Drowning in a Sea of Debt

Newsweek, February, 2001 by Adam Bryant ( With Dori R. Perrucci)

When Bob Bridgeman was laid off from his job two weeks ago as an administrator with the March of Dimes, it was an especially tough blow for his family of six. For years Bridgeman had been living close to the financial edge. He and his wife have only $1,000 in savings, and their debts include $60,000 in credit-card bills, built up after years of using plastic to pay for everything from medical bills to graduate school. "We figured there's always the opportunity to pay it off down the line," Bridgeman says. But now he's near the end of the line. His severance package paid him three months' wages, and he is searching for work near his home in Pottstown, Pa. "I certainly hope something comes quickly," he says. "Otherwise it's going to spell financial ruin for us."

Bridgeman isn't the only one who's maxed ...