The Plastic Safety Net: How Households are Coping in a Fragile Economy

Source: Tamara Draut and Jose Garcia, Demos, July 28, 2009

From the summary:
While the economic recession continues to threaten the financial security of low- and middle-income households, its effects have been heightened by the reality that, even before the downturn, millions of households were experiencing difficulties meeting the most basic expenses. Now, as families experience declining home values and tightened credit markets, many are falling behind on their mortgage and credit card payments.

The following report shows how skyrocketing costs, dwindling savings, stagnant wages and medical debt have forced low and middle-income families to turn to plastic as the de-facto safety net.

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