16.05.2011 - Americans shed mortgage debt at record pace
Americans are reducing mortgage payments at a record clip, directing cash that once went for debt into consumer spending and savings. Low interest rates, defaults and refinancings have shaved more than $100 billion off the nation's annual mortgage bill an amount comparable to all unemployment benefits for one year or this year's Social Security payroll tax cut. "This is a form of economic stimulus that goes to Main Street rather than Wall Street," says Nicholas Carroll, a journalist on consumer finance and author of Walk Away From Debt for a Better Future..............................................Full Article: Source
Print