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American Consumers Crushed By Household Debt
Posted by: Matthew Dunaway
April 14, 2008

According to a recent article in Businessweek by Michael Mandel, household debt in the U.S., and around the world, has exploded in the last seven years to almost 14 trillion dollars; yes, that's trillion with a "t". By comparison, had household debt continued its pace of the 90's, the total would "only" be around 11 trillion dollars.

After all the talk about Congress passing laws to restructure mortgages in hopes of averting an all out collapse of the housing market, many policy makers seem to have ignored the proverbial "elephant in the room"...consumers have too much debt.

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