Debt is a fact of life in America, making debt relief a national obsession. A search for “debt relief†on Google pulls up over 34 million pages; on Yahoo and MSN, the total is over 12 million pages.
The average American household has $9,300 of credit card debt, but the share of income going to lower credit card debt has fallen to 0.3 percent.
The increase in personal debt can’t all be blamed on overspending. After adjusting for inflation, wages have been flat for the past five years while the cost of essential goods and services like housing, food, medical care and transportation have risen over 11 percent according to the Federal Reserve Board's most recent Survey of Consumer Finances.
Housing Debt
Based on this study, the Washington Post r View the rest of this article
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