Consumer Debt Looks Set to Keep Soaring

Now more than ever, we are a debtor nation. And we're likely to borrow more in 2003.

Over the last 12 months, consumers racked up a record amount of personal debt, and with it record numbers of personal bankruptcies and foreclosures. And experts on personal debt and the economy say consumers will continue to spend.

"The consumer has been the hedonist of last resort," said Alan Levenson, chief economist for T. Rowe Price. "We expect that will continue to be the case." ...