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There is a series of articles in Newsweek this month regarding finances
entitled "United We Owe". Some excerpts follow:
"Nearly 850,000 homeowners faced foreclosure last year and the number is
expected to be even higher this year. Foreclosures nationwide were up 72% in
the first quarter from the same period in 2005, according to RealtyTrac,
which publishes the largest national database of foreclosure properties."
"For the first time ever recorded, Americans owe more money than they make.
Household debt levels have now surpassed household income by more than eight
percent, reaching 108.4 percent in 2005, according to a May 2006 study by
the Center for American Progress. Consumer debt is now at a record $2.17
trillion, reports the Federal Reserve Board and consumers cashed out a
whopping $431 billion in home equity last year."
"In 1952, the average debt to income (disposable income) ratio was less than
40%. Now, it's 126%."
The full set of articles are @ http://msnbc.msn.com/id/3032542/site/newsweek
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United We Owe...
