American Biting Off More Credit than They Can Chew?
I recently read an interesting article about the current state of the economy, and the guy that wrote it thinks that a lot of our economical problems boils down to one fact - that Americans take out more credit than they can handle. This type of get the credit now, worry about the bills later or “spend now, worry later” is what is killing a lot of American families.
In this world of instant gratification and what I feel is a lack of financial education, young people are getting themselves into a world of trouble with credit cards before they even reach the age of 30. This just snowballs into bigger issues down the line since we all know how hard credit cards are to pay off, unless you have a very low interest rate card, or
are extremely adept at playing the credit card game.
The signs are all around that our credit and loans are out of control. CCCS, or Consumer Credit Counseling has a huge book of clients, and every day I hear commercials and see tv ads for new debt management services and get rich quick schemes to “relieve your credit card debt”.
