WASHINGTON — A new survey sponsored by the Center For AmericanProgress, a think tank associated with Senator Hillary Clinton andthe centrist wing of the Democratic Party, has sponsored a survey,which found U.S. households have their highest levels of creditcard debt ever.
|“Credit card debt has become more widespread,” Christine Weller,senior economist for the Center wrote in the Pushing The Limitreport. “A larger share of families (46.2% in 2004) than everbefore carried credit card balances, up from 39.6% in 1989. Typicalcredit card debt has grown to its highest level on record. By 2004,the typical family with credit card debt owed $2,150 (in 2004dollars), up 62.9% since 1989.”
|The survey also found credit card debt levels relative to incomeare highest among low-income families. Low-income families owed theequivalent of 9.5% of their income on credit cards, whilemiddle-class families owed 5.2%, and high-income families owed2.3%.
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