Consumer Credit Down For The First Time In A Year As We Try To Pay Off Debts

Consumer Credit Down For The First Time In A Year As We Try To Pay Off Debts

While we were busy focusing on doing something that makes sense given the lessons of the recession and pay off our credit card debt, that has caused a bit of a worry for the economy. Namely, U.S. consumer credit is down for the first time in a year partly because we’ve been trying to reduce credit card debt. [More]

General Motors' Greatest Innovation? Not Cars, Credit

General Motors' Greatest Innovation? Not Cars, Credit

Sorry to disappoint all of you who think that the two-person Segway is the most innovative thing GM has produced in its long history — it seems that the company’s most important new idea was consumer credit. More specifically, convincing a nation of thrifty debt-averse tightwads that taking on debt was socially acceptable. Yes, it’s true. We weren’t always a bunch of debt junkies.

The Subprime Meltdown Is The Tip Of The Credit Iceberg

The Subprime Meltdown Is The Tip Of The Credit Iceberg

The ongoing subprime meltdown is merely the first destructive wave of credit catastrophe to wash over Wall Street, according to Slate’s resident explainer. Americans drunkenly bandy credit around in several forms: mortgages are the most prevalent loans turning sour, but credit card debt, student loans, and auto loans are silently conspiring to threaten our macroeconomic well-being.