I read online recently that American credit card debt grew by 315% from 1989 to 2006. 315%! I guess I know where I should be investing my money, in credit card companies. They have convinced my fellow Americans to take out 2.2 Trillion dollars in credit and cash advances in the last year alone. You know what that means? They’re making profits like the oil companies!
Am I the only one who find this statistic completely insane? I know that Americans are worried about recession. Housing prices are down, some are defaulting on loans. But I have to ask myself, how the Hell do you run up 2.2 Trillion in debt in one year?! Is it just another facet of the “finance our lives on the backs of our children” mentality or is something even more sinister at work here? What do you think?