The folks are getting hosed. According to the American Debt Advisor outfit, 80 percent of us now owe money to creditors. If you exclude mortgages and car payments, about 50 percent of us are in debt. And that’s why the economy is having so much trouble. Consumers have to be very careful about what they buy, or risk sinking into insolvency.
Some pundits place the blame on unemployment, which is currently just over 9 percent. But that’s not what is driving debt. Taxation is.
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