I have been thinking a lot about finances lately and quite honestly I am starting to wonder if going through school right now is really such a good move. I mean let’s think about it, I don’t need more debt, and I have to worry about my daughter and her education and will she be able to get the loans that she needs to get her education. With everything in flux, I am really glad that I don’t use my credit cards anymore. After all, I have been doing some serious online research of late, and truthfully all the experts say that although the government hasn’t said it yet, we are as a country already in a recession. One financial advisor basically said that credit is going to become a thing of the past and that bad credit or good credit it isn’t going to matter because from now on people are going to only be able to get things the old fashioned way, and that is by tucking away and saving part of their income towards what they want. I think this might just be a good thing, because let’s face it if we have to do that then the price of things will most definitely have to go down. Would they ever sell another house at the prices they sell them for, if people have to pay cash up front? Would they just go and put $30,000 on the table and buy a car? I don’t think that most people will, so if these big companies really want to make the sales without credit, then they are going to have to find a way in cutting costs in order to cut the price of things. Overall perhaps it will bring some things back down to where they reasonably should be. Let’s face it these people have been taking advantage for too long, and so have we, running up bills on our visa, American Express, and MasterCard, that we can’t afford and can’t pay back. We have all been bending credit for a long time, and I think it will be refreshing to return to a society that can’t live above its means anymore.
I just think it is time for all of us to accept the boat that we have been riding in is sinking and it is time to find a new mode of transportation. We can’t just sit there taking on water and pretend that we are all going to be fine. We need to take action and stop pretending that there really isn’t a problem. It has become the elephant in the living room, and we are all pretending like feeding it peanuts is going to make it disappear.
Posted on Friday, October 03, 2008 2:10 PM by Carol Ann