Posted by GeoT
In my household we have had a goal of achieving zero credit card debt which luckily we have managed to accomplish. What tough times sometimes do is cause us to step back and evaluate our spending habits and make adjustments. So the fact that as a country we are saving more (and charging less) in spite of the bad economy is a positive sign. It may mean a slower recovery but it will lead to more stability in the long run
WASHINGTON – Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.
Economists expect consumers will continue to spend less, save more and trim debt to get household finances decimated by the recession into better shape