Monday, December 28, 2009

The truth about debt

It seems like just about everyone is living in debt these days. Our wants and needs as consumers have increased while our resistance to waiting to save for a purchase has completely disappeared. So, we all spend as we please and then are not able to pay off our expenditures on time. Each year our christmas expenditures have been rising along with more impulse buys which is a dangerous trend. Recent reports have highlighted the fact that the number of people with debt problems in increasing rapidly and will continue to do so. While most consumers are taking high interest loans to pay off their debts, what usually happens, is they they end up even deeper in debt unless they make radical changes to their lifestyle and their spending habits. How much does the average consumer really know about debt? Most have very little knowledge on the facts on debt. So while we continue to live the way we do, we will continue to face these problems.

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