Credit card debt: Back to the bad old days?
News from Fox Business:

The Federal Reserve published its monthly G.19 statistical release of consumer credit on Feb. 7, and, as many expected, it revealed another uptick in household borrowing. In December alone, the month the figures covered, it rose at an annualized rate of 9.3 percent. At the end of 2011, we as a nation owed some $ 90 billion more than we did at the end of 2010.

Revolving credit, which is virtually all credit card debt, had fallen in 32 of the previous 37 months, but was up again in December, the third consecutive monthly rise. As with the wider consumer credit measure, after two years of successive and significant falls (9.6 percent in 2009 and 7.5 percent in 2010), credit card debt actually rose very slightly between the start and end of 2011.

Problem credit card debt returning to haunt us?

How worried should we be by rising consumer debt? Unsurprisingly, some think we should be positively petrified. Writing in The Hawai’i News Daily on Feb. 5 (before the latest Fed figures were released), Michael Snyder’s predictions were positively apocalyptic. Under the headline “The financial crisis of 2008 was just a warm-up act for the economic horror…………… continues on Fox Business

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Related News:

Council Candidate Selma Avdicevic: Town Is Living On Credit Card Debt
News from Patch.com:

Selma Avdicevic, a founder of Woolly Boo—which sells natural, chemical-free bedding for children—has announced she is running for the 2nd ward councilor position in May’s local election.

In an email Friday, she said she has not joined any slate as she “personally believes them to be beauty contests. Should there, however, be a slate with candidates that have same interests at heart for the Montclair and all its residents as myself, I will gladly join it. I am nothing if not a team player. In the mean time, I will try to bring forward the issues that have been plaguing us all, AND TRY TO FIND THE SOLUTIONS. Those issues are:

“1. Stop the tax increases!
1a—Deal with the crushing municipal debt.
1b—Create efficiencies of scale in the Municipal Office. It is time they enter the 21st Century.

“2. Help the town recruit and hire a new superintendent of schools.
2a—Create economies of scale in the main office. It is time they enter the 21st Century as well.
2b—Improve test scores.
2c—Improve graduation rates and college admissions.
2d—Close the achievement gap.
2e—Resolve Montclair Community Pre-K funding.

“3. Save things that make Montclair what it is:
3a—Library
3b—Galleries
3c—Theaters
3d—First Night/May in Montclair
3e—Public spaces

“4. Bring commercial tenants to the shopping areas.
4a…………… continues on Patch.com

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