infinite credit

the united states of america functions like a video game. infinite credit is a good thing; the more credit you have the longer you can play, and when you get tired of playing you can just walk away. credit; ie. debt is dumb. why is someone in debt more trustworthy than someone who is debt-free? shouldn't someone who pays everything and owes nothing be more reliable than someone who is already financially behind? in the wonderful us of a; a country full of video gamers, there is a debt problem. we watched the government bail out the banks before they failed to save the housing market from destruction because for decades people have been requesting and receiving huge loans for homes they'd never be able to afford. of course, the banks jumped at the opportunity to loan people more money than they could ever pay back because it meant the banks would make great profits on the accrued interest and if/when the home-owners eventually foreclosed, the bank would win again. unfortunately, the banks never expected people to be selfish+irresponsible enough to simply walk away from their bad investments and didn't have the foresight to see what would happen when those millions of ridiculously hefty loans didn't get paid. as a result, the government bailed out freddie, fannie and the nation's largest banks by barrowing trillions from foreign countries and increasing the national debt to an unfathomable number so high that it will only ever be paid with blood; not money. for years i've been saying that the housing market collapse would be a minor scratch compared to the credit card debt the nation faces. look at this report listing the top ten most debt ridden cities in the country where cities with an average of about 180,000 households each owe approximately $1billion+ in credit card debt. how will that debt be paid? likely not by the people who owe it. even more staggering figures from creditcards.com suggests that as of march 2010, the us's total revolving debt which comes almost entirely from credit cards is $852.6billion off of nearly 610million credit cards nationwide. furthermore they claim that given those approximate numbers the average credit card debt per credit card debter is $15,688. there is a debt problem in this country. the united states is not in an economic recovery. there will be another, deeper bottom when the nintendo stops working altogether and sadly, it seems it's far too late to pull out the game and blow. take a deep breath. the kids are gonna flip out!