Are you living within your means?

I keep hearing government needs to learn to live within its means.  Many politicians are quoted that during these tough economic times citizens have learned to live within their means, government should too.

Are you living within your means? 

According to the credit card industry, at the end of 2008, the average American credit card debt in households that have a credit card was $10,679.  That figure was up .4% from 2007.

In March 2009, credit card debt was nearly $950 billion! 

According to a congressional economic committee report, nearly 14% of Americans disposable income is used to pay that debt. 

In 2004, 58% of households had credit card debt.  Do you think that figure has gone down or up in the last 6 years?

I could go on with insane figures about credit card debt.  But credit card debt isn’t the only debt.  How many families have a car loan?  How many families have a student loan?  How many families have a mortgage?

I’m not truly living within my means.  Are you?

“Living within our means” has become a buzz phrase that politicians use in an attempt to get votes.  That is all it is.  The most notable Minnesota politician who uses the “live within our means” phrase, is willing to push debt into the future like a huge credit card balance onto the backs of our children.  That way, he can claim there were no tax increases when he runs for president.

Don’t let the buzz phrases influence your voting decision.  We need to elect leaders who plan for and invest in the future.  Candidates who realize rough times happen and the best way to prepare is during good times.  It takes an honest, authentic and common-sense individual to do that.  And you won’t find it from somebody declaring we just need to cut expenses and live within our means.  There is a lot more to living within our means than simply cut, cut, cut.

Credit Card Industry Facts

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