Unemployment

[Jester]

I would say that credit cards are the largest cause of private debt (not counting mortgages).

Credit does not in and of itself cause debt - spending does. What are people spending on? Houses are certainly one answer. Medical expenses are another very large chunk. And, unlike mortgages, when someone gets caught without insurance and has to put the cost on the credit card, they don't get a nice gentle interest rate. They get rooked by the card companies. It may be better than suffering with no medical care, but it's a major source of debt, especially for low income families.

-Jester