Some financial expert said today on the morning news that the average American has five credit cards and $11,000 in credit card debt. And by the way she also mentioned there is a new sub prime credit card with a 79% interest rate. I wonder if it is only available to people who are in bankruptcy, foreclosure or who have walked away from a house they just didn’t want to pay for.
Of course, we all know what averages mean. If I was on the elevator with Bill Gates and Warren Buffet our average net worth would be about $40 billion but I’m not sure I could buy much with my share.
Nevertheless the average debt is scary. The average American has debt equal to 130% of disposable income. I wonder what the Founding Fathers would think of the US Congress enacting laws to help the average person figure the debt they have gotten into, the interest they will pay and generally how stupid they are.
It seems hardly a day passes that government is not stepping in to save Americans from themselves. Is that the way it is supposed to be? Dare I mention that Congress may be the last organization in the world qualified to give debt counseling.
There is an easier solution, bring back the debtors prison. If you can’t pay you can’t play. We have a sub-prime crisis alright; in our collective common sense.
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