Study Says U.S. Consumers Use Credit for Basic Costs

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006755-study-says-us-consumers-use-credit-for-ba/

Low- and middle-income Americans rely on credit cards to pay for basic living expenses, car repairs and medical care, not frivolous material goods, according to a report on Wednesday from a group calling for tougher regulation of credit card companies.

DEMOS, a New York-based public policy group that studies economic opportunity issues, and the Center for Responsible Lending, a Washington policy group focused on predatory lending, said low- and middle-income families fall into credit card debt to cope with income declines or unexpected costs.

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Study Says U.S. Consumers Use Credit for Basic Costs

Unknown Author

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