Thursday, July 24, 2008
The Debt Trap
The New York Times recently ran a series of articles entitled "The Debt Trap: A series about the surge in consumer debt and the lenders who made it possible." Along with articles are interactive displays that explain how as a nation we got into the amount of debt we now carry, an average of $118,000 per household. The focus of the series is not on how to get out of debt (the Church offers better help with this); rather, it explains the motives and methods of the financial institutions that encourage people to take on debt. Beware!