It is a huge problem. If this bubble bursts, the world economy will collapse, because of the domino effect.
All countries with a huge state deficit will be torn by this tidal wave. And most other countries will be carried away too. To have a global economy will make it even worse.
Don't think, I'm against the global economy. Not at all. But what has advantages has also disadvantages. And this is one of the disadvantages.
Think what will happen the day the US is really bankrupt, like Argentine was a few years ago. Here we talk 20 Trillion. I don't dare to imagine that.
Anyhow I hope you have a great day Iris. Thanks for sharing!

Hi, I got rid of my credit cards some years ago. Irv.

Hopefully I will get rid credit card soon

There is that so fast running "clock" on a building in Washington, that shows the grows of the US debts too?

Good morning Iris. Interesting article. Rising consumer debt coupled with the massive increases in Govt debt across G20 economies MUST be a worry and threat to overall economic health worldwide. Clearly we can expect rising interest rates and a period of minimal growth - both likely to trigger recessionary pressures. Personally I can't figure out why any sane person would "borrow" on credit cards when surely there exists far lower cost avenues to securing loans for viable borrowers.

Out of interest, and I ask an "expert" in this field, do you gravitate towards Ron Paul's opinions on the impending financial crisis?

Kind regards
Richard

That's a lot of debt. Happily none of it is mine.
Larry

One of these days the bubble will break Iris and SOMEBODY will pay!