If the federal government can't
balance its budget how is the average family supposed to do it?
The national debt stands right about $8 trillion and
goes up $1.5 billion a day. The level of consumer debt is out of
control and growing rapidly, too. Credit card debt alone now stands
around $800 billion or about $8,500 per family.
We actually joke about it. In one popular TV commercial,
an upper-middle class guy brags about his membership in a golf club,
his expensive car and his big, beautiful home. "How do I do
it? He asks. "I'm in debt up to my eyeballs."
But it's really no laughing matter. Because, increasingly,
Americans are using credit cards to cover basic living expenses,
and that's a dangerous trend.