Can you say trillions? A trillion is one thousand billions. A billion is one thousand millions.
The true national debt at the time of this writing is fifty-five trillions; that’s 55,000 billions or 55 million millions. That means America will pay China, the Oil States, and others not so friendly to the US $3.5 trillion in interest alone–not counting what we pay to buy their products and oil!
American’s misuse of credit looms as the single largest threat to our economy and therefore to our security, for it is our economy and the freedoms upon which it is founded that draws the world to us.
While it is the nation’s economy that keeps America secure, it is our industry as individuals that keeps America’s economy strong. Over the past forty years Washington and Wall Street have used Madison Avenue advertising to mislead Americans into unmanageable debt. Take away the incentive to work by overpowering an individual with debt – particularly unsecured credit card debt – and you have the likelihood that such a person will give up and give in.
It’s time for every individual American family to address the Debt Paradigm.
Credit card debt is huge.
Here are a few statistics from early 2011…
Average credit card debt per household with credit card debt: $14,750*
609.8 million credit cards held by U.S. consumers. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
Average number of credit cards held by cardholders: 3.5, as of yearend 2008 (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
American families must rein in the use of credit or embrace the reality that other nations–some not so friendly to us–will soon be in a position to deny us the American Dream and dictate how we live our lives. It’s not enough to blame the Congress and the President–although they certainly deserve it.
Until common sense about financial management returns to the psyche and the front-of-mind of everyday Americans, we will continue to send Debt Paradigm Dupes to DC; stimulus laws that only stimulate bigger unions and bigger government; budget cuts that are cosmetic at best; bridges to nowhere built with money America doesn’t have–all, at our own peril.