Buy Nothing Today

Remember, today is Buy Nothing Day!

UPDATE: David Lazarus explains why some self-restraint is in our best interest.

Roughly half of all American households now carry debt on their credit cards. The average amount owed is more than $9,000, according to Cardweb.com, which analyzes trends in the credit card industry.

The U.S. savings rate reached its lowest level in the third quarter since the Great Depression -- minus 1.1 percent. It was the first time average Americans spent more than they earned over a three-month period since savings stats began being compiled in 1947.

A tough new bankruptcy law took effect last month, making it harder for people to get a fresh start with a Chapter 7 filing that wipes out most outstanding obligations. Many consumers will have to settle instead for a Chapter 13 filing that still requires that debts be repaid.