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9/29/2005

More Americans then ever before missing credit card payments

Source: Workers Independent News

As Congress debates whether or not to protect Hurricane Katrina victims from bankruptcy reform laws that take effect October 17th, a record number of Americans hit by high gas prices are missing their credit card payments. The American Bankers Association reports that past due payments for April-to-June rose to 4.81 percent the highest level since the organization began monitoring the information in 1973. The organization says that in addition to higher gas prices, personal savings rate, typically a cushion for jumps in energy prices, have dropped to a record low of 0.6 percent.

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