[templar]

The whole system is out of control. I don't see a solution that doesn't entail a lot of pain, grief, and suffering. That 10 buck an hour guy has kept some 20 or 30 dollar an hour guy employed by spending on his credit card. Cut him off from credit and the people his credit has been employing will be out of work. Keep him making payments he can't afford and the result is the same since he can't buy anything new with new credit. From my point of view (and I'm not anything close to an economist so it's not really valid) it looks like disaster somewhere down the road.

[peter the great]

Your comment about getting out of debt without pain and suffering. I am in the process of paying off my credit cards and what I do is that when I spend money I only spend paper money and pocket the change. At the end of the month I wrap the change and run down to the bank and deposit it in my checking account; then I write a check to the credit card company that I am trying to get out of my life. It is working well.

[L`enn]

You nailed it. I beleive that is one reason consumer spending is down, is that so many have tapped out their credit and its slowing down the economy.