Reading an article in The Guardian:
On an individual and a government level America is spending way beyond its means. The average American household now owes $8,000 in debt on credit cards alone. Meanwhile the government equivalent of credit card spending has seen the deficit hit a record $423bn. With the war in Iraq showing no sign of ending and the imminent retirement of millions of baby boomers, there is little ability – or some might say, will – to pay that money back.
Eight thousand on average! Ouch.
I haven’t checked recently but I’m quite sure that putting car loans and retirement savings and such opposite of eachother, M and I are in the clear. We certainly are if we only look at credit cards. Are you, or are you one of these average American households?