There's a crime happening in America....and it's a crime we've committed towards ourselves. The crime is DEBT!
Indebtedness is a leading cause of family break up, suicide, spousal abuse and crime. Debt hurts everyone in some way.
According to the Federal Reserve the average American household carried $8,700 in credit card debt in 2008. (This is credit card debt alone..) Consumer debt in 2008 stood at $2.6 trillion. That's more than twice the national deficit. Combine this with astronomical compounding credit card interest rates and you have a cocktail of disaster....especially among those who can least afford it.
According to information gathered by the US Census bureau, there were 164 million credit card holders in the United States in 2005 and that number is projected to grow to 176 million Americans by 2010. These same Americans own approximately 1.4 billion cards - an average of nearly nine credit cards issued per credit card holder.
That my friends is frightening...and if you don't mind me saying so, "IT'S JUST PLAIN STUPID!!" It tells this scribe that Americans in large numbers are living far beyond their means. The buy it now and pay for it later philosophy is alive and well.... and it's killing us. It's tearing apart families and causing untold misery for millions.
These are debts that Americans rang up voluntarily for consumer items they just had to own....but did not have the means to afford.
It's time to end the cycle of debt upon debt.
It's time to get back to living within our means and saying NO! to owning the latest electronic gadget or "what's-it." We've all seen the "come-on" ads... BUY IT NOW AT 70% OFF AND MAKE NO PAYMENTS UNTIL (SOME DISTANT DATE..) It's remarkable how that distant date creeps up so quickly..
It's time RIGHT NOW to realize that as a nation we can no longer afford to live this way.
The Federal Trade Commission has put together a website to help. CLICK HERE
Here's the bottom line to my blog... IF YOU CAN'T AFFORD IT....DON'T BUY IT!! Pay down your debts and then scissor your credit cards forever. Find a new way of living that doesn't involve consumer credit.
Discover the good feeling of having money in your bank account through saving a little each month.
ps.... It wouldn't hurt to hug your spouse now and again either....
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Thanks. Sincerely, David