Average credit card debt per household has increased from $2,985 (1990) to an exorbitant $8,562 (2002), with 45% of college
students in the red with an average debt of $3,066 (American Bankruptcy Institute). Horribly still, more students are now lost to bad debts than to academic failures. As a result, about half of high school graduates start working right after school (that is, if they ever cleared school). This irresponsible penchant for premature affluence has led to a monstrous 50% increase in bankruptcies in people below 25. Had it been the colonial days, a majority of America would have been consigned to Guantanamo Bay.For complete IIPM article click here
Source:- IIPM Editorial, 2006
Editor:- Prof. Arindam Chaudhuri
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