A good crisis for the rest of us
Nothing like a good crisis to make us “take a closer look at ourselves,” says Jennifer Openshaw in MarketWatch. And the subprime crisis is “getting us to review our financial habits,” even though few of us are subprime borrowers. A third of U.S. adults “plan to cut back on spending in the coming months,” to get their debt in hand. To head off debt, trim the unnecessary expenses. “Don’t get too focused on the three-dollar stuff”—the lattes and magazines— but rethink the big items, too: “housing, car, food, medical bills.” Pay your bills early, and try renegotiating your debt. In this crisis, lenders “don’t want any more bad debt on their books,” either.
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