A variety of recognized financial experts suggest the biggest problem facing North Americans today is personal debt. We are a society that believes in and practices instant gratification. North Americans owe more money now than ever before. Installment debt, including auto loans and credit-card balances topped a record $1 trillion in 2006 – a one-third increase in just the past two years. Over the past decade, total household debt has soared from 80 to 93 percent of annual disposable income. More people declare bankruptcy each year than graduate from college.
The situation today is polar opposite to the one our grandparents faced. A generation or two ago, Grandma and Granddad paid cash for just about every thing. They would have a mortgage and monthly bills and that was usually it. If they wanted something else, they saved for it and purchased the item in cash. Credit cards hadnt been invented and the banks were not the hyper-competitive organizations they are today.
Nowadays, if we want something, the likely plan of action is to whip out the credit card or make a mad dash for the line of credit, make the purchase and bring it home. The small details of how...
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