Debt is 4-letter word that sounds something like bankruptcy, at least if you’re not careful. In these trying economic times, it is more important than ever to make sure you do not accumulate debt to the point of looking towards bankruptcy as your only relief. That is why, starting today, Your Money and Debt is publishing valuable debt-related articles that discuss ways in which you can tackle and reduce your debt, consolidate your bills, and start digging yourself out of financial ruin. You may read the first one of the series by clicking here.

It is a sad commentary on our current state of conspicuous consumerism that the average American household carries at least $8,000 in debt. Meanwhile, 43% of American families spend more than they earn. In the past decade, personal bankruptcies have doubled (as reported by MSN Money).

This was certainly not how people spent their money in our grandparents time, so what gives? While there are a number of factors at play here, such as easy access to credit, a higher number of enticing ads and commercials, plus the advent of internet shopping, wherein credit cards are the payment method of choice, the biggest factor has to be the entitlement mentality of today’s consumers. Why put off until tomorrow what you can charge up today? If Joe Blow has a big Hummer in his garage and Jane Doe has a new Nordic Track treadmill, then something must be wrong with you if you’re not also in possession of these items. After all, aren’t we all supposed to be rewarding ourselves and living the American (or other country) dream? 

And yet, financial worries can be significantly worse than the fleeting  elation you felt while purchasing your new Kenmore refrigerator or BBQ grill. Add to that the embarrassment of creditors calling you during your dinner hour, and you soon begin to regret your latest spending spree.

So, do yourself a favor, click on Your Money and Debt’s first debt-related article located above, and start reducing your debt today. 

Reference: How Does Your Debt Compare? MSN Money. http://moneycentral.msn.com/content/SavingandDebt/P70581.asp