I don't think even FreeCreditScore.com could save the breadwinner of that family from waiting tables or becoming a troubadour wearing green tights.
I just ran a few additional numbers. If that family reduced its spending by only 4% (to that $72,000) per year, their credit card debt, assuming 4% interest (a realistic long-term rate for Treasuries) would continue to increase to $369,800 in just four years.
If that family were serious enough to reduce spending to pay off their credit-card debt in 20 years, they would have to cut spending by 40%, to $35,100 per year.
No wonder the Chinese are selling off Treasuries and Standard & Poor's is rethinking the U. S. Government credit rating. Obviously, the Congress and the President are not serious about reducing the debt.
Virtual buckeye to Teri Cain Owens on Facebook.