It is true that we average, working Americans are responsible for our debt problems.  However, it is also true that our current leadership and business have fed the problem by suggesting that debt is not a bad thing.  We are witnessing one of the fundamental problems with capitalism: It needs to grow at all costs including the sales of crap that we do not need.  The foundation of our system is the impulse, ego inspired buying of stuff (including big houses and big cars that only complicate our lives).  Hardly a solid foundation.  This is further compounded by sales people who are motivated to sell us anything, at any cost, whether we can afford it or not.  The current mortgage mess is a prime example. Capitalism is its own worst enemy.  If we the people decide to change our way of doing commerce it is Capitalism's own damn fault.

The whole "credit" industry is a scam. A person with a credit file of over 10 years, yet has no credit card accounts showing is penalized, not rewarded. A person who lives within his means has no chance when he does want to utilize the credit score system for a  big ticket item such as a mortgage or auto loan. "No credit" is as  bad as bad credit on your files. Why should that be a fact?? Why should someone be penalized for NOT spending money they don't have?? And what do the "experts" suggest?? Obtain and use credit cards!! Shouldn't some responsibility fall on this industry as well??

Hunters in Africa put fruit in a jar. The jar opening is large enough for a monkey to get its open hand into. However, once the fruit is grasped the monkey is trapped.

Question-what has the monkey trapped? His hand? The fruit? The Hunter? or the Jar?

The answer is none of these.  What has the monkey trapped is uncontrolled desire.

That ability to control ones desires is supposedly one of the characteristics distinguishing man from animal. Amazing how lifestyle has now acquired minority status-the ability to be in debt is considerable honorable while ones' credit score is a measure of a persons' "worth"

I agree!! We live without credit! Yes,  it is hard in our society.. we own our house and three cars. We use to be up tp our eyeballs in debt...a very BAD feeling! We have two teenagers that don't have what their peers have, but we have peace of mind that we do not owe anyyone.  The girls have what they NEED.The whole attitude of the country is that everyone should have everything they WANT, and everyone can BUY anything at any time. The kids needed to buy basketball shoes over 100.00 a pair each..we had to wait until payday, the coach acted as though that was insane...buy them now on credit. I honestly don't know what this world is coming to, it's scary!

I have no debt.  Drive and older truck and do not charge anything.  I keep one card for emergencies.  The problem I'm finding is the cost of basics is getting out of hand.  The cost of gas, electric, milk, orange juice and fresh fruits, cigarettes, coffee and so on is getting expensive.  

How true!  We paid off all credit card debt in 2007 and are working on paying off our mortgage - the only debt we currently have.  The slave lifestyle is created as soon as credit is handed out.  No plug here, but Dave Ramsey's Financial Freedom plan is so simple, it's embarassing.  But it works.  And works well.  Our country is NOT free right now - the majority of us have been slaves to the lender for far too long.  The cycle will break one way or another - voluntarily (very unlikely!) or through a serious economic downturn not seen in almost 100 years!

Easy for you to say. You have a decent job that allows you worry-free thoughts about health care, retirement; you can afford a savings fund for your kids college. Take a survey of random Joe Amercan on the street and see what they have. Short answer is nothing.

As for 'get it now': Advertising works.  Even George Bush has borrowed from our children's children to pay for his Oil War 'now'.  CEO's get Golden Parachutes for bringing a company to its knees! Need a clue? America will be the first 'First World' country to fall fromits status and beg for Debt forgiveness from the world bank. No-one will trade here anymore.

I am helping to drive it there, and so is everyone else.  I'm applying for another '0%' (23% after that) interest bounce right now, and I get an additional 1000$ cash advance to boot! I love those checks and you cannot re-possess cash...  Middle (class) America is not stupid, just playing your 'stupid' game and there is nohing you can do about it. The 'poor' are nearly in the perfect position so start demanding change since banks rely on us 'suckers' to make bad decisions.

Financial institutions just didn't forsee how bad we could make it. I am guessing they didn't study Human Behavior or evoloution in school. Greedy people who rely on a  percentage point or two each week are the ones who will lose big this year. We already know what losing feels like and it won't affect us because we already know how to get by.  

Lessons from us will be very expensive... Look at stocks today to get a clue on what the next ten years will bring.

I think this is outrageous that anyone would point a finger at consumers regarding credit card use when the MORONS aka MASTERS OF THE UNIVERSE who got us into the REAL MESS are living large on what? BORROWED MONEY! And when they can't pay their debt? THEY BORROW MORE! It is not AMERICA that has an "attitude" toward "high interest" debt. It is the LOAN SHARKS who literally SEND YOU CHECKS IN THE MAIL!!! Add onto that the fact that so many people are NOT BUYING LUXURY ITEMS with their credit cards--but staying afloat because the MASTERS OF THE UNIVERSE have so screwed things up that the coost of everything essential is sky high! Need I go on?

This entire nation is owned by advertising.  It's not the credit cards that are a problem; it's not the people buying with the credit cards that are the problem.  It's the never-ending flood of advertising that saturates every aspect of our lives to the point where people make decisions assuming they're thinking freely but ultimately they're being coerced by their subconscious.

Even the most frugal will succumb eventually to a whimsical purchase driven by their altered subconscious.  

As advertising permeates more aspects of our every day lives, we will slowly all become more and more slaves of inevitable debt.

We started reducing our debt 2 years ago.  I read a couple of Dave Ramsey's book, and I listen to him on the radio.  I think he can be quite abrasive sometimes, but I think he's very smart about what he says.  Credit Cards are a MAJOR NO-NO.  Even if you pay them off, I wouldn't ever recommend having them.  I have 2 more to pay off, then  I will NEVER, EVER have a credit card again.  

It's time to get an emergency fund started, then you won't be tempted to use credit for things that pop up.  And "popping up" is not dinner and a movie, its when the car breaks down, or the washer goes out.

We can do this.....every one of us.  Let's make 2008 a year to be concious and not spoiled brats who can't wait to save the money for something that we want.