Credit-card debt hurting upper-income consumers

06/30/2008 | CNBC

Crushing credit-card debt is moving up the income ladder as the U.S. economy slumps. "People of all walks of life have been either guilty of overspending or the victim of some misfortune such as a job loss, an illness or a divorce," said Greg McBride, a senior financial analyst for Bankrate.com. The average debt rose to $6,900 per consumer in the last year, a 21% increase, according to data by Experian.

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