Americans have been successful at escaping some debt, but credit card debt is still a major problem.
Low- and middle-income people are finding an escape difficult as they pay interest on top of interest. Forty percent have turned to their credit cards to cover basic living expenses such as rent, mortgage bills, groceries and utilities, according to a national survey by think tank Demos. Those surveyed were low- and middle-income people who carried a balance on their credit cards for at least three months.
Now, the average debt on cards held by low- and middle-income people is $7,145, compared with $9,887 in 2008, according to the survey.
Read more at The Register Guard.