Americans are a spoiled, financially-incapable bunch of people. It's morons like the group this article talks about that jump at interest-only loans, no-interest payment plans, and generally buy material goods they cannot pay cash for.
The rest of us pay cash. And we save millions over our lifetime by avoiding needless "interest" payments and sleep tight at night with the knowledge that a "job loss" will not bankrupt us within months.
I feel no pitty for the irresponsible American consumer.
"Americans are in jeopardy of losing it all because they spend themselves into unsurmountable debt."
Having read several biographies of Marie Antoinette and Josephine Bonaparte I learned extensively that the main issue that caused the massive economic collapse was debt and a general 'malaise' that consumed the French. They began becoming more and more manic in their desire for more and more. Then once there was no more credit, the whole country collapsed and with the accompanying revolution caused mass chaos.
Marie Antoinette and Josephine Bonaparte were two women who were unable to dicipline themselves enough to stay within their (already generous) financial limits. Marie Antoinette was particularly damaging since she awarded posts in the royal household and titles to favorites, which resulted in increasing more debt since such positions included lavish pensions and incomes.
I sense increasingly a number of people who are going after the newest thing, the most extravagant handbag, the most up to date electronic gadget, etc. and it's going to ruin many people. I've seen so many poverty level people with designer handbags, expensive Tiffany jewelry, and designer clothes and I wonder how the heck are they going to survive if/when they at one point default payments or cannot make a bill.
Having read about this sort of thing before I will admit that it seems we're headed towards a collapse unless people do somehting about it.