What if Families Handled Finances Like the Federal Government Does?
In 2010, median family income was $51,360. If a typical family followed the federal government's lead, it would spend $73,319 and put 30 cents of every dollar spent on a credit card. This family would have racked up $325,781 in credit card debt – like a mortgage, only without the house. What credit card company would continue lending money to this family?
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INFLATION-ADJUSTED DOLLARS (2012)
Sources: Congressional Budget Office and U.S. Census Bureau.