Debt has become a powerful movement in American culture and for many, is causing concern for the future stability of the U S economy.

Consumer debt has more than doubled in the past 10 years and to the tune of a record $1.98 trillion in October 2003 according. Americans build mountains of debt, savings rates slides. The nation's credit card debt currently stands at $735 billion, or nearly $7,000 per household. And since about 40 percent of card users pay their balances in full each month, the per capita card debt of those who carry balances is closer to $12,000.

We see it all too often; people in their late 40s and 50s realizing that they need to do something to prepare for retirement. For many it is too late. By the time they pay off that last equity line, credit card, new car, etc, they have nothing more to save.

People genuinely try to avoid bankruptcy, yet according to the American Bankruptcy Institute consumer bankruptcies since 1996 have exceeded 1 million a year. The alarming statistics show that for the year 2002 bankruptcies hit a record of 1.54 million and in the first nine months of 2003 reached 1.25 million.

What's causing this ocean of debt in America? Some believe its the result of greed where financial institutions have for several generations made the possession of credit cards easy for those previously denied such credit. Others believe massive advertising campaigns have enticed consumers into a spending frenzy unparalleled in history. Some say it is a phenomenon where an attitude exists believing material possessions will not only bring happiness but is, in fact, owed them.


What can be done to stem this tide of debt?

Individuals and small business owners are flooding to use the services a skilled Debt Arbitrators to eliminate problem debt and then are becoming educated on how to stay debt free. Education is the answer.


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