America On A Diet

Debt DietThe average American household’s debt is between $10,000 to $20,000. Please note that this does not account for their home mortgage. A continuing theme throughout the website is that we as Americans relied too much on debt and lived far beyond our means which was a major contributing factor to our country’s significant decline in standard of living. While it is easy to point a figure and blame big business for the recent demise of our country some of the burden remains with us as citizens of the United States. We were not acting responsibly and did not even take a minute to think if we should purchase that $350K house, that new BMW, or that Jacuzzi spa that would fit great in our backyard. Therefore, while fat greedy business rightfully bear the majority of the blame for our country’s current state as responsible citizens we need to step up to the plate and try to rectify our mistakes as irresponsible consumers. Below we have placed a video from Clark Howard stating that we the consumer have reduced our personal debt over the past five months. Therefore, as a country we have spoken through actions that we will make a strong attempt to rectify our mistake of reckless spending. So now the questions beckons will the big corporations of America do the same?

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Clark Howard: A lot of us are exhausted by the finances in our household and I’ve got great news on that front. For five months in a row the Feds report you and I have reduced the amount of debt we are carrying. We are steadily on a debt diet. And it is virtually all kinds of debts the amount of money we are taking out on credit cards going down. The amount of money we are taking out for things like car loans is going down and I hope this trend continues. Because we as Americans are in so over our heads with debt that we need to get healthy. I know economists want us to run out and spend money here, there, and everywhere shop till we dropped and all that to boost the temporary or hopefully the permanent recovery in our economy. But for long-term permanent improvement in our country and for yourself we need to reduce debt. I’m Clark Howard for more on my ideas about your wallet go to Howard.

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