Thursday
Apr022009
Credit card debt and bankruptcy correlation
Staff
By Kayleigh Harvey - Talk Radio News Service
At a House Judiciary Subcommittee hearing on "Consumer Debt: Are Credit Cards Bankrupting Americans?" Adam Levitin from Georgetown University Law Center said, “There is nothing particularly surprising about high credit card debt correlating with bankruptcy. People who are in bankruptcy have debt. What is important to note is that debt, dollar for dollar, credit card debt has a much higher correlation with bankruptcy than any other type of debt.”
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At a House Judiciary Subcommittee hearing on "Consumer Debt: Are Credit Cards Bankrupting Americans?" Adam Levitin from Georgetown University Law Center said, “There is nothing particularly surprising about high credit card debt correlating with bankruptcy. People who are in bankruptcy have debt. What is important to note is that debt, dollar for dollar, credit card debt has a much higher correlation with bankruptcy than any other type of debt.”
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Credit card debt is like drug addiction?
At a House Judiciary Subcommittee hearing on “Consumer Debt: Are Credit Cards Bankrupting Americans?” Adam Levitin from Georgetown University Law Center said, “It is like drug use in this sense. There is definitely an addictive quality to credit...there is definitely are parallels between the way consumers use credit and what we see with addictive products.”
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