tional values from one generation to the next. The socialization process in America has become more complex with increasing influence in the value formation process emanating from the media and from peers than from family. Another point, however, is that young people are faced with the disheartening realization that their financial futures are anything but secure. This fear creates a tendency to hold on to monetary gains, even when they are obtained through less than ethical means. The financial future looks bleak for both Generation Xers and others who are unprepared for dire predictions by economists of economic conditions during the 21st century, which could be why consumer credit and bankruptcy are so prevalent today. Credit card debt is sky-rocketing to all-time highs, with over half of all U.S. households registering card debt, leaving retailers and bank lenders unsure of what strategies to assume next. Customers are extending themselves deeper than ever before. When more than a million households walked away from debt last year in bankruptcy filings, it cost the credit card industry $8 billion (Silverman 1997). Credit card debt has increased from less than $800 billion in 1989 to $1.20 trillion (Silverman 1997) in 1997. Credit cards are easy to use even though consumers may lack the ability to soundly manage their debt. These could be primary causes for the soaring debt. Consumers in their 20s and early 30s are racking up credit cards, often taking out additional accounts to pay off existing debt. Credit card companies do not help the situation with their increasing offers of special attractions. There are offers for frequent flyer miles, money towards cars, points toward gifts and money off phone and grocery bills, plus many more incentives. People feel they must use their credit cards for purchases to get these rewards. Credit cards are faster than checks and may be too convenient, as consumers have begun charging even food pur...
