Barabara O'Neill
January 1995
Journal of Financial Planning;Jan1995, Vol. 8 Issue 1, p20
Academic Journal
Many Americans, including affluent households, went on a spending spree during the 1980s, racking up charges for which they are still paying. This article describes the costs and causes of indebtedness, including emotional and behavioral issues that underlie overspending. Other topics covered are the use and abuse of credit cards, consumer bankruptcy, the danger signals of overextension, and resources that planners can suggest when clients experience financial difficulty. It concludes with 20 tips for financial planners who work with financially stressed clients or who try to prevent clients from becoming overextended. INSETS: HOW TO USE ENHANCEMENT CREDIT CARDS;25 WARNINGS SIGNS OF DEBT;SETTLING UP WITH THE IRS.


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