CONSUMER CREDIT CARD DEBT

Sure, everyone spends a little more than they mean to at this time of year;the problem is that we've all been spending a little more than we mean to throughout the last few years. Let's take a look at our credit habits as a nation to get an idea of why we may be in over our heads.

About a month ago, the New York Times examined how the use of credit has taken off dramatically in the United States since 1990. While the number of people holding charge cards grew about 75 percent—from 82 million in 1990 to 144 million in 2003—the amount they charged during that period grew by a much larger percentage: approximately 350 percent, from $338 billion to $1.5 trillion.

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