The Federal Reserve Board recently announced the conclusion that credit industry practices played little or no role in the "bankruptcy problem" in the United States. The Board might have done well to consider some recent statistics about the credit industry and the consumers indentured to it:
- In 2005, the credit card industry took in $11 billion in late fees alone
- Average household credit card debt increased 167 percent between 1990 and 2004
- he average interest rate paid on credit cards during 2005 was more than 14 percent
- The average debt for Americans age 65 and older increased by 89 percent between 1994 and 2004
This entry was posted on Wednesday, September 13th, 2006 at 5:01 pm and is filed under Bankruptcy and the Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.