Richest nation in the world lives on borrowed money

Even if consumers haven’t heard the message about out-of-control debt levels, they’re likely to feel it soon: By the end of the year, all major credit card issuers, under pressure from federal regulators, are expected to double their minimum monthly payments. It’s not a punitive measure: The move is designed to help consumers get out of debt more quickly.

The higher minimum payments may stretch some budgets. But maybe the prospect of having to pay more each month than they can afford will force others to rein in their spending before their balances get out of hand.

CardWeb, an online credit card research firm, says average household debt was $9,312 in 2004, triple what it was in 1990. We may be the richest nation, but we also must be the most debt-ridden.

Cleveland Plain Dealer