The average American consumer spends 43% more than he or she earns and the national credit card debt is $2 trillion. Is there no end in sight to this madness of credit?
In a nation that has the highest amount of national debt in the history of the world, so to do its people have the highest credit card debt. The United States of America holds a $11.5 trillion national debt and not to mention the other trillions of dollars owed to nations around the globe. Credit card debt has risen to all-time highs. The average household credit card debt is $8,000. That statistic is not surprising considering that Americans spend on average 43% more than they annually earn.
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