Dont let what happened to me, happen to you. Getting my finances in order required reading my credit card statements and repayment agreement closely. I discovered in the event of default, my credit card company had the right to increase the interest rate (which they had done). I thought default meant I must have submitted payment late or missed it completely (which I knew I didnt do). Upon closer inspection, I learned that one of the conditions of default was to exceed the monthly limit. I had a $5,000 credit limit, spent $6,000 one month, paid it in full the following month, but I was still considered in default on the entire $6,000. Dont let credit card companies trap you.
Along with the lowest savings rate in the industrial world, the United States had the highest consumption rate. We save the least and spend the most. Debt is the vehicle by which greater consumption is made possible. As the ratio of debt goes up, society adapts and says its OK. For example, as homes go up in value, many people refinance their homes to afford vacations, pay off credit cards, etc. This leads to big problems if you first dont learn how to curb your spending. I know many wealthy people...
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