Business Week calls it the The New Age of Frugality, something most of us knew was coming, or should have. We’ve all operated too long enraptured by the notion that “it’s all coming up roses” even while the slow creep of debt and over-extension spreads like a viral infection. Unlike the common cold which dissipates as the clock ticks, however, time alone won’t unravel the household debt load that we’ve strapped on.
The accompanying graphs tell the story.