There was a character in Shakespeare named Polonius, for those of you that remember who said, in modern day terms “no credit needed.” America today runs on credit and unfortunately it has taken on a terrible terrible life of its own.

The first and most obvious piece of this Pandora’s puzzle is consumer debt, the debt that you and I and Bob your next door neighbor have racked up. The average American household now owes over $20,000 and $8000 in credit card debt…and that doesn’t even include mortgage debt. Half of all American families spend more than they earn every year.

That all pretty bad, but its no where near as bad as the worst spender on credit…the United States government. Right now the government owes $9,391,477,965,650 which, when you look at the population of the US 303,654,870 this means that each citizen’s share of the national debt is $30,928 and growing. Of course by the time you read this, that will have increased. Ouch.

We as a nation have been gorging ourselves on credit and our debt waistlines show it. Do yourself a favor, balance your budget; do the country a favor, write your representatives.

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