I find it ironic that my parents' generation, the one who railed against the "establishment" and scoffed at their parents' frugality and conservatism, are now the ones suffering so terribly under the weight of extreme debt. An article today in USA Today states that older consumers have 50% more debt than younger ones and over 2/3 of older consumers who have filed for bankruptcy say that credit card debt was the major problem. It has been reported that most people file bankruptcy because of medical debt, but I don't think that is entirely true. I think the rampant, largely unregulated marketing of debt products, including credit cards, reverse mortgages (WTF is that good for????), student loans and other completely usesless manipulations of the financial industry have duped the older generation who during their young adulthood didn't spend a lot of time working on their self-control skills (just put the LSD down!). Now the pain of overconsumption is settling in on people who should be in their golden years...how do we help consumers who lack the ability (for whatever reason - e.g., does heavy partying and drug use during your younger years contribute to the inability to control compulsive behavior later in life? A research question for sure!!) to self-regulate and control compulsive behavior?
Image Credit: Lotus Head from Johannesburg, Gauteng, South Africa
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