The Rich Are Different: They Have Jobs And Can Pay Down Their Credit Cards
CBS MoneyWatch - 03/29/2011
Borrowing by U.S. consumers has been falling since the middle of the recession – in the aggregate, anyway. Beneath the surface, people at the high end of the income scale have been paying down their loans, but the little guy is not making any progress, and in fact is facing higher credit card balances. But it’s only logical, because higher income people also have been better able to hang on to their jobs.