Living from paycheck to paycheck… getting a loan to pay off another loan… filing of bankruptcy — these are situations faced by thousands if not millions of Americans who have somehow buried themselves in debt. No wonder, many people are increasingly being diagnosed with depression. The sordid financial trouble people face leads them to more negative thoughts of hopelessness, insecurity, and desperation.
Four years ago, the U.S. Federal Reserve reported that consumer debt had already hit $1.98 trillion. The figure was the aggregate amount of debt from credit card and car loans alone. The total debt for mortgages was not included in the said figure. The American Bankruptcy Institute also came up with a report which indicated that 1.6 million Americans filed for bankruptcy in 2003. Credit card debt figures for 2005 was reported to have reached $753 billion in debt for the United States alone. Based on recent estimates, the average American household has $18,700 in debt.
But why do many people fall into debt?
One major reason for indebtedness is uncontrolled spending. The lack of control over spending habits starts a cycle of spending...
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