The credit crunch widens

If you don’t get your debt under control, someone else will:

The easy money that led Americans to depend on credit cards to pay their bills is starting to dry up. After fostering the explosive growth of consumer debt in recent years, financial companies are reducing the credit limits on cards held by millions of Americans, often without warning.

I find it amazing that the official story is that we’re STILL teetering on the edge of a recession. The reality is that we’ve been in one for several quarters, but the artificially low inflation numbers have prevented the inflation-adjusted GDP numbers from shrinking. But even this egregious statistics-fudging won’t disguise the state of the economy for much longer.