*Contributed by Eric Brown.
Financial management is a skill that many in the USA appear to have missed. The amount of credit card debt alone suggests that many regard their credit cards as a license to spend, often with little regard to whether they can afford the purchases. Consumers are paying a heavy price for the privilege of having a credit line and credit card companies are only too willing to profit from that. The high rate of interest they charge spells trouble for ordinary people who have not learnt the principles of good financial management and budgeting. Worse still, few seem to have the resources set aside to address a financial emergency. These things do happen and if people need to resort to even more card spending to address the problem, then their troubles are likely to worsen. Do you see yourself in this position?