Word: caplovitz
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Dates: during 1980-1989
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Average household debt now amounts to 19% of annual disposable income, an all-time high. The outstanding credit balances on the 97 million MasterCards have ballooned from $11 billion to $28 billion since 1983. David Caplovitz, a sociologist at the City University of New York and author of Consumers in Trouble, estimates that between 20 million and 25 million households are financially overextended or "entangled" in debt. Says he: "Within the span of one or two generations, America has been transformed from a cash society to a credit society. People are in over their heads, and it is ruining their...
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