The situation of our nation

Our nation is in dire financial straits. However, the nations situation is completely a reflection of our personal failures in our inability to Just put forward No to ourselves. We must have everything and we must have everything now. We have sire a country of consumers instead of a populace of producers. Lets grimace it, too many families be drowning in debt.

We are spoiled. No one wants to wait and save money for purchases. The American consumer is late in debt and not talking about it. Consumer debt rose two-hundred cardinal five percent from 1976 to 1986. Visa billings doubled last category from two-hundred billion to four-hundred billion. Total household debt has soared to 93% of annual income.

USA immediately has reported that for the last five years, finances have been the look one subject of most New Years Resolutions. It used to be weight. Something is definitely amiss.

These statistics have been building for years but it is no longer just the baby-boomers problem. My generation just embarked down the selfsame(prenominal) ruinous path. Many students come out of school not knowing how to balance a checkbook. College is where you start learning at first hand about finances and reliance because the credit companies are send out cards by the buckets to students.

Citicorp just spent ten-million trade credit cards to high-school kids.



Sixty-one percent of all college students are carrying a card, and thirty-two percent of those got it before college. However a recent survey showed that fewer than thirty percent of the students polled could think what interest rate they were paying on their cards. Its like not knowing anything about guns and toting an Uzi. But the credit card companies pull in about teaching children habits that will carry over into adulthood.

Now credit cards arent the root of all...

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