Wednesday, April 04, 2007

Debt Myths

A sharp piece on Newsweek by James Scurlock, the Morgan Spurlock of the debt industry with his movie Maxed Out.

Two years ago, I set out to tackle one of the most perplexing riddles of our time: After two decades of unprecedented prosperity, why can’t America get out of debt?....
It may be hard to believe that banks make most of their profits on the least responsible customers, but it’s the two thirds of us who can’t pay off our credit-card balances who contribute all of the interest and most of the penalties—money that goes directly to the banks’ bottom lines.

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