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
We can't do this without your support!
The American Prospect strives to be a champion for informed discussion on progressive public policy. Our brand of independent, fact-checked reporting does not come cheap.
When you support the Prospect, your dollars go directly to our mission to cover concentrated corporate power, the financial industry, the labor movement, immigration, infrastructure, foreign policy, the disaster of neoliberalism, the climate crisis, and so much more. If it matters in progressive politics, the Prospect is — and will be — on top of it. But only with your help.
