Recession Added Debt, Drained Families' Savings

May 14, 2012
USA Today P. 1A
credit card news

One out of five families owes more on credit cards, medical bills, student loans, and other unsecured debt than they have in savings, finds a new University of Michigan report. Moreover, the share of families surveyed at the end of last year that have zero savings increased to 23.4 percent, up from 18.5 percent in 2009. The study also suggested that the mortgage meltdown has not yet come to a close, either. Among homeowners polled, 1.7 percent anticipate that they will fall behind on their house payments in the near future -- although that is down slightly from 1.9 percent who expected to have problems meeting their mortgage obligations in 2009.
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