In order to fix the financial mess we are in, we must look at how we as a nation got here.  The changes we must all make are deep.  We must examine the habits that we have exercised every day; maxing out credit cards, buying the expensive cars, spending more then we make, and living outside our means.  This behavior cannot continue, as we have recently learned that the markets and our economy cannot support or sustain this way of life.

This sad reality check has proven that we as a country are a true debtor nation.  From the government down to the individual, we have issues with borrowing way more then we ever should.  Since the government borrows excessively on a regular basis, why can’t we place the blame on them?  Well, that is one way to look at it; however, the financial responsibility of every individual is on the individual.  Accountability is key here.

So what do we need to do?  Well, borrowing money to buy something you truly cannot afford is no longer an option.  Never again will Americans who cannot afford a true mortgage get a loan.  This was ridiculous in the first place.  But like our President said, in those days, reform was not a priority.  Well, not reform is a priority.  Every time you are about to make a purchase and pull out your credit card and NOT your debit card, you need to truly ask yourself, “is this something I need?  Is the reason I am using the credit card because I cannot pay cash for the item?”  If this is the case, then you should reconsider.  Many Americans took into no fax payday loans and failed to pay them back.

As Americans, we have always enjoyed the spoils of the best and the nicest things.  We have to realize the days of enjoying these things without consequence are over. It is inevitable that living outside an individual’s or a country’s means will come back to bite you.  No one will continue to supply you with loans if you only take news loans to pay off the old ones.

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