7 Roads To Financial Ruin

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Title: 7 Roads To Financial Ruin

Essay Details:

Subject: Miscellaneous

Author: Alfred S

Date: August 8, 2012

Level: College

Grade: A

Length: 1 / 233

Essay text:

households have no credit card debt, and only 7.2% carried balances of $10,000 or more, according to the latest Federal Reserve survey. Yet four- and five-figure credit card debts were scarily common among the Get Out of Debt Day posters. Many of those who had significant credit card debt were already behind on payments or dealing with collectors. Even those who were paying on time had suffered the consequences of bloated debt. Poster Bobbie Pittsburg said he and his wife have $50,000 in credit card debt after a two-year stint of unemployment while putting four kids through college. Their high debt loads and previous trouble making payments were playing havoc with their credit scores and their plans to downsize to another home...

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