The American Bankers Association reports that the percentage of credit card accounts 30 days or more past due is climbing rapidly. April to June records show that 4.81 percent are past due. And at the same time, the personal savings rate dropped to a negative number, -.06%.
(The negative percentage means that people did not have enough left over after paying their taxes to cover all of their spending in July...so they dipped into the savings account to cover the shortage.)
And in related news...the number of people living in poverty has increased 17% since Bush took office. Duh!
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