Ahh, Credit Cards

Via The Butterfly’s mom, I came across this blurb today:

America's personal savings sank below zero in 2005 for the first time since the Depression, meaning Americans spent more than they earned. But, for under-age-35 households, the saving rate has plunged to minus 16 percent, which means the occupants are spending 16 percent more than they are earning.

Source: New York Times

Again, thanks to the yeoman-like work of The Butterfly (lord knows I deserve no credit), we officially became debt-free last month, but in general this is just frightening. The Dow is reaching record highs, while most of America sinks into worse and worse financial shape by the day. But hey...at least college kids are given snazzy free T-shirts on campus as they sign their life away to obscenely high interest rates.