We keep being told by the “experts” that the way out of the recession is consumer spending. Consumer spending is what got us in this mess in the first place.
For several years, personal credit card debt has increased, and now the average credit card debt per household is reaching the $ 9,000 vicinity. The mortgage fiasco wouldn’t have exploded if consumers had examined their personal finances and purchased a home within their needs and means.
So go ahead, consumers, and spend yourselves out of the recession. But before you use your past-due credit card for that iPod, Blackberry, big-screen TV or $200 concert tickets that you just can’t live without, bring that credit card balance down to a manageable amount.