Using debt to maintain status quo leaves families on rocky road to recovery
ANN ARBOR--Economically vulnerable families are increasingly willing to take on debt to maintain a basic standard of living--a situation that can put them into a deep financial hole, according to a new University of Michigan study.
Poor families can find it challenging to stay on top of bills to keep the lights on, food on the table and a roof over their head--and they fall into debt, said Kristin Seefeldt, U-M assistant professor of social work and public policy.
"Unfortunately, once in debt, getting out was difficult," she said.
Trying to replace short-term losses ...

