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"..the average American now spends $1.26 for every dollar he earns."

That seems a little low to me. But anyways, I don't fault anyone but those who spend more then there means allow. We all do not need 50" HDTVs and luxury cars. Go read a book and ride a bike. I've stopped using credit completely and when my student loans are paid off, I will be debt free. IMO debt/credit are like cigarettes, very hard to break the habit once you start but it can be stopped.