Document Type

Other

Publication Date

7-1-2003

Keywords

credit card, consequences

Extension Number

ExEx 14082

Department

Consumer Sciences

Description

We live in uncertain times, and stressful situations can catch us financially off guard. High medical bills without sufficient health insurance, loss of employment, a poor year of farming or ranching, a divorce, natural disasters, deployment in the military, or higher than expected college costs can force us into debt. We’re not alone. Household debt across the country increased more than 9% in 2002. This was the largest rate of increase since 1989, according to Federal Reserve Chairman Alan Greenspan.

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