Record High Consumer Debt
CBS
Transcript
[Music] when it comes to debt 28-year-old Tracy skursky is an expert definitely felt overwhelmed overwhelmed by the fact that her credit card bills ballooned from $9,000 10 years ago to nearly $118,000 today I was kind of naive going into it you know you're 1718 and and on your own for college skursky says she and thousands of others are victims of an overly aggressive credit industry it's ridiculous that you know it's kind of like a gorilla Warfare te tactic that they have consumer Advocates say the problem is is that for the last 30 years banks have been allowed to set up shop in states that permit Skyhigh interest rates or have no limits on fees banks in turn charge their customers in other states whatever they want 31 States either allow no limit on interest charges or do not restrict Annual fees the states with the least consumer protection California Delaware South Dakota and Tennessee credit card companies auto finance companies and mortgage lenders uh are in the business of using your credit report information to Target uh people who um they're so gratified that anybody will ex uh extend them credit at all that they will pay anything the American Bankers Association tells CBS News the banking industry is extremely concerned about Consumer Debt levels but consumers also have an important role by weighing credit opportunities carefully based on their own financial goals behaviors and needs its advice gamsky now takes seriously if I really want it then I can save for it you know it's it's not going to it's not going to hurt me to wait a couple months because waiting for those must have purchases will only help Trish Regan CBS News New York