"Massive debt is no problem"--national magazine

Suppose you were barely keeping your head above the water, financially speaking. Credit cards and HELOC maxed out, savings gone, sold off any stocks, re-fi'd the house, and still spending more than you make.

I know this is a stretch for most of ya, but work with me here.

Now suppose you consult a "financial advisor"--not just some jake-leg but a guy who works for a national magazine and writes a regular column for 'em called "Moneyland." And that this fountain of wisdom says: "You are NOT drowning in debt. What matters isn't the dollar amount of your debt, but what it costs you to service it. And compared to years past, that figure is relatively low now, due to low interest rates."

If you heard this, would you think the guy was perhaps a bit crazy?

Well, that's the sage advice from writer Zachary Karabell at Time.

Folks, this is what passes for wisdom among the self-appointed "elites."

Oh, Karabell notes that debt service is now costing us around $250 Billion per year. As in, a quarter of a Trillion dollars.

But hey, no problem! Because a writer from Time magazine says it's not a problem.

Wow, I feel SO much better now.