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Beginning of Paper
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Credit Cards
An American Way of Life
Credit cards are quickly becoming a major problem for the American people. It is so easy to get into debt with a credit card, and anyone with a mailbox and a pulse can get one. Many Americans can't get out of debt and they run into credit problems; some ....
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Middle of Paper
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.... just paid the banks suggested minimum payment. The middle class is also going further into debt. Credit card debt rose 23.5% from January 1997 to March 1998. Sixty three percent of all U.S. households now owe money on their credit cards, and last year they spent $70 billion in interest charges and fees. Credit card debt now accounts for 43% of all consumer loans and is growing faster than all other types of household borrowing, including home mortgages or auto loans. The average household now owes an amount equal to 95% of their yearly income (Dollars and Sense ....
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