Monday, December 6, 2010

Credit problems for 22% of people with bank account in past 2 years

This is what we mean when we say the middle class is being destroyed. One out of five Americans with a bank account had credit problems in 2007-09. You can guess the reasons -- unemployment or shrunken income.

Below are the kinds of problems they're dealing with, according to a consumer lending survey by the Deloitte accounting firm:

These are scary, scary numbers. They suggest that millions of working families are struggling to survive on wages that are at or near poverty level.   

For these families -- and for many of us -- the recession is far from over. Friday's frightening unemployment numbers made that clear. Here's a chart from the New York Times that shows the abysmal rate of job creation during this "recovery," compared to the others in the past 30 years.