WASHINGTON – Senator John Edwards (D-N.C.) has floated an attempt to make bankruptcy a higher profile in the ongoing Presidential campaign. Edwards is one of the candidates for the Democratic Presidential Nomination in 2004. "We face a quiet crisis in America. Middle class families stand on the edge of a financial cliff, and unless we act, more and more families will fall off of that cliff," Edwards said in a prepared statement. "We have seen a historic change in the last generation. A generation ago, Americans were saving 11 percent of their income and had just 4 percent of their income in credit card debt. Today, Americans are not saving at all, and they have 12 percent of their income in credit card debt. Our families are just one lost job or one medical emergency away from bankruptcy. We need a president who sees the crisis and will act to stop it. First, we need to help families find their way out of debt, with strong measures to crack down on abusive mortgage lenders, payday lenders, and credit card companies," he added.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.