Gary's Blog

Tuesday, December 8, 2009

Consumer Debt Down

Yes, consumers are tightening up their belts on credit cards. That is a good thing. The nay-sayers will have us believe that that is bad for our economy. Since when is debt good? Sorry, it might be good, like you feel good the first few days you drive your new car. Then the bill comes in. I like the idea of reducing debt, so our kids and their kids don't have to bow down to China!

Read the last paragraph of the articles in the paper and on the web, and you see that this has been happening for nine months in a row. Lenders have tightened their belts, and are letting less money out, cutting credit lines, etc. They are finally doing what they should have been doing all along - lending responsibly.

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