In August, the Wall Street Journal Online reports, consumer credit dropped. (Hat tip: Miki at Leadership Turn for putting me on to this.) Outstanding debt decreased in August for the first time in ten years. I think the current economic troubles are starting to wake people up to the dangers of excessive consumer debt. People are scaling back and making hard decisions.
Or, it could be that they just can’t get any credit. With the credit market freeze, it’s actually getting increasingly difficult to borrow. The banks are wary of lending. Turns out lending to anyone hasn’t been working out all …read more

This morning, I was listening to the Diane Ream show on NPR while taking my son to the library. The subject was the forthcoming $700 billion bailout bill in the House, and how it is expected to loosen credit markets. I heard one of the guests say something similar to this: “If people can’t buy things on credit, the economy comes to a grinding halt.”
This was the first time I heard someone state this truth so baldly. But what has me worried is that now we’re treating this as something that’s no big deal. We *need* credit — and by …read more

One of the more interesting things in life is how personal responsibility can help you along. This works in all aspects of life, including your personal financial situation. In order to start yielding wealth, it is important that you stand up and take responsibility for your personal financial situation. Yes, there are many undesirable circumstances that you may not have control over that affect your life. But at the same time, you can choose how you will react moving forward, and whether you will make a plan to increase the resources you have.
If you want more money, for example, do …read more