Word: credit-card
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...Americans have a debt problem? Big time. Nearly 14% of our disposable income goes to repay loans, the highest level since 1986, according to economist Cynthia Latta at Standard & Poor's. Credit-card debt and total household debt are at record highs relative to personal income. Even if you sweep aside thoughts of recession, it still makes sense to pay down debt as rates rise. Most debt, including credit cards, home-equity lines and many mortgages, carries variable rates, so your costs will be increasing...
Finally, you may want to sell some of your stocks to pay down debt. After all, if you have credit-card debt at 18%, your stocks must rise faster than that because of taxes just to break even. And those days are numbered...
...they saw as a decline in values. "We have had a general lack of shame or personal responsibility that used to be associated with paying bills or not paying bills and the filing of bankruptcy," said Senator Grassley, who has collected more than $100,000 in campaign contributions from credit-card companies and other lenders since...
Consumer advocates urged Congress to include in the legislation a provision requiring credit-card companies to spell out on each monthly statement the number of years it would take a cardholder to pay off the debt by making minimum payments, and how much that would cost overall. But that proposal went nowhere because it was opposed by the credit-card industry. The Senate version of the bill requires companies to include on monthly statements a toll-free number that cardholders can call to find out how long it would take them to pay off their loan...
...Maxean Bowen. Their creditors, on the other hand, have contributed millions and millions of dollars to get the legislation they want--from thousands of small donations of less than $5,000 to hundreds of large ones ranging from $5,000 to more than a quarter-million dollars. Since 1997 credit-card companies and other lenders have given $2.2 million to the House and Senate Judiciary Committee members responsible for drafting the legislation, according to data compiled by the Center for Responsive Politics...