RebelCapitalist: Financial Information for the Rest of Us | Keep Saving and/or Paying Off Debt America!

Keep Saving and/or Paying Off Debt America!

Mar 02, 2009 | By: Mr_Blue | Tags: savings, credit cards

It is an understatement to say we are in quite a pickle. I read copious amounts of information everyday about our economy and personal finance and yesterday I have to say was a very depressing day. It was depressing because I can’t see the bottom of this crisis (the point where we stop dropping and start improving). It became very hard to provide any insight to what is happening and provide suggestions. Believe me this is a very vulnerable position for a former attorney.

The Headlines speak for themselves:

One In 8 U.S. Homeowners Late Paying Or In Foreclosure
Auditors Raise Doubts About G.M.’s Viability
U.S. Economy: Jobless Claims Exceed 600,000, Productivity Falls

But there are a couple of characteristics I have and I believe many of us have: determination and will to survive. These characteristics, along with may other positive ones we have, will see us through this crisis.

My mother always told me never say “I can’t”. This was particularly drilled into my head. So, I will continue to provide insight, information and suggestions to what is happening in our economy today regardless of how bad things get.

Let me close by saying that we should continue to save money and pay-off our debts. This is contrary to what our economy may need but screw that we have been carrying this economy for a long time particularly to our detriment with higher credit card bills and bigger mortgages. It is time we step back and start saving again and paying for those debts, particularly those credit cards.

P.S.: Now is a better time than any to make that switch to a local credit union - better service, lower fees and part ownership. Credit Union Locator.