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Breaking the debt habit


Another piece of good news:22P0113.jpg
Consumers borrowing dropped in March, by the largest amount in 18 years.

Are we getting smart or what? No longer adding to our debt, but actually paying it down?

The Federal Reserve report on consumer credit showed that the amount of debt on credit cards dropped 6.8 percent in March, after falling 12.1 percent in February.

Menwhiile, a survey from Mintel, a market research firm, said more than two in five adults say they're using debit cards more offten and credit cards less. They're spending money they actually have..

Wow.

I think spending is beginning to come back, but I hope it will do so slowly, on a more solid foundation than borrowing.

.

Categories: Your Money (256)
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Comments

People are spending their tax refunds right now. Tell me about the economy several months from now when that money runs out !


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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