistic solutions.
""For the first time ever recorded, Americans owe more money than
they make. Household debt levels have now surpassed household
income by more than 8 percent."--Newsweek," August 8, 2006
At a time when Americans owe close to $800 billion in credit card
debt, the myth is that credit cards are primarily financing
America's luxury lifestyles--helping white suburban families pay
the costs attached to extravagant homes, luxury cars, and golf club
memberships--or helping those who aspire to these lifestyles. "Up
to Our Eyeballs" reveals the disturbing reality that credit cards
are in fact the new "safety net," being used by desperate middle-
and low-income families to manage essential expenses.
In the increasingly volatile American economy, where a decline in
work-related benefits like health insurance and pensions has
accompanied a rising cost of living and increased job instability,
consumer debt has become a fact of life for many American families.
"Up to Our Eyeballs" is a troubling examination of the causes and
consequences of this explosive rise in consumer debt.
Including a critical look at how the financial industry became the
aggressive, hyper-profitable industry it is today, this book also
incorporates solutions that will be of real relief to struggling
households.
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