I Can Breathe Now.

Good credit card debt article over there at Get rich slowly. It describes one man’s quest to get out of a 20 year debt hole. Motivating!

$800 Billion. $8500 is the average total credit card balance. That’s how much America owes big credit. That load of groceries you bought at Kroger on 08/03/03. That Mochaccino you bought at Starbucks a couple years ago. All of the gas you have purchased in the last few years. Those items are on those credit card balances we have - compounding and compounding every month, day, minute. I bet that Mochaccino will end up costing you $15.83 before that balance is paid off.

These balances will never shrink because Money is Debt. As long as people want stuff they cannot afford, this country will be in debt.