That's what the headline should read. Instead they entitled it: "A nation of debtors".
Indeed. American consumers suddenly can't buy as much as they used to because - pay attention here - "Consumers are feeling the pinch as lenders tighten credit card limits and home equity lines of credit"
Who in their right mind runs credit card debt? I can understand this happening in some kind of emergency but it seems to be a way of life for a certain large chunk of the population that prefers to live way beyond its means - and via credit card interest ends up in at an ever shrinking level of "means".
If one of the results of this whole mess is that the general population realizes what a crazy, ignorant stupid thing it is to willfully pile up credit card debt for the sake of having the coloured iPod, the bolted down truck bed and the absolute latest Intel processor ... well, then, at least something good will have come of it.
Once we free ourselves of slavery to this kind of debt, we can work on controlling the corporations that rule us through our indebtedness and take steps to force them to improve our society, rather than improve themselves at our expense.