Wednesday, October 6, 2010

Why Credit Card Debt is Through the Roof

Everyday you hear  the right and sometimes even the left , bad mouth us Americans for living large on our credit cards.  The  following graph and the inflation calculator  might give you a clue on why that is so totally unfair to families just trying to survive.  The Median income graph shows that since 1965 the median wage has risen 24%

What cost $1 in 1965 would cost $6.73 in 2009. or what cost you $1 today would have cost you .15 in 1965.

So you might begin to think that if wages  have barely went up the prices of the everyday stuff has risen by a factor of 15.

The fact that half the families are making this wage or below indicates what a struggle it is just to live much less save for college, or retirement.