The biggest blot on the best economy in half a century is the boom in bankruptcies. Personal bankruptcies have reached new highs three years in a row.

What's going on? The primary culprit is credit cards - actually, borrowing too much money using credit cards.

Credit card companies garner some blame for the surge in bankruptcies. Last year, credit card companies mailed more than three trillion solicitations. Households have received an average of 25 credit card solicitations in each of the past four years. Lending standards have been lowered and credit limits raised. Here's a remarkable sign of the times: "Cool Shoppin' Barbie" comes with her own tiny, no limit Mastercard that chirps, "credit approved."

Still, the deluge of plastic isn't all bad. What we are witnessing is a messy but vital step in the further democratization of credit. Like middle class folks before them, low income families are finally gaining access to America's blue chip debt market. For far too long, many low-income families have been confined to borrowing at the local pawn shop or even the neighborhood loan shark. Many of these families may have little experience managing debt, but they will get better at it with time. Most people do pay their credit card bills.

Credit card holders also share in the bankruptcy blame. Simply put, too many people are borrowing too much money. Careless consumers are taking on a mound of debt by whipping out their plastic to pay for gas, groceries, clothes, gadgets, and even a cup of coffee. Eventually, the credit card bill gets so big that it just won't go away. These indebted consumers are extremely vulnerable to any financially traumatic event, such as a lost job or an unexpected illness in the family.

The trick is to only use credit cards for convenience. If you have a fistful of credit cards in your wallet or purse, winnow the number down. If you find your credit card debt mounting, it's time to better balance the books. Stop borrowing and reign in your spending. Don't put off the day of financial reckoning if you feel unable to grapple with your spending habits and debt burdens on your own. Help is available. A growing number of employers are offering their workers access to financial advice as part of their benefits package. There are non-profit credit counseling services all around the country.

These days, debt is out and savings is in.