>Credit Card Debt Nears Toxic Levels
Updated: Sunday, 26 Feb 2012, 4:19 PM EST
Published : Sunday, 26 Feb 2012, 4:19 PM EST
(New York Post) – More American households are falling back into the debt hole, this time without the safety net of home values to help bail them out, the New York Post reported Sunday.
Last year, total US consumer debt reached its highest point in a decade, according to a credit card industry observer.
“Now more than ever, families need to work at saving and paying off any outstanding debts,” said Howard Dvorkin, a certified public accountant and founder of the credit counseling service Consolidated Credit.
After a few months of reducing credit card debt levels, Dvorkin said, Americans are starting to return to their reliance on debt.
