Sunday, August 19, 2012

Consumers have lost two to three times more money in home equity since 2006 than the total amount of credit card and student loan debt combined!

According to Chase Bank, consumers have lost around 7 trillion dollars since 2006 in home equity. Credit Card and Student loan debt is between 2 to 3 trillion dollars. 

In other words, consumers have lost almost two times more in home equity de-valuation since 2006 than the total amount of consumer debt in the form of credit card and student loan debt.

I find this revelation a stunning tragedy and one that needs to be mulled over by President Barack Obama as he continues to side with the banks and wall street on all issues related to the loss of wealth by main street.

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