If you ever injected truth into politics you have no politics.

- Will Rogers

What is Wrong with Debt?

We have said once or thirty times that there are some fundamental problems with our economy. Now there is concern about consumer debt?

Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come. [Read]

Listen to politicians and they will encourage consumers to continue to shop, no matter how indebted they may be because their spending fuels the economy. Unfortunately, unlike governments who have no plans to pay back their obligations, consumers are going to get slammed--they will pay.

Happy holidays...did you spend too much? (It is not worth it, and not the reason for the season.)

posted at 13:35:37 on 12/23/07 by clearpolitics - Category: Economics - [Permalink]

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Comments

Diane wrote:

this is very true...no one will remember what the received and there is no reason for anyone- child or adult- to have tons of material belongings to sit in a corner to sell at a yard sale in 5 years.
12/26/07 10:03:15

clearpolitics wrote:

Stuff does more to weigh one down than to set one free.
12/29/07 21:34:39

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The Gross National Debt