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Credit card debt rises yet again, personal bankruptcy matches pattern of federal spending

Friday, January 09, 2004 by: Mike Adams (see all articles by this author) | Key concepts: credit card, bankruptcy and credit card debt

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Once again, credit card delinquencies have reached another peak. U.S. families are finding themselves deeper and deeper in personal debt, and yet they are encouraged to keep on spending to "help the economy." It's faulty logic: spiraling debt ultimately helps no one, but don't look to Washington for any wisdom on the subject: federal spending, too, is out of control.

So what's to blame? A culture of spending, mostly, but part of the equation also rests on the messages from the media (which is supported by advertisers, of course, and simply must pound home the "buy more" message in order to keep ad revenues flowing) and the ridiculous urgings from Washington to keep on spending, regardless of your present financial situation.

But there will be consequences. At both the personal and federal level, we are in serious need of debt counseling and restructuring. The entire nation, it seems, needs an education on the downside of out of control spending, and we need to start sending messages that saving money is OK, too.

Spending may be good for the economy in the near term, but a burden of debt crushes economic growth in the long term. Too bad we have few national leaders who can see past the next election.

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About the author: Mike Adams is a consumer health advocate with a strong interest in personal health, the environment and the power of nature to help us all heal He has authored and published thousands of articles, interviews, consumers guides, and books on topics like health and the environment, impacting the lives of millions of readers around the world who are experiencing phenomenal health benefits from reading his articles. Adams is an independent journalist with strong ethics who does not get paid to write articles about any product or company. In 2007, Adams launched EcoLEDs, a maker of super bright LED light bulbs that are 1000% more energy efficient than incandescent lights. He's also the founder and CEO of a well known email mail merge software developer whose software, 'Email Marketing Director,' currently runs the NaturalNews email subscriptions. Adams also serves as the executive director of the Consumer Wellness Center, a non-profit consumer protection group, and practices nature photography, Capoeira, Pilates and organic gardening. Known by his callsign, the 'Health Ranger,' Adams posts his missions statements, health statistics and health photos at www.HealthRanger.org

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