In the News

Sixty percent of young adults between 18 and 34 are struggling for financial independence, says Draut, now the director of the economic opportunity program at Demos, a think tank in New York. She is also the author of a new book, "Strapped: Why America's 20- and 30-Somethings Can't Get Ahead."
 
"What made the transition to adulthood somewhat less bumpy 30 years ago was that we had an economy that lifted all boats," she says.

Draut argues that "with the possible exception of having a larger array of entertainment and other goods to purchase, members of Generation X appear to be worse off by every measure" than prior generations.

To help us with this task I want to draw on the work of the Princeton-educated Dr. David Callaghan, co-founder of the public policy centre in the United States, Demos, and author of the book, The Cheating Culture: Why More Americans are doing Wrong to get Ahead.
|
Then they will have to pay for day care in an economy that gives bigger tax breaks to "someone buying a second home than raising a second child," Tamara Draut writes in "Strapped: Why America's 20- and 30-Somethings Can't Get Ahead," a grim tale of one-sided generational war.
 
Summing up her thesis, she offers this quotation from another study: 'With the possible exception of having a larger array of entertainment and other goods to purchase, me
The most recent data available show that credit card debt among people aged 55 to 64 rose 47 percent in the 1990s. Debt among those 65 and older increased an astounding 89 percent during the same period. "This is not just happening to the worst cases," said Tamara Draut, director of the economic opportunity program at Demos, a nonpartisan, public policy organization.
|
ABC News
|
According to the advocacy group Demos, the average balance among lower- and middle-income households is $8,650.
 
"World News Tonight's" special series "Credit Crunch" aims to help you get on the road to becoming debt free.
A fraudulent appraisal "can lead homeowners to borrow more money than their homes are worth, putting themselves at risk of being 'upside down' in a home -- e.g. not being able to sell for a high enough price to pay off their mortgage," according to a briefing paper on appraisal fraud put out by Demos, a New York-based think tank.
Since my mother and I both find the prospect of me moving back home nightmarish, I decided to end our "standards of living: then and now" debate once and for all. I sent her Strapped: Why America's 20- and 30-Somethings Can't Get Ahead, and guess what? It worked! Yes, the Strapped method of garnering parental support work for me. I want to do infomercials for the book now. "Do your baby boomer parents wonder why all their success hasn't rubbed off on you?
According to a recent study by the research group, Demos, credit card debt has nearly tripled since 1989, reaching almost $800 billion. The study's co-author, Tamara Draut, said the offers are a double-edged sword for the newly bankrupt.
 
"There is a need for credit. What happens, though, is once you get in the cycle of charging, the high interest rates kick in," Draut said.
A major survey released by the think tank Demos provides some important new insights on how average American families are using credit cards.
 
The implication is hard to escape: many middle- and low-income American families are using consumer credit as a way to weather fluctuations in their finances.