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Credit Cards Seen As 'Safety Net'

One-third of low- and middle-income consumers are using their credit cards to pay basic living expenses - including their monthly mortgage, according to a new study.   CRL and Demos also found that even though consumers are using home-equity loans to pay down their credit cards, many households are still carrying huge card balances, increasing their overall debt levels.
In the media

Bankruptcy's New Day

The average credit card debt of low- and middle-income indebted households was $8,650, according to the study from Demos and the Center for Responsible Lending.   The more stringent law comes at a tough time for American consumers. A survey released last week showed that total credit card debt now stands at about $800 billion. That is up 31 percent since 2000
In the media

Are Renters Bad With Money?

A new study about America's credit card debt from policy research and advocacy groups Demos, the Center for Responsible Lending, and the AARP shows that the most debt-troubled consumers are those who don't own their homes, even though their credit card balances are lower than those who are their own landlords ($6,880 vs. $10,296).   The fact that renters have a hard time dealing with debt than homeowners could be attributed to their having less disposable income -- a fact borne out in the survey results.
In the media
Dayana Yochim

Why America's Really in Debt

"The Plastic Safety Net," released Oct. 12 by policy research and advocacy groups Demos, the Center for Responsible Lending, and the AARP, reveals what's on our credit cards, why it's there, and what we're doing to manage our financial obligations.   The study found that most debt-strapped households use credit to cover unavoidable expenditures, not discretionary purchases. We're increasingly relying on plastic loans to pay our rents, mortgages, utilities, groceries, car repairs, and insurance premiums.
In the media
Dayana Yochim

STATEMENT: New Survey Report Reveals Truth Behind Credit Card Debt Explosion in the United States

Washington, DC — American families are turning to credit cards to make ends meet in an increasingly volatile economy, according to The Plastic Safety Net: The Reality Behind Credit Card Debt in America, a new report released today by Demos and Center for Responsible Lending.

Press release/statement

Study Says US Consumers Use Credit For Basic Costs

DEMOS, a New York-based public policy group that studies economic opportunity issues, and the Center for Responsible Lending, a Washington policy group focused on predatory lending, said low- and middle-income families fall into credit card debt to cope with income declines or unexpected costs.   According to the survey, 48 percent of respondents said they used credit cards to pay for car repairs while 38 percent reported paying for home repairs with plastic.
In the media

STATEMENT: Survey Findings on American Household Debt To Be Released at October 12, 2005 Press Conference in Washington, DC

Washington, DC — On Wednesday, October 12, 2005 at the National Press Club in Washington DC, leading policy research and advocacy groups Demos, the Center for Responsible Lending and AARP will release findings from a new national survey of household debt in a report entitled The Plastic Safety Net: the Reality of Household Debt in America.

Press release/statement

Money Matters On Your Mind

Eighteen- to 24-year-olds have an average $2,985 in credit card debt, according to last year's Demos USA study, "Generation Broke." The average plastic debt for 25- to 34-year-olds is $4,088.

In the media
Kara McGuire

STATEMENT: Members of Congress Urge Justice Department To Enforce Decade-Old Voter Registration Law

New York, NY/Washington, DC — Today, Reps. John Conyers (D-MI) and John Lewis (D-GA), and 28 other leading members of Congress have called on the Department of Justice (DOJ) and Attorney General Alberto Gonzales to take immediate action to enforce Section 7 of the National Voter Registration Act of 1993 (NVRA). Section 7 requires that public assistance agencies, such as family assistance, Medicaid and disability services offices, offer applicants and clients the opportunity to register to vote.

Press release/statement