Has the American mindset changed over the years regarding debt and debt management?
Yes, and pretty dramatically. There is more of a public and private willingness to incur debt. Publicly, as one example, the current government has demonstrated a bad tone of fiscal responsibility – one of the worst in this nation’s history. For individuals, a lack of savings and a reduced stigma surrounding debt accumulation are more prevalent now than ever before. There is also a real decline in the average wage earnings – approximately four percent – but not a decline in the expected standards of living. This affects everyone. Many people don’t consider credit card debt to really be a problem. Why should debt concern them? Because the borrower becomes the slave of the lender. Especially with credit card debt, it’s compounded interest working against you, and that’s a terrible burden. The debt accumulation simply on credit cards for the average American household is $8,000-$9,000 – and 60 percent of cardholders revolve that balance. That debt doesn’t include other living expenses. Th
