Despite the frequency with which sociologists bemoan American irresponsibility with credit cards, it's not voluntary spending that gets most people into the most serious trouble:
half of all bankruptcies are due to medical bills, and the majority of those who go under started out with insurance but fell through the loopholes. Another large percentage result from divorce. Only around 1% of bankruptcies are due to credit card-related debt
The President assures us that "these are different times" from the 1930s -- sure, insofar as we haven't just seen for ourselves what happens when there's no safety net and something bad happens to a lot of people at once.
Why learn from past experience?(via Rebecca's Pocket)
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