Easy Credit?

Posted by Carolyn A. Capalbo on Wednesday, June 23rd, 2010 at 12:40am.

Confucius said “He who will not economize will have to agonize.”  These words ring very true today.  An alarming trend is continuing.  I read that consumer debt rose again last month.  In a time when foreclosures are on the rise and the US economy is poised for another potential dip, climbing consumer or credit card debt is not good news.   The economy reported growth last month; however, is current consumer spending relying on credit, instead of income growth, to expand the economy?  This underlying trend will keep us from a true recovery as we put off debt reduction and spur growth on borrowed dollars.  Income must rise again to allow healthy consumer spending to return.   Households should be taking a conservative approach to ride this troubled economic cycle.  Personal savings should rise and spending should fall in line with income.  We obviously have not learned much from the current crisis as many households are spending above their incomes and facing defaults on several levels.  Bail outs will not re-build America.  Recovery starts with personal responsibility and accountability.  Ironically, I received 3 offers from credit card companies today wanting to extend me credit.  This is what started this mess to begin with, we have not learned from our past mistakes.  How many offers for easy credit did you receive today?  Respond and let me know!

Carolyn Capalbo,
Northern Virginia REALTOR®

 

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3 Responses to "Easy Credit?"

Lisa wrote: I love seeing people making a call out for more personal responsibility. It's amazing to think that less than a hundred years ago, credit was something to be avoided while living within your means was seen as a virtue. I'm scared to see what this generation of "adults" is teaching the next generation about money.

Posted on Wednesday, June 23rd, 2010 at 12:35pm.

Carolyn Capalbo wrote: I received 2 more credit card offers today. If I accepted all the credit offers presented to me over the past few days, I could have an additional $100,000 of potential debt racked up! Yikes...

Posted on Wednesday, June 23rd, 2010 at 8:43pm.

Julie wrote: Your blog post reminded me of an incident that happened a few years ago when my bank decided to add a considerable sum to my credit. I wrote a post on my blog and linked to this post as credit for the inspiration!

Posted on Friday, June 25th, 2010 at 12:37pm.

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