[kddid]

If you're the average American, with $10,000 in credit card debt, ...

I can understand unexpected expenses, but how in the world could the AVERAGE be 10,000? There has to be a lot irresponsible people out there.

[brownsfan]

"...how in the world could the AVERAGE be 10,000?"

It's our instant gratification society. Kids, when they begin working real jobs just assume they should be equal with mom and dad. Back in the day, we bought used cars and starter homes. Now they build the big new 2500 sq. ft. home and buy two new cars. That is how many get into it. It's a trap. They feel pressure to take on enough debt to get all those things now.
And then there are those that just have a run of bad luck, unexpected illness, etc. $10k in expenses can happen pretty fast.
Given those two groups, I can see the average cc debt being $10k.

[mtbopfuyn]

I can understand unexpected expenses, but how in the world could the AVERAGE be 10,000? There has to be a lot irresponsible people out there.

And imagine how many of those irresponsible people declare bankruptcy and turn their debts over to the rest of us.

[A. Pole]

I can understand unexpected expenses, but how in the world could the AVERAGE be 10,000? There has to be a lot irresponsible people out there.

Some people can be irresponsible, but when the large segment of the population starts to get in trouble it is a systemic problem. The Great Depression was not caused by the epidemic of irresponsibility. Germans or Americans of 1930s were not lazy people.

The usury leads to the slavery

"[...]Before the introduction of coined money the peasant farmer borrowed commodities and repaid the loan in kind, and … was probably able to meet the obligation without great difficulty; but after the introduction of coined money the situation became decidedly more difficult…he must take a loan of money to purchase his necessary supplies at a time when money was cheap and commodities dear. When a year of plenty came and he undertook to repay the loan, commodities were cheap and money was dear", wrote Professor Calhoun.

Unable to get out of debt, eventually bad weather or a poor harvest would bring foreclosure on their land and even bind them into slavery. This enslavement grew to crisis proportions, when Solon came to Athens rescue with his "Seisachtheia" or "shaking off" of burdens. Personal slavery was no longer allowed as security for debts. He canceled such existing debt contracts; and gave back land which had been seized. Farmers who had been sold into slavery abroad by those to whom they owed money were "bought" back and returned to Athens.
[...]"
(A Brief History of Interest)