Wednesday, July 30, 2008

Debt Slavery: Why Are Americans So Willing To Dig Themselves Deep Into Debt?

The New York Times has an article that tells the story of Diane McLeod and her insurmountable debt.

Even though she’s going through foreclosure on her home, she's still getting credit card offers from "Urban Bank!”

With the aftermath of the sub-prime crash still wreaking havoc, Americans are finding themselves in very uncomfortable debt positions. The blog post on the Consumerist asks, ‘What happened to our values?’ I don’t think it’s a question of values, I think it’s a question of education. Students graduate high school without the slightest idea of what awaits them in terms of credit and debt. Most of them don’t even know what an income statement or balance sheet is. Why do we have such a financially illiterate populace here in the U.S. and what can be done about it?

1 comment:

  1. A great movie that would complement this story is called Maxed Out. It covers the enormous debt in America, from both a personal and national view.



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