Consumers face challenges in handling debt

[cute fuzzy bunny]

http://news.yahoo.com/s/ap/20060704/ap_on_bi_ge/credit_card_delinquencies

Higher interest rates, gas prices and other soaring costs are pinching high debt/low savings people.

The canary in the coal mine is starting to look peaked...

 

[Nords]

The canary in the coal mine is starting to look peaked...

 

[cute fuzzy bunny]

Good one...

 

[mickeyd]

Interesting piece CFB.

With help from a credit counselor, Marshall is working out a budget and whittling down her $13,000 in card debt, which she figures could take 3 1/2 years.

"I have to think about everything I spend," she said. "Sometimes in the grocery, I have to say to myself, 'Do you really need to buy this?' And I'm looking at things like, how can I not spend $80 on dry-cleaning."

Marshall said that instead of feeling deprived, she's feeling good about it.

"I'm proud about what I'm doing," Marshall said. "I'm paying that debt and getting educated, and I know I won't make the same mistake again.'"'

Wanna bet that as soon as she gets another opportunity to run up her CC that she will go on a shopping spree?

 

[cute fuzzy bunny]

Absolutely. Probably about halfway through the payoff scheme the buying famine will eat away at the self restraint and CHOMP!

 

[spideyrdpd]

Lets see eat or do 80$ worth of drycleaning ?
Tough choice.

 

[cute fuzzy bunny]

Man, I saw that too and said "WOW! Eighty bucks just to clean your clothes!". Then I remembered that i used to spend over a hundred a month on mine when I was working

Shoot, I spent about $25 a month just to have my shirts laundered and pressed.

Now I spend about $25 a year buying shirts, if that, and it takes me a couple of years to spend a hundred bucks on clothes.