Unfortunately, it's a freedom many people don't know. Even though most Americans appear to be handling their debt just fine, a significant—and growing—number of people are in serious trouble. Consumer bankruptcy filings have more than doubled since 1990, as shown in Table 3.2.
|Year||Total Nonbusiness Filings|
Many condemn this trend as a symptom of a “live for today” ethic or on baby boomers who never learned the meaning of delayed gratification.
The truth is a little more complicated.
Many consumer bankruptcies ...