OUR TIME DAILY TRANSLATION
We've heard you say it many times: "Politics is like a foreign language." Well, we agree.
Each week, we summarize, simplify, and interpret different major news stories and how they affect our generation. We'll give you our take, and you can decide for yourself.
GIVE YOURSELF SOME CREDIT
THE FACTS
o According to a Congressional panel on the Credit CARD Act of 2009, overall credit card debt has decreased by 28% since 2008 due to provisions that restrict over-limit fees and lower interest rates.
o However, 40% of households still use credit cards to pay for basic living expenses, and 31% of people claim that non-essential expenses (luxury goods, TV, etc.) contributed the most to their debt.
o Over 36% of households had someone who skipped medical treatment due to credit card debt.
WHY WE SHOULD CARE
o While credit card reform has lowered overall debt, the effects of credit debt infringe on many areas of consumers lives, such as healthcare.
OUR TIME OPINION
o Consumer education is critical to keeping credit card debt low.
