America is a country that is drowning in debt. In 2007 the consumer debts topped well over 2 TRILLION dollars – and that didn’t even include mortgages are education debts. People are spending more than they are earning and even eating away at any savings that might have been accumulated.
The average household has around $18,000 in consumer debt. Much of this can be attributed to the “now” complex seen in the society at large. People are not use to waiting to get things – the food is faster, the cars are faster and the general pace is faster. There is little patience for waiting to save up to purchase items when you can just charge it. Because of this the debt of the country continues to grow out of control.
Debt is not a good way to live. You become enslaved to the objects and they begin to own you. If you owe on your car then you can’t sell it unless you can get as much out of it as you owe. You are stuck with that car no matter how your circumstances may change. The same goes with a house or any other item that you acquire with debt.
The best thing to do is to save for what you want and get away from debt as fast as you can (of just stay away from debt from the beginning).