The recession was a good thing… Could we have another one?

That is what I am hearing --- the recession was a good thing because it changed our financial habits and reminded us what our parents and grandparents when through in the 1930’s, 40’s, & 50’s. If you recall, things were tough back then and it has only been in the last 20 years that individuals began getting in more debt. Borrowing more and not paying cash for purchases is costing many Americans everyday, to the point that thirty to forty cents of every dollar they make is going towards personal debt. To help prove this point credit card usage was up 15.5B last month-July 2011, and one could speculate the majority of the spend could be allocated towards summer time family vacation. I call this mixed news because the economy will be stimulated but consumers are taking on more debt. I was surprised by the increase in credit card spend given the currently level of uncertainty. Perhaps Americans are getting fed up with the current path and forecasted direction the US is taking and taking it out on their credit card? Credit cards are only good for two things, making vacation reservations and impulse purchases.

This wake-up call did not come at no cost, we still have high unemployment, falling home prices, and home ownership at the lowest levels since the 1960’s. I find it difficult to list all negatives, but to include a few more: Currently at War, United States has an enormous amount of debt & bond rating downgraded by S&P, Gas prices are nearing $4.00 a gal., Major utilities (Gas, Electric, Sewage, Water) are increasing their rates, etc.
A CNNMoney.com survey found eight out of ten adults are beginning to save more, fully fund their emergency account and use more caution with their finances. Additionally, the survey touched on hard lessons learned of which thirty three percent have indicated they now prefer investments with a guaranteed return. Riskless.
Now after reading all this, just remember the Recession officially ended two years ago. We are not prepared for a double dip recession which many economist predict there is a thirty three to fifty percent change of it happening --- Flip a coin!

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