Friday, March 05, 2004

The Bush recovery:

Americans struggle with credit card bills - survey

Americans, facing a weak labor market, are struggling to pay off their credit card bills, according to an industry survey released on Friday....

Thirty-nine percent of the 1,000-plus people surveyed last week said they paid off their monthly balance in full, down from 43 percent a year ago, according to the survey....

In the latest survey, 49 percent of those who are taking on more debt said they are borrowing more because they do not have the money to pay in full when the credit card bills arrive. That figure is up from 44 percent for the same period in 2003....


--Reuters

The story does note that a big part of the problem is people buying what they can't afford. But what would it do to GDP if they stopped? Until more Americans get jobs, the economy is on shaky ground.

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