NY Times Debt Series

Tomorrow’s NY Times features a very good series on personal debt and, in particular, the changes in lending practices that have earned millions for the banking industry and socked consumers with enormous levels of debt. Some of the interesting bits include:

1. Average credit card interest rates have risen from 17.7 percent in 2005 to 19.1 percent last year.


2. Average late fees rose from $13 in 1994 to $35 today.


3. In the same period, the fee charged for exceeding your credit limit rose from $11 to $26.


4. In 1957, 42 percent of families had no debts; today 24 percent of families have no debts.


5. In 1957, 53 percent of homeowners had no mortgage debt; today 31 percent of homeowners have no mortgage debt.

The story includes the case history of a woman who lost her home and an interactive calculator for determining how your level of debt compares to the national average.