American consumers continue to take on more debt despite major problems in the credit and mortgage markets. The Federal Reserve released a report showing credit card balances increasing at the fastest pace in years with the biggest gain in outstanding debt since August - a 7.5% annual rate! Perhaps consumers should take a hint from corporations who have taken a conservative approach and kept as much cash as possible on their books. It's time for consumers to get the help they need and start reducing their debt and increasing their savings.

From MarketWatch:
U.S. consumers took on more debt in November, increasing their credit-card balances at the fourth fastest pace during the six-year expansion, the Federal Reserve reported Tuesday. Total seasonally adjusted consumer debt increased by $15.5 billion, or a 7.5% annual rate, in November to $2.51 trillion after a revised 1% rise in October, the Fed reported. It was the biggest gain in outstanding debt since August.