We have become a nation of debtors.

We live on borrowed money we can’t afford to pay back. We’ve bought houses we couldn’t afford and charge on our credit cards whose principal we never pay down.

The average American owes more than $16,635 in consumer debt, excluding mortgages, according to U.S. News & World Report. A 2004 Federal Reserve Board survey found that a majority of credit card holders, 58 percent, do not pay their balances every month.

Nearly 10 percent of households owe balances of $9,000 or more on credit cards. The average college student is dependent on credit cards and has $2,200 debt and overall will amass nearly $20,000 in student debt during their college years.

We’ve become accustomed to buying what we want, when we want it, regardless of whether or not we can really afford it.

With our current personal debt, retiring by age 65 will be impossible. Our saving habits need to change. The Bureau of Economic Analysis reports that for August, the personal savings rate as a percentage of disposable income was 1 percent, but that saving from current income may be near zero or negative.

Changing attitudes is essential. Even very small amounts wisely invested over time can accumulate into fortunes.

It’s time to live more modestly and be happy with what you have.