As the economy worsens, consumers are looking for new ways to scrounge up a buck. Many are turning to debt consolidation as a method to make ends meet. For the wealthy, however, debt consolidation is the last thing on their minds.

The gap between the United States' richest and poorest citizens is at its widest level since 1929. This growing chasm doesn't bode well for our country, especially considering its current economic state. Inflation is rising, consumer confidence is waning, and foreign competition is becoming more ferocious.

Different incomes will naturally create different perspectives on money management issues. The very wealthy, for example, have little need for a debt consolidation loan, even if they carry a high debt load. On the other hand, the not-so-wealthy may view these types of loans as a financial life preserver.

Why consolidate?

For the wealthy, debt consolidation is not even on the radar screen. They've made their fortunes by focusing on assets, not debt. Instead of accumulating debt by going on spending sprees, they look for vehicles that generate income. They may choose rental properties, for example, that will produce positive cash flow.

Only after they've established an income-producing asset will a wealthy person take on debt. While many of the wealthiest people in the world have spectacular amounts of debt, they have large assets to cover the costs. Under this scenario, they never have to consider a debt consolidation loan-they have enough income flow to cover the tab.

Debt consolidation for catch-up

There are a number of reasons why people fail to join the ranks of the wealthy. Many with low incomes suffer from poor education, broken families, and many other social ills.

Some people who require a debt consolidation loan are simply the victims of mismanaging their own funds. They've acquired more debt than they can handle, taking the polar opposite approach of the wealthy. These people don't carefully chart their income and compare it with their expenditures. Instead, they spend impulsively, assuming that their income will eventually catch up. Sadly, it doesn't, and soon they need to take out a debt consolidation loan to make ends meet.

Even people who live within their means are sometimes forced to take out a debt consolidation loan, especially in cases where a job loss or unexpected medical bills affect a thoroughly planned budget.

If the economy continues to worsen, the not-so-wealthy will find it harder and harder to build up their own assets, and a debt consolidation loan will continue to be a part of their financial picture. The only way this trend can be reversed is for people to cut back on their spending and add to their assets. It's how the wealthy manage their wealth, and the only surefire way to avoid a debt consolidation loan.