Original sentence: This is theoretically a problem because conspicuous consumption and credit card debt are on the rise in America
Edited sentence: Although this trend to consume more than we earn and to make every effort to keep up with our peers continues to grow in America, the newly emerging middle classes in China and India are getting ever closer to joining the trend.From blue jeans in Russia to satellite dishes in Iraq, people around the world are coveting their neighbors' lifestyles.It is the common idea that if a peer buys a larger or more expensive asset, I too must buy such an asset in order to maintain the social status that I desire.Once again, the idea of "Keeping up with the Joneses" has come into play.The problem that most Americans do not recognize; however, is that it will take them the rest of their lives to pay off their debt and in the long-run will cost them, on average, three times more for these goods than it would have cost them had they purchased their goods with cash.This ability to purchase goods without actually having the money is a growing problem in America and a lot of it has to do with greed and the desire to maintain one's position in the social hierarchy.This housing market "crash" is largely due to people living above their means and taking out larger loans than they are able to pay off.This is a problem because conspicuous consumption and credit card debt are on the rise in America.This same trend has reached into the housing market with more people than ever taking out loans on houses that they simply cannot afford.While these major players gain the bulk of the attention, they are far from alone.With the increased availability of adjustable rate mortgages in recent years, hundreds of thousands of people are now losing their homes because they cannot afford their mortgage after the rate increase