...On the Brink of Financial Ruin
Over the last 20 years, consumption has become the biggest growth engine in the United States. Currently, consumption accounts for roughly 70% of U.S. gross domestic product.
Consumption currently contributes as much to GDP as it ever has. And up until this point, the U.S. consumer has relied on debt to fuel his spending. But this reliance is starting to bite.
You can't even go to a baseball game these days without being offered a credit card application. Credit card companies are dishing out cards as fast as they can because consumers are using them for even the smallest of purchases.
No longer are credit cards reserved to pay for a new transmission in your car or costly emergency visits to the vet. People are busting out the plastic for Big Macs, DVDs, even six-packs at the local gas station.