Death of the Credit Card Economy | Rethinking Learning

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Barbara Bray

be creative, innovate, take risks, unlearn to learn

Oakland, CA

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Death of the Credit Card Economy

By Barbara Bray September 1, 2008 -- 09:31 AM

I read this article on Slate after finding a link to it on Twitter. Maybe this article is a little disheartening but I am finding that I am and others in my family are spending less. I�m relearning all the things I learned when I was a little girl (long ago) that "a penny saved is a penny earned."

Credit made life too easy. See an outfit you need, buy it. So what if you don�t have any money, charge it. Want to go on a trip? Charge it. Pay for it later over several years. It got too easy for all of us and now it�s coming to back to us. We became too greedy and wanted stuff. The best cars. A bigger house. If my neighbor can have it, so can I.

I�m going over my debt and realizing that I am paying more in finance charges than I ever paid before. It is okay to go in debt if you are investing in your future, but not okay if you are spending your future for some fun now or for things you really don�t need.

Unfortunately this new generation is going to have to pay for our mistakes. It is time for us to pull in our belts and rethink how we spend our money. The only problem is that if people don�t spend money, the economy suffers. This is going to be a tough time but we can all work together and help each other.

Let�s spend locally and help our businesses keep their doors open.
Remember to save some of your paycheck.
If you have a business, hire from your local community.
Recycle - Reuse.
Try to use mass transit or travel less to use less gas.
How about pot-lucks? Sharing meals with neighbors.
Grow your own gardens. Check out community gardens in your neighborhood.

Do you have other ideas to save money, bring down debt?

Categories: "Credit Cards" "Debt" "Budget" "Economy"