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A life of excess and living beyond your means

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Jonathan Kimble

Jonathan Kimble

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A discussion of  those who live beyond their means and the impact of  doing so. Many people in America live beyond their means. Between 1993 and 2008, personal savings rates in the U.S. declined, hitting the lowest levels since the Great Depression in 2006 by falling into negative territory, according to the U.S. Bureau of Economic Analysis. With A recession that came on the heels of a major borrowing binge, which left consumers with the highest amount of consumer debt ever. It took a credit crisis and near-global economic disaster to get Americans to close their wallets and stop spending. Unfortunately, many people did not stop spending soon enough - according to the National Bankruptcy Research center, bankruptcy filings had nearly doubled by the end of 2008. Is there an end anywhere in sight? 

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