The End of Credit Card Consumerism - US News and World Report

The End of Credit Card Consumerism - US News and World Report: "The End of Credit Card Consumerism
A new frugality could remake the U.S. economy—and American life
By Kimberly Palmer
Posted August 8, 2008

When it comes to longevity, few royals can top America's King Consumer. For more than four decades, our shopaholic nation has shown an insatiable desire to spend until our credit cards melt. And throughout this era, consumer spending has, well, consumed a greater and greater share of our total economy. Only twice since 1965, despite half a dozen recessions, have Americans spent less in a year than the previous one. Indeed, it often seems that we have defined ourselves by our ability to buy supersized everything, from McMansions to tricked-out SUVs to 60-inch flat-screen televisions—all enabled by decades of cheap credit."