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Reply #4: George Bush's Failed Intellect [View All]

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LeaderlessResistance Donating Member (46 posts) Send PM | Profile | Ignore Sun Feb-20-05 11:33 AM
Response to Reply #1
4. George Bush's Failed Intellect
"Debt is the beginning of slavery." ~ "Revolutions spring not from accident, but from necessity." Victor Hugo Le Miserable

Bankruptcy Looms On The Horizon

America has reached a consumer debt catastrophe, an all time high the Federal Reserve says has reached $2 trillion. The average American has 2.7 bank credit cards, 3.8 retail credit cards and 1.1 debit cards stuffed into their pocketbooks, according to CardWeb.com.

On them is an average $8,000 in debt. Visa and MasterCard couldn't be giddier.

Take a $5,000 credit-card balance, with an average 16 percent interest rate. Make only minimum payments each month. It will take 28.5 years to pay off. By the time you do, that $5,000 will have ballooned to $12,100 ~ including $7,100 in interest.

Read more:

http://www.indystar.com/articles/9/186509-5159-223.html
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