For the majority of middle- and low-income families in America today, wages are stagnant, savings are minimal and the practice of financing current consumption by taking on debt has become the dominant strategy for making ends meet. By the first quarter of 2010, nearly 56% of all consumers had subprime credit scores,! a condition that directly impacts everything from their capacity to access quality employment and rental housing to their ability to qualify for affordable credit, banking services, car and mortgage financing. The extent of financial distress among U.S. households is alarming, and there
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