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Shortchanged by Howard Karger

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Born of people’s misfortunes, credit counseling was a sleepy cottage industry for a long time. Now, larger and troubled, it may be more in need than its clients of being set back on the straight and narrow.–Christopher H. Schmitt with Heather Timmons and John Cady, “A Debt Trap for the Unwary,” BusinessWeek, October 29, 2001

10The Getting-Out-of-Debt Industry

We are besieged by advertising on two fronts: how to get more and cheaper credit, and how to get out of debt. On the one hand, we are lured into taking on more debt through cheap credit; on the other hand, we’re warned of being in too much debt.174

Federal Reserve chairman Alan Greenspan pointed out in 2004 that because of low interest rates, we could more easily handle high levels ...

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