Unwinding the Credit Boom

[pooja]

For several years now, artificially low interest rates have been propping up the economy. But what's going to happen when that support is removed?
By Robert J. Samuelson
Updated: 7:12 p.m. ET Aug 24, 2006
http://www.msnbc.msn.com/id/14504791/site/newsweek/

Aug. 24, 2006 - We are at the end of the credit boom—certainly the six-year boom and maybe the 60-year boom. Has any society ever created so many ways for people to go into hock? In 2003 Americans had 1.46 billion credit cards, or five per person. Home mortgages total $9 trillion, and some initially don't require borrowers to repay all their annual interest.

Its amazing how much money America owes to lenders (and at interested rates). Debt is enslaving this nation.

[Missy M]

1. I am so thrilled to be out of credit card debt....

I had much debt and managed to pay it off. I now tear up every credit card offer that comes to me. I realize that some people have to use credit cards but it is so good not to owe money and only buy if I can afford to pay for it. It was a hard lesson to learn and sometimes I get tempted but my better senses take over and I tell myself I can do without.

[fed-up]

2. no credit cards here n/t