Word: borrowers
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While the Fiorentinos have more debt than the average U.S. family, their situation is becoming increasingly common. Most Americans have had to rely on borrowing to pursue their dreams because real wages for middle- and low-income workers fell 12.4% between 1972 and 1988, a time when real estate prices were rising relentlessly. While consumer spending grew no faster in the 1980s than it had in the previous two decades, consumers were forced to borrow with a vengeance to make up for eroding income. As a result, the total debt of the average U.S. household rose from the equivalent...
...sustain or improve their life-styles, they had to borrow, and the environment favored borrowing," says Robert Dugger, chief economist of the American Bankers Association. That environment was fostered by aggressive financial institutions that hyped both credit cards and personal loans. As the debt burden has increased, so have personal bankruptcies, which have more than doubled since 1985, to more than 700,000 in the 12 months ending in June. Credit Counseling Centers of Novi, Mich., which advises troubled debtors, describes its typical client as a 44-year-old male with a monthly income of $2,208 who owes...
Tina P. Hsu '93: She needed to borrow a dress for a formal, and Lauderdale approached her one day, saying "I have the perfect dress for you!" He told her that he'd worn it last year, "`so I can't get away with it this year...
...Voice, Gilligan offered an example. A boy and a girl, both 11, were asked whether a poor man should steal a drug that would save his wife's life. Yes, said the boy, because human life is worth more than property. No, said the girl, who suggested that he borrow the money or work out a payment schedule with the druggist. Her reasoning: If the man stole, he might end up in jail -- and then where would his wife...
...still the possibility that Saddam will get smart, leave Kuwait and go about increasing his powers of intimidation by completing his nuclear weapons program. If he doesn't see a need to withdraw to the status quo ante -- and there is no sign yet that he "gets it," to borrow the phrase in vogue in the White House -- it appears that much of the world is headed toward war against the man George Bush once again last week called "Hitler revisited...