Debt

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The cycle of debt that is so prevalent in this country is destroying lives and undermining the economy. Who's to blame? Is it an issue of financial education, or people who cannot live within their means, or a culture that shouts "spend now, pay later" and hawks its goods 24 hours a day, or access to easy credit with a payday lender on every corner? Is it the combination of all of these?
Foreclosures have spiked in recent months, and bankruptcies now cost the average American $400 per year in costs that are passed on to the consumer. This is an issue that should be of concern to everyone, whether or not you personally are caught in the cycle.
This week, we hear the personal stories of people whose lives have been consumed by debt and what they've done to get out of it. We talk to legislators who want to cap payday lending rates at 36% rather than the 390% that's now allowed. And we'll tell you about programs that help people get out of debt and credit unions that will make small loans for 18%.