Includes bibliographical references and index.

Is consumer debt bad for the economy? Overview : the benefits and pitfalls of consumer credit usage / Kristie M. Engemann and Michael T. Owyang ; Economic necessity drives the surge in consumer debt / Christian E. Weller ; Increased debt levels threaten middle-class lifestyles / John Gallagher ; Excessive debt prevents people from saving for retirement / Lynn O'Shaughnessy ; Low-income consumers are unable to pay off high-interest debt / Tamara Draut ; Responsible consumer credit increases one's quality of life and fuels the economy / Matthew Ruben ; Consumer credit is a convenient financial resource for responsible borrowers / Virginia Postrel ; The majority of borrowers live within their financial means / John Zogby -- Are credit cards good for consumers? Overview : the history and function of the credit card / Federal Deposit Insurance Corporation ; Most consumers owe little or nothing to credit card companies / Liz Pulliam Weston ; Credit cards allow for convenient, secure financial transactions / Richard Gilliland ; Credit card technology spurs domestic and international economic growth / Scott Schmith ; The credit card industry burdens borrowers with unfair interest rates and hidden fees / Jos Ǧarca̕, James Lardner, and Cindy Zeldin ; Credit card debt disproportionately affects low- and middle-income Americans / Christian E. Weller ; Stricter lending standards force credit card users to modify spending habits / Daniel Gross ; The dramatic increase in national credit card debt could devastate the economy / Peter D. Schiff -- Do lenders and debt collection agencies treat borrowers fairly? Overview : paying off consumer debt / Federal Trade Commission ; The best way to avoid debt collectors is not to go into debt / Llewellyn H. Rockwell Jr. ; Evangelical financial advisers inspire debtors to regain control of their finances ; Legislation and awareness help expose deceptive tactics of private student loan issuers / Haley Chitty ; Debt collection agencies should not be allowed to harass debtors / Charles Phelan ; The government should create a commission to monitor the financial services industry / Elizabeth Warren ; Payday lenders should not be allowed to charge exorbitant interest rates / Jonathan P. Baird -- Is declaring bankruptcy a good way to handle too much debt? Overview : the dramatic rise in personal bankruptcies / Thomas A. Garrett ; The economic policies of the Federal Reserve have encouraged consumers to take on too much debt / William Norman Grigg ; Unexpected, exorbitant medical bills can force consumers into bankruptcy / Dan Frosch ; Lenient bankruptcy standards encourage risk-taking and innovation / Aparna Mathur ; One should explore all options before declaring bankruptcy / Ilana Polyak.