CNN article: Barely Surviving on Credit Cards

Now that Americans can't tap their home equity, they are increasing their credit card usage. This is problematic because typically credit cards have higher interest rates and lack taxation advantages like some home equity lines. The story is pretty grim and has a picture of a 71-year-old, retired professor, who has to go back to work because savings and social security are just not cutting it.

Credit card deliqencies are at a 4 year high as well. This is scary because I do believe that lenders of all kinds will probably tighten credit even more.

http://money.cnn.com/2008/05/09/news/economy/creditcards/index.htm?cnn=yes