“Buy now, don’t worry about paying later” - the new American consumer credo. Credit cards and advertisements tempt us to live beyond our means, a set-up for spontaneous – often reckless – spending. Colleges make millions selling exclusive rights to credit card companies for on-campus marketing campaigns, some no longer requiring a parental co-signer. When pre-approved credit is offered to people who cannot afford it, financial disaster looms and bankruptcy is commonplace. Working families and senior citizens rely on credit cards when lost incomes, rising medical costs and living expenses leave them stretched for money.

• Nearly 75% of college undergrads have at least one credit card; 10% graduate with balances over $7,000
  
  
• We receive an average of 15 to 20 unsolicited credit card offers (and “live checks”) per month
  
  
• The average household is $12,000 in debt with a yearly interest payment of $2,000



• Our national debt increases by $1.70 billion/day, currently at $6,729,444,230,692 or $23,000 per citizen



• More Americans than ever before filed for personal bankruptcy from January to March

Predatory mortgage lenders are positioned to take advantage of historic interest rate lows – and of borrowers. By claiming that low-income, blue-collar and minority consumers represent credit risks, these lenders arrange for subprime loans at exorbitant rates – with hidden costs. Some banks, unwilling to invest in certain communities, redline loan applications for borrowers who qualify for low-interest mortgages. And seniors, once secure in their homes, are now borrowing against their mortgages just to stay afloat.

Have Americans become cavalier about our debt? Does living beyond our means make life more satisfying, or does it lead to financial ruin? How can young and old alike take charge of their finances and resist advertisers and outwit predatory lenders? Are policies in place to hold lenders accountable?