"THE AMERICAN DREAM AT THE PRICE OF HUGE PERSONAL DEBTS"

People from all the nations of the world today continue to immigrate by sea, land and air for the last few centuries into the most prosperous nation in the entire 6,000 years of the documented human history, in order to tap into the "American Dream or American Prosperity" that is abundantly available in the true land of prosperity. But this big dream or prosperity that keeps changing the life or the destiny of the millions of immigrants around the world who moved to America also comes with the huge monetary price to pay for this dream in terms of personal debts. 

America as a nation in her 236th year of existence has successfully created the world's largest economy of $16 trillion as well as the world's largest middle class population in the entire human universe. America has also created those vast economic opportunities for her citizens and residents that have lifted over 70% of her entire workforce into the financial and material prosperity that the world has never seen or known in recent times, instead of the massive poverty, lacks, wants and insufficiencies that plagued the workers that work so hard in the many of the nations of the world today.

This American Dream came to most Americans with heavy personal sacrifices and the ranking up of huge personal debts also. According to some reliable current data of the financial profiles of most Americans. Those data show clearly that Americans in 2011 owe more than $12 trillion in personal debts, $8.5 trillion on mortgage loans, $730 billion on credit cards, $710 billion on automobile loans, $670 billion on home equity line of credits, $530 billion on student loans and $340 billion on other things.

Is the American Dream and prosperity based on debt, debt and more debt? The banks in America have already forgiven by writing-off $695 billion for these debtors and these consumers have also paid down only $375 billion out of their $12 trillion consumer debts they own. As the prices of everything, such as gas, food, health care, college tuitions, utility services begin to rise in America year in and year out unabated plus the stagnation in wages paid to American workers and coupled with the current high unemployment rate that is about 7.7%. Many Americans will continue to default on their debts, file for bankruptcy and the American banks and creditors will be left without any other alternatives in their hands to work with, but to continue to write-off their huge personal debts owned by most Americans as bad debts.