Sunday, November 26, 2006

We Owe More than we make

"...the Center for American Progress, a liberal-minded think tank, has
crunched data from the Federal Reserve and found that Americans for
the first time owe more money than they make.

According to the center, average household debt levels topped average
after-tax income by more than 29 percent as of this summer. Moreover,
the average family is now spending 14.4 percent of its disposable
income on debt repayments -- the largest share since the Fed began
collecting such data in 1980."