"The most unsettling aspect of all these credit card transactions is that many Americans don’t see their income as a spending cap. About 43% of U.S. families spend more than they earn, according to a Federal Reserve study. And on average, Americans spend $1.22 for every dollar they earn, according to Myvesta.org."
Tuesday, July 05, 2005
Spending Cap Not Defined by Income
Consumer debt is a disturbing manifestation of our apparent belief that our desires are more important than the sustainability of our lifestyles. Check out How does your debt compare? and ponder the irrational truth in this quote: