housing debt: Is it Consumer Debt or Housing Debt?
- 02/28/08 03:37 AM
In the year 2000, Americans took 26 billion dollars out of the equity of their homes. This rose to 620 billion in 2006. 35% of the money was used for home improvement, 16% was used for consumer purchases and 26% was used to pay off consumer debt. 1 in 7 households have 10 credit cards. 40% of those people don't pay their monthly credit card balance in full at the end of each month. Many are caught in the trap of spending money they don't have on things that they don't really need. They are avoiding paying off the debt they … (2 comments)
In the year 2000, Americans took 26 billion dollars out of the equity of their homes. This rose to 620 billion in 2006. 35% of the money was used for home improvement, 16% was used for consumer purchases and 26% was used to pay off consumer debt. ;)
;)
