Okay, I was following the New Hampshire primary too, but this is big news. Credit card debt soared at a 11.3 percent annual rate in November following an 8.5 percent rate of increase in October. Last year credit card debt rose at a 6.1 percent rate and in 2005 at just a 3.1 percent rate. People borrow against their credit cards when they can't borrow against their homes. It looks like a lot of people can't borrow against their homes.
--Dean Baker
