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Debt Culture is Dangerous Culture

“The sheer scale of consumer debt has made millions of households extremely vulnerable to shocks in the economy, both from fiscal mismanagement and external factors such as oil price rises, acts of terrorism and wars. A downturn in the economy would create serious economic and social problems for the fifteen million people who struggle with debt repayments. Debt is a time-bomb which could be triggered by any number of shocks to the economy, at any time.” Lord Bryan Griffiths

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As set forth in the article, Lord Griffiths is a sober individual who doesn’t ring alarm bells without reason. Lord Griffiths is talking about UK consumer debt, but the same type of problem confronts the U.S. and Canada.