Public budgeting Article Example | Topics and Well Written Essays - 500 words - 1

Public budgeting - Article Example The article starts by laying down the statistics from the Federal Reserve displaying the high number of Americans, and the all-time $975 billion dollars in the year 2008. The projections as of the time was that debt would keep on increasing since people kept reaching for the credit cards debts in order to make ends meet. According to the statistics from the Sachs & Williamson (2009), many consumers have more than five credit cards, with an average total of about five each per family. The psychological look at the consumers by the researchers termed the consumers as having a low debt recovery modality owing to the many debts they find themselves wading. As such, they stray from what they term as normative debt management principles (Amar, et al., 2011). Consumers go forward and start paying individual debts while not looking at the value of each and every debt and prioritizing them. The total redemption from indebtedness is difficult, something that sometimes prompt consumer’s adoption of sub-goals that are normally aimed at settling the individual debts. They sometimes settle the small debts and remain with the huger ones. The oblivion borne by the consumers to the larger debts and misplaced focus by them is what takes a huge toll in the paper as the author analyses the things to do when one is indebted (Heckler, 2013). To the authors, paying of the small debts and remaining with the bigger ones might help relieve the burden but the amount to pay keeps sk y-rocketing as one dilly-dallies. The article is well arranged as the authors move from the obvious to the completely hard stuff concerning debt management. The authors lay down the statistics, the trend in debt management, then finally give their opinion of what should really be happening in the real world concerning the issue of contention. Authors term paying off of debts with larger