Our nation's debt is literally indenturing our children to our international debt holders, but most Americans don't care because they are more concerned about the latest saga involving Snooki on Jersey Shore rather than what really matters, our country’s future.

Thursday, March 11, 2010

Write-offs are driving decline in credit-card debt - MarketWatch

While the government keeps saying things are getting better the truth keeps proving them wrong. Americans are broke and lets face it just plain broken.

We were told to invest our savings in the stock market and you will be rich. The fact of the matter is that the stock market is teetering at the edge of the abyss and I guarantee there will be a double dip come 2011 when the stimulus runs out.

We were told buy a house you can never lose if you own property. That's still true but only if you own it and not the bank. Foreclosures will soon reach 14 million once the shadow inventory is placed on the market.

We were told that Americans are getting their houses in order and paying off debt but that was just a lie. The reason credit card debt was down in 2009 is because the banks had to write off the debt as uncollectable. Check out this article.

Write-offs are driving decline in credit-card debt - MarketWatch

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