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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Tuesday, February 05, 2008

Frugal Living Makes Headlines?

Apparently, living within one's means is so uncommon these days that the New York Times reports a 'cultural shift' moving Americans toward not living like debt is a lifestyle, but like the burdensome financial responsibility that it is. Because of the economic slow down stemming from increasing foreclosures and unemployment, fresh credit is harder to attain, so people are cutting back. That's what the New York Times is reporting.

Is being marginally responsible news now?

What happened to the values that we learned growing up? What happened to saving for a rainy day, not taking more than you needed, exercising restraint? I understand that sometimes people find themselves in a tough spot and often have no choice but to use credit to live, but most of us don't fall into that category. Most of us have financed lifestyles that our paychecks can't justify. Most of us have at some point or another lived as happy contributors to the debt carrying culture we call Western living.

Well, now the chickens have come home to roost. It's time for us to pay up and live like people did before consumer credit became mainstream.

It sounds good to me.

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