Source: Aberdeen News
“If you would be wealthy, think of saving as well as of getting.” A mind-set such as this is rather difficult to find. Saving money seems to be either on the back burner or nearly impossible for many Americans today. In the eighteenth century, the enlightened thinker and early American, Benjamin Franklin knew the problems that debt brought on.

More American households are in debt today than at any point in the past 15 years. In fact, debt is rising faster than income. This is especially true in middle-class households. There seem to be two major components to the debt crisis in America: people spending money on things they do not need and cannot afford, and banks and other sources encouraging us to do so.

Franklin also said, “Pride is as loud a beggar as want, and a great deal more saucy.” Today there are many items that could drive a person into debt. Take a look around you. There are many new electronic devices, fashions, toys, cars, etc. The list could stretch out for miles, which would probably not come as a shock to many people. It seems as if we live in a world where “keeping up with the Joneses” is not a simple saying, but a way of life.