The Debt Explosion - How to Protect Yourself and Your Family

From 1980, the debt to GNI ratio went exponential and continues on this path 27 years later. Last year (2006) total debt increased another $3.9 Trillion, a 5-times greater than the increase in the GDP.

Now with fifty trillion dollars of federal, state, and household debt, America becomes the greatest debtor nation on earth.

Bearing this in mind, check out this quote from the Austrian Economist, Ludwig Von Mises: 'There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved.'

So what's it going to be? A nation with character will pay off its debts. But a nation without character will see financial crisis. Period.

So when are you getting out of debt?

Bob Marette, President of the Financial Health Fair shares some practical advice to this end.