In the wake of the worst effects of the Great Recession, African Americans, like Americans as a whole, are getting their balance sheets in order and paying down credit card debt. But new research from Demos’ National Survey on Credit Card Debt of Low-and Middle-Income Households finds that African Americans face challenges to their financial security that are unlike those of white households.
This Explainer explores how the Gross Domestic Product (GDP) is used in measuring our economic growth and whether alternative measures are also needed to provide a more comprehensive outlook of economic progress.
Demos conducted a nationwide survey of low- and middle-income households in early 2012. The findings in this brief summarize the relationship between college costs and credit card debt, and its impact on students and their parents.
In February and March 2012, Demos surveyed a nationally representative sample of 997 low- and middle-income American households who carried credit card debt for three months or more.
Now is the time for citizens, workers, employers, and policymakers to come together once again to rebuild pathways to the middle class, create good jobs with fair pay and decent benefits, and ensure that prosperity is broadly shared for the next generation.
This report reveals the extent of credit information “mission creep,” examines troubling shortcomings in the for-profit credit reporting industry, and recommends common sense steps to reform the credit reporting system.
NEW: SECOND EDITION. "Retiring in the Red" is part of the Borrowing to Make Ends Meet Briefing Paper Series. Reports an 89% average increase in credit card debt among America's seniors from 1992 to 2001. Key Findings: