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Whimpy coined this phrase in the popular comic strip / animated film series dating back to the era of the Great Depression.
The popularity of this line of thinking is evident today in our consumer credit nation. It's ok if you use credit responsibly, paying off the balance in full each month. However, a number of Americans fail to do this. I never saw Whimpy pay for a burger so I must assume he racked up some monster debt.
I spent a few minutes searching for indebtedness figures and found this March 2008 Yahoo article. It claims that the average household has between $11k and $12k in credit card debt. It also elaborates on other impacts of debt to include:
Opportunity cost
Job prospects
Worker productivity
Peace of mind
Partner relationships
Future generations
Achieving goals
Spending power
Security
It's a good read.
Friday, October 10, 2008
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