American debt is big business to the credit industry. Today, the American credit industry has actually outpaced the American manufacturing industry in total revenue. Today’s average American household holds 7 credit cards with an average total balance of $9,300. Credit card companies encourage more consumer slavery by flooding the mailboxes of American families with 4 billion offers of easy credit every year. Banks alone have made available $3 trillion of credit on their cards. In 2004, the credit card industry took in $43 billion from late fees, over-limit fees, and balance transfer fees.
U.S. consumer debt totals $2.3 trillion as of 2007. This year, more Americans will declare bankruptcy than will divorce, graduate from college, or get cancer. 43% of American households spend more every month than they earn.
When the U.S. dollar collapses, interest rates will be driven to sky high levels in order to attract demand for worthless U.S. paper. Americans, who have become accustomed to easy money and no down payments, will be shocked back into economic reality and will be forced into a sacrificial lifestyle of consuming less and saving more.
Sign Up to Receive Free Messages from Jerry Robinson.