My old college roommate, Carl, called me the other day. After the usual catch-up on kids and creaky knees he sheepishly admitted that he was over his head in credit card debt. In fact, he owes about $28,000 in plastic. He accumulated this debt not by acquiring gadgets and goodies, or taking lavish vacations, but by starting a new business; you know, entrepreneurship for a brighter, more prosperous future. So far his business isn’t doing too well and he has to borrow more just to make minimum payments on all the debt. Says he feels like the hood ornament for the entire national consumer debt disaster.

When I heard his plight a light bulb went off in my head. I suggested he make a proposa...