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Americans are drowning in credit card debt
Most Americans would like to think that this great nation is a great example of a diverse nation. But there is one thread that unites all Americans across great divides: we just love to spend money. Americans have increasingly been spending more than what they earn. And the trend is worrisome to say the least. According to a poll conducted by ACNielsen, Americans, along with the Portuguese, are the world’s worst savers!
And there are more statistics to increase the worry lines on your forehead. According to the Federal Reserve, U.S. consumer debt stood at $2.16 trillion as of October 2005. Enidnews.com reports:
"We see clients with $60,000 in credit card debt, " said Jennifer Delcamp, CCCS vice president and a former counselor. "That’s not uncommon. We don’t say credit cards are bad, we try to teach people to use them responsibly. "
Read more: Credit cards, medical bills are a key source of financial woes
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