What If We All Paid Off Our Credit Cards?
MSNBC's John W. Schoen answers a reader's question about what the impact might be if (dream on!) every consumer in the US paid of any outstanding credit card balances - all at one. As I recall, doing so would require consumers having access to something like $700 billion (the approximate level of outstanding revolving consumer debt). Guess where they actually have that kind of money? In home equity - but, of course, that's not evenly distributed across where the outstanding credit card balances actually are!
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