One out of five families owes more on credit cards, medical bills, student loans and other unsecured debt than they have in savings, according to a new University of Michigan report. And the number of families surveyed at the end of 2011 that have no savings at all increased to 23.4%, compared with 18.5% in 2009.
"The people who were down and out, without much money, in the recession have ended up staying there or even worse," says Frank Stafford, professor of economics at University of Michigan Institute for Social Research and co-author of the report.
And the mortgage crisis is not over.
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Filed under: * Culture-Watch Marriage & Family * Economics, Politics Economy Consumer/consumer spending Housing/Real Estate Market Labor/Labor Unions/Labor Market Personal Finance The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- * International News & Commentary America/U.S.A.
Posted May 14, 2012 at 6:38 am
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