Save yourself from the ‘debt trap’
Still wondering why CPAs are trying to get Americans to spend less and save more? You probably didn't read The New York Times this weekend.
The Times published an interactive series on its Web site titled "The Debt Trap," and it's almost enough to scare you off credit for life. The series was anchored by an article that told the tale of American debt through the eyes of one woman who, through a series of events that were equal parts bad luck and bad habit, ended up more than $280,000 in debt. It's a hypnotic, heartbreaking piece of journalism, one that will make you angry at consumers and lenders alike.
The series also includes videos that tell the debt stories of young, middle-age and older Americans alike, as well as an interactive feature that allows you to compare your debt to average Americans in your age and income brackets. (I have a few problems with the comparisons. For starters, they seem to unfairly punish homeowners for the mortgages they carry. But hey, debt is debt, right?)
Don't miss the series. And when you're done, check out these other financial literacy resources as well: