Originally published January 9 2004
Credit card debt rises yet again, personal bankruptcy matches pattern of federal spending
by Mike Adams, the Health Ranger, NaturalNews Editor
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.
WASHINGTON (Reuters) - The weak U.S. job market helped nudge credit
card delinquencies to a record high in the third quarter of 2003, a
banking trade association said in a report released on Tuesday.
The U.S. economy has shed 2 million jobs since the start of 2001 and
businesses have not yet begun to hire many workers even though
conditions have improved and profits picked up.
"The strong third quarter GDP may signal a shift of the winds and a
more positive outlook for jobs and financial health," he said.
Delinquency rates for direct auto loans and home equity loans also
rose, the ABA said.
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