Credit Card Debt Soars as House Prices Plunge

Dean Baker, writing for The Center for Economic and Policy Research, reports: "The current rate of house price decline will destroy $2.2 trillion of wealth this year. The Federal Reserve Board reported yesterday that credit card debt rose at an 11.3 percent annual rate in November after rising at an 8.5 percent rate in October. By comparison, credit card debt rose at a rate between 2 percent and 4 percent from 2003 to 2005."

//www.truthout.org/docs_2006/010908B.shtml



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