Don't Think Debt Is A Problem?

The Center for American Progress has just released a report that finds:

• Debt has expanded by 30.3 percentage points to 108.4 percent of
  income – the first time since the Federal Reserve started conducting
  this survey that debt exceeded income.
• Despite low interest rates, debt payments surged to new highs. In
  2004, the typical family spent more than 18 percent of its income on
  debt payments – the largest share since the Federal Reserve started
  collecting these data.
• The share of heavily indebted households continues to rise. The share
  of households with debt payments greater than 40 percent of income
  rose from 12.8 percent in 2001 to 13.7 percent in 2004.

As a society, we are getting caught in a death spiral of debt. Save yourself before it all comes crashing down. Get out of debt!