quote:
Originally posted by bluesmann:
43% of American families spend more than they earn each year. Average households carry some $8,000 dollars in credit card debt
http://moneycentral.msn.com/content/SavingandDebt/P70581.asp And will we ever get out of this
http://www.uwsa.com/uwsa-usdebt.html
bluesmann, you have touched on the tip of the serious iceberg on the horizon of our economy. Last year the savings rate in the us dropped into the negative range.
Americans spent a very small fraction more than was earned. My dad said, you increase your wealth if you spend 99 cents for every dollar you earn. You reduce it if you spend 1.01 for every dollar you earn. He told me this while the auctioneer put the hammer down on the property of a neighbor who LOOKED rich all the time.