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Dave - The Truth you reveal is so cold but at least it's real. One would think that part of being a mature adult is dealing with the truth, but sadly and predictably, it appears a great many people find the truth unpalatable and therefore deniable.

This brings us into the realm of psychology. And I have a further thought regarding this. From the mythological bird's-eye view, what is going on with regard to rising debt is directly linked (IMHO) to the species-wide subconscious death wish that permeates "life" now. As we decline and head towards the exit, we are hardly bothered by concern for future generations and their ability to repay the debt that we build up now.

In a funny sort of way, borrowing as much money as possible and then defaulting en masse would be a fitting way to kick the financial sector back for the thieving mess they have made. Whether "normal" people are doing this consciously or blindly is for others to ascertain.

Ken Barrows

Sure, debt is out of control. Debt is okay if you can "grow" out of it. And that is the mass delusion that persists. What will end this delusion is when oil prices spiral out of control. It may be a while yet.

John D

I think many people define themselves as middle class, they therefore feel they deserve a middle class lifestyle, and they don't think too much about the financial math. Sad but possibly true.

Mike Roberts

Good post. The Automatic Earth has a new blog entry on this.

Sharon Hill

Americans spend more than what they earn and credit card has allowed them to do so. Credit card is good, until the debtor can pay the debt off on time. But in most cases, people fail to pay off outstanding credit card debts and they fall deep down in massive credit card debt. Unless we can live within our means, it would be very difficult to get out of debt burden which gradually moves towards filing bankruptcy and losing everything we have.


Team Myquicklawyers

free credit report vs free credit score

I hit the trifecta: I increased the amount I spent using my credit cards, I got some cards with terrific cash back levels, and I received some very nice bonuses for getting new cards.

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