Reply #185: Right

[techconomy]

And that is exactly how I meant it. We have an entire generation that will die in debt. Credit card debt has mushroomed for the last two decades through 3 Presidents. This year it will/is breaking 14,000 per person. Making the minimum payments that's over 30 years just to get it paid back if IRs never change.

Savings is at an all time low at less than 2% of income, but in real terms savings is and has been negative for years. If we are constantly increasing our debt and can't manage to save, I don't see how you can believe these debts ever get paid. People don't like debt, if they had a way of paying it they would.

As each year passes the debt gets bigger, and if the increase in rates occur the crushing burden on consumers will tip the scale.

And, it will effect even non-debtors. It's a myth that only debtors are effected. Every bankruptcy works it's way back to the those that pay their bills on time via higher prices, fees, or lost services.