You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Why U.S. might be ‘a nation of deadbeats’ [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » General Discussion Donate to DU
formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-15-13 08:25 AM
Original message
Why U.S. might be ‘a nation of deadbeats’
Advertisements [?]

MarketWatchBy Brett Arends | MarketWatch – 2 hours 44 minutes ago


Tony Mathews / Shutterstock.com

--snip--
A close look at the data reveals a very different story — and one that gets far too little airing in public discourse.
Far from paying our bills, the current generation of Americans — or some of them — have set records for default which probably have no parallel in the history of the human race. During the last five years, U.S. individuals have walked away from a staggering $585 billion in mortgages, credit card debts and other personal loans. That works out at about $6,000 per household.

--snip--


Furthermore, as our chart shows, the majority of that reduction hasn’t come from people paying off their loans, but from banks writing them off.
The total debt reduction from the peak, says the Fed, is $954 billion. Loan write-offs, at $585 billion, account for 60% of that. In other words, for all the chest-thumping about how Americans are repairing their balance sheets and how we aren’t a nation of deadbeats, in the last five years Americans have walked away from $3 in debt for every $2 they’ve paid off.

--snip--

More at the link: http://finance.yahoo.com/news/why-u-might-nation-deadbe...
Refresh | 0 Recommendations Printer Friendly | Permalink | Reply | Top
 

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC