Debt: The New Safety Net

• Published in: The American prospect Vol. 18; no. 5; p. A25
• Main Author: Draut, Tamara
• Format: Magazine Article
• Language: English
• Published: Princeton American Prospect 01.05.2007
• Subjects: Credit card industry; Families & family life; Fees & charges; Households; Interest rates; Low income groups; Maternity & paternity leaves; Payday loans; Poverty; Statistical data; Technological change

According to a study conducted by Demos and the Center for Responsible Lending, 44 percent of lowincome indebted households reported that a layoff contributed to their credit-card debt; 20 percent cited medical expenses; 50 percent cited car repairs; and 38 percent cited home repairs. [...] so, unle...