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When most people think about America’s debt problem, they think of the debt of the federal government. But that is only part of the story. The sad truth is that debt slavery has become a way of life for tens of millions of American families. Over the past several decades, most Americans have willingly allowed themselves to become enslaved to debt. These days, most of us are busy either going into even more debt or paying off the debt that we have accumulated in the past. When your finances are dominated by debt, it makes it really hard to ever get ahead. Incredibly, 43 percent of all American families spend more than they earn each year.
Because the truth is that the American people need a wake up call. Consumer borrowing rose by another $19.3 billion in December. Right now it is sitting at a grand total of $2.5 trillion according to the Federal Reserve.
We always criticize the federal government for going into so much debt, but we rarely criticize ourselves for our own addiction to debt. Debt slavery is destroying millions of lives all across this country, and it is imperative that we educate the American people about the dangers of all this debt.
Originally posted by RealSpoke
reply to post by JibbyJedi
Planned Obsolescence is part of every modern consumer based economy.edit on 10-2-2012 by RealSpoke because: (no reason given)
Originally posted by ALIENslave
It drives me nuts that people say you should always hold at least $50 of debt on your card like it's a good thing.