Drowning in a sea of red

[Dion]

The median debt load for families rose 38% from $32,300 in 1999 to $44,500 in 2005 and lines of credit more than doubled -- to 9% of total debt --during the same period.

Experts said skyrocketing consumer debt is fuelled by social acceptance of credit.

"I think people are more comfortable with debt in some ways," said Elena Jara, a spokeswoman for the Toronto-based Credit Canada. "When we actually pay for things in cash, we're more conscious of what we're spending."

Jara said Credit Canada served 55,000 clients in 2006, up from 50,000 in 2005. The average 2006 client had a debt load of $17,000 and four credit cards.

http://calsun.canoe.ca/News/National...05202-sun.html

[Regorium]

Why is there social acceptance of debt?! Is this just some propaganda retailers are running so that more people pay ridiculous interest rates on various goods and services that they cannot afford?

It's kind of weird to know that the economy works on people that live beyond their means.

[worth]

There is no more fiscal responsibility. Maybe kids aren't taught it now, but I can think of plenty of examples with my friends about buying expensive things like cars they don't need when they don't have a dime saved, and are living month to month off their paycheque paying rent. They'll never have the opportunity to save because their spending all their money paying off interest and trying to live.

[llama64]

Having to pay ungodly amounts for post secondary education doesn't help any. Very few people can afford to pay for University after high school, so they put it on some form of debt.

Makes you wonder if a state funded education would cost society more or less then the economic risk of having most citizens carrying around a 30% debt load.