For the Fiorentino family of Freeport, N.Y., the debt party of the 1980s is over. Like many U.S. couples, Teresa and Greg Fiorentino both worked, bought a modest house and borrowed heavily on their credit cards to finance a rising standard of living. But after Teresa, 36, quit her job as an airline reservations agent to have children, the Fiorentinos found their debt payments were devouring 65% of their income. A few months ago, they decided to stop using their credit cards. Greg, 45, has joined a savings program, and the couple have vowed to reduce 90% of their debt within...
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