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Online Debt Collection:::::Consumer Debt
Consumer Debt, Bad For America
Consumer Debt, Bad For America
Consumer debt is debt that is accrued by purchasing consumer
products as opposed to investment debt that is used to make
investments. The vast majority of consumer debt in American is
in the form of credit card debt. Consumer debt is fast
approaching the one trillion dollar (1,000,000,000,000.00) mark.
Credit card debt makes up about 880 billion dollars of this
amount. As the rate of consumer debt has increased the rate of
individual savings has declined dramatically.
Many people feel there is nothing wrong with high levels of
consumer debt and some leading economists, business and
political leaders actually have encouraged consumer debt.
However the people that are encouraging excessive debt
appear to profit the most from it. This conflict of interest means
there is a genuine lack of credibility to these reports. Even the
FICO or credit score is designed to increase the amount of
consumer debt. The more debt you have and the longer you
have been in debt all will raise your credit score. Something is
wrong with this system.
No matter what you have read or how much you have been
brainwashed debt is a bad thing. You will never become
wealthy if you are carrying any form of consumer debt
especially if it is credit card debt. If you want to be wealthy then
you have to live debt free. It is a pure mathematical fact that
cannot be denied even by the credit card companies and their
slick marketing.
Recently the Federal Reserve started to rein in the predatory
lending practices that credit card companies have been using
to entice and then trap people into a debt nightmare. Credit card
companies have replaced the Mafia as the top loan sharks in
America. In recent years credit card companies have charged
their so called customers more than 90 billion dollars in late
fees and penalties. That is more than they earned in interest
payments. Most of these profits are taken through the use of
predatory and immoral lending practices.
If you really want to enjoy the American dream you have to live
debt free. Stay away from all forms of consumer debt or credit.
Live at or slightly below your means. This means you will be
living on a cash basis which in turn means that you will be
saving a lot of money that can be used to increase your net
worth. Just saving and investing the money that you would be
paying in credit card interest, late fees and penalties will make
you wealthy in less time than you can believe. If you want to
rich then do not use any form of consumer debt.
Consumer Debt
products as opposed to investment debt that is used to make
investments. The vast majority of consumer debt in American is
in the form of credit card debt. Consumer debt is fast
approaching the one trillion dollar (1,000,000,000,000.00) mark.
Credit card debt makes up about 880 billion dollars of this
amount. As the rate of consumer debt has increased the rate of
individual savings has declined dramatically.
Many people feel there is nothing wrong with high levels of
consumer debt and some leading economists, business and
political leaders actually have encouraged consumer debt.
However the people that are encouraging excessive debt
appear to profit the most from it. This conflict of interest means
there is a genuine lack of credibility to these reports. Even the
FICO or credit score is designed to increase the amount of
consumer debt. The more debt you have and the longer you
have been in debt all will raise your credit score. Something is
wrong with this system.
No matter what you have read or how much you have been
brainwashed debt is a bad thing. You will never become
wealthy if you are carrying any form of consumer debt
especially if it is credit card debt. If you want to be wealthy then
you have to live debt free. It is a pure mathematical fact that
cannot be denied even by the credit card companies and their
slick marketing.
Recently the Federal Reserve started to rein in the predatory
lending practices that credit card companies have been using
to entice and then trap people into a debt nightmare. Credit card
companies have replaced the Mafia as the top loan sharks in
America. In recent years credit card companies have charged
their so called customers more than 90 billion dollars in late
fees and penalties. That is more than they earned in interest
payments. Most of these profits are taken through the use of
predatory and immoral lending practices.
If you really want to enjoy the American dream you have to live
debt free. Stay away from all forms of consumer debt or credit.
Live at or slightly below your means. This means you will be
living on a cash basis which in turn means that you will be
saving a lot of money that can be used to increase your net
worth. Just saving and investing the money that you would be
paying in credit card interest, late fees and penalties will make
you wealthy in less time than you can believe. If you want to
rich then do not use any form of consumer debt.
Consumer Debt
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