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Consumer Household Debt in the United States Has Become a Huge Problem as $100 Billion a Year is Paid in Interest Alone by American Families.

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In America today, consumer household debt has reached monstrous proportions. There are over 1.2 billion credit cards in use in America. Almost a full quarter of all expenditures made by U.S. families are made using a credit card or debit card.

Americans pay out almost $100 billion in interest payments alone!

And, unlike years past, many American families no longer use their credit cards in order to grab luxuries such as big screen TV's, but to simply get by.

A recent survey asked a series of questions about what types of expensesin the past year had contributed to the households' current level of credit debt.

Seven out of 10 low- and middle-income households reported using their credit cards as a safety net-relying on credit cards to pay for car repairs, basic living expenses, medical expenses or house repairs.

Only 12 percent of households did not report any type of safety net usage, which may indicate a relatively low percentage of credit card debtors who use credit to 'live beyond their means,' purchasing items that are not critical or necessary.

The consumer household debt survey revealed that seven out of 10 households reported using their credit cards as a safety net-relying on credit cards to pay for car repairs, basic living expenses, medical expenses or house repairs.

Let's now dig in and begin discovering the reality behind the current monetary system that Americans have been forced to live with because of the corrupt banking cabal.

 

CONSUMER HOUSEHOLD DEBT: MONEY QUOTES

'The dirty little secret is that both houses of Congress are irrelevant. ... America's domestic policy is now being run by Alan Greenspan and the Federal Reserve, and America's foreign policy is now being run by the International Monetary Fund [IMF]. ...when the president decides to go to war, he no longer needs a declaration of war from Congress.'
- Robert Reich

'We have what is known as the Federal Reserve Bank System. That system is not owned by the Government. Many people think that it is because it says 'Federal Reserve.' It belongs to private banks, private corporations. So we have farmed out to the Federal Reserve Banking System that which is owned exclusively, wholly, one hundred percent to the private banks-we have farmed out to them the privilege of issuing the Government's money!'
- Wright Patman

'History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance.'
- James Madison

'The problem with the world is that everyone thinks they can get something for nothing. That's what usury is all about. But once usury is permitted, everyone must become a usurer to keep up with everyone else. It's a problem with the system, not any one person or group of people. The only way to stop it is make a law against it. It's actually nice to realize that all the evil in the world is caused primarily by the system, not any particular people (although there certainly are evil people). This way, one doesn't have to hate and blame anyone else for all the problems in the world. We just have to try to educate people.'
- Craig Alan Feinstein

CONSUMER HOUSEHOLD DEBT: MONEY IS DEBT IN AMERICA

Americans have an amazing consumer household debt load in part because they don't understands the basics about money and debt.

'The only difference between boom and bust, growth and recession, is money supply.

Each nation has a Central Bank to do this -- in Britain, it is the Bank of England, in the United States, the Federal Reserve.

…In Britain today, notes and coins now account for only 3% of our total money supply, down from 50% in 1948. The remaining 97% is supplied as a debt by the Bank of England, commercial banks, and financial institutions -- on which interest is payable.

This pattern is repeated across the globe.

Banks are businesses out to make profits from the interest on the loans they make. Since they alone decide to whom they will lend, they effectively decide what is produced, where it is produced and who produces it, all on the basis of profitability to the bank, rather than what is beneficial to the community.

With bank created credit now at 97% of money supply, entire economies are run for the profit of financial institutions. This is the real power, rarely recognized or acknowledged, to which all of us including governments the world over are subject.

Our money, instead of being supplied debt-free as a means of exchange, now comes as a debt owed to bankers providing them with vast profits, power and control, as the rest of us struggle with an increasing burden of debt.

By supplying credit to those of whom they approve and denying it to those of whom they disapprove, international bankers can create boom or bust, and support or undermine governments.

.How much could taxes be reduced and spending on public services such as health and education be increased if governments created money themselves instead of borrowing it at interest from private banks?' - Richard Greaves, http://www.prosperityuk.com