Bad Paper

According to this article in the New York Times, British consumers are realizing that they are more in debt than even U.S. consumers. And that says a lot.

The average British adult has 2.8 credit or debit cards, more than any other country in Europe. A growing number are borrowing to pay for vacations, furniture, even plastic surgery. As a result, Britons are spending more than they earn, racking up a household debt-to-income ratio of 1.62 compared with 1.42 in the United States and 1.09 in Germany.

It sounds like a heck of a party! And now here comes the hangover.