More than a million American families now file for federal bankruptcy annually, a many more are perilously close to financial disaster. In this important analysis of hard-pressed families, recently featured in articles in Newsweek, Forbes, Chronicle of Higher Education, a the New York Times, the authors discover that financial stability for many middle-class Americans is all too fragile. The authors consider the changing cultural a economic factors that threaten financial security a what they imply for the future vitality of the middle class.Of course, if amount of credit card debt carried by families generally is understated as some experts allege, then the general population looks more like the bankrupt ... In a California sample of 100 Chapter 7 debtors, 93 had some credit card debt. Of those debtors, 57% had more than $20, 000 in debt, and 13% had more than $50, 000 in debt. ... In just three years between 1992 to 1995, the median card balance jumped another 40% for American households, from $1, 100 to $1, 500.
|Title||:||The Fragile Middle Class|
|Author||:||Teresa A Sullivan, Elizabeth Warren, Jay Lawrence Westbrook|
|Publisher||:||Yale University Press - 2001-08|