This is a modified version of fishbone diagram suggesting that oil price increase ( encircled) is apparently the root cause of consumer debt. This is just my own personal perception. This has to be supported by an empirical evidence.
Although, it is common knowledge that whenever the price of oil goes up, the cost of living goes up disproportionate to the increase in salaries and wages.
Because of this lopsided equation, consumers have no choice but to finance their consumption using borrowed money.
There are probably many other causes of consumer debt, but i choose this line of argument because oil consumption is one of the root causes of global warming. A link between consumer debt and global warming is obvious.
Sometimes we feel that there seems to be solution in sight. I am convinced that there is so much hope in the future. We just need to do something different.
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