We have all heard that famous American Express slogan, "Don't leave home without it." The problem is, if some people don't leave home without it, they are going to be without a home. The 80s and 90s are when the "Jet set" became the "Debt set." The new slogan seemingly has become "Buy now, pay maybe."

Now a days people can be divided into three classes:

• The Haves,
• The Have-Nots, and
• The Have-Not-Paid-for-What-They Haves

In 1994 Americans whipped out their plastic to the tune of $701 billion.[i] Consumers now owe nearly $1 trillion in installment loans twice the level of ten years ago.[ii] The average household now carries 9 credit cards and $3900 in credit card debt alone.[iii]

Typical is Meredith Richman, a 28 year old developer of computer programs in New York City. Richman "max…