Americans’ Debt Stress Easing
Or so says the Associated Press:
Unemployment is rising. Nest eggs are in tatters. Home values have tanked. And yet surprisingly, Americans are feeling less stress from debt these days.
Chalk it up to the power of positive thinking combined with people saving more, spending less and trimming debt to cope with the recession.
The upshot is that more people are optimistic that they’ll eventually be able to get out from under a mountain of bills, a major factor behind the decline in stress from last year, according to a new Associated Press-GfK poll.
Debt-related stress was 12 percent lower this year than in 2008, according to the poll. “People now have some optimism that the worst is behind them,” said Paul J. Lavrakas, a research psychologist and AP consultant who analyzed the results of the survey.
The recession, the longest since World War II, is prompting Americans to take steps to get their finances in better shape. It’s led to a newfound frugality that some believe will continue long after the recession ends.
“People are doing things that make them feel they are taking charge of their lives again,” said Patricia Drentea, associate professor of sociology at the University of Alabama at Birmingham, who studies debt and stress.
Well, color me surprised.
This development is precisely why free market conservatives – such as yours truly – said from day one that the federal government should not bail anybody (except for the major banks because their bankruptcy would bring about the destruction of civilization as we know it) out. People only learn to behave responsibly when they know that they will be held responsible for their own mistakes. That they have to deal with the consequences of their irresponsible behavior.
Good news, then. And guess what, the above cost the government… nothing. As usual, the best solutions are also the cheapest.
Good for them. Always a solid feeling as well.
Personally I took the opportunities presented to me during the Bush years, furthered my education, career, paid off my debt and stored away money.
Took awhile to recover from the disastrous Clinton years and will probably be a long haul to get through the next Democrat reign.
Its a recession. Im not spending a dime on new credit. Im paying down what I owe. Trimming the fat. Saving money.
Its what recessions are all about.
Its not about screaming catastrophe!!!…..Doom….we’re all gonna die!!! Be eating dirt in month….!>!>!>?
Recessions are times to pay back what we owe….simple as that….thats why they are CYCLICAL……..duh!!!
“It’s led to a newfound frugality that some believe will continue long after the recession ends.”
So, once the receission heals itself…… I see progressives (MSM included) claiming Obama “fixed everything” and conservatives saying the people did it themselves. I agree with the latter reason, and the story above seems to add credence to my belief. (God knows I didn’t get any bailout money)
I’m skeptical of any politician taking/getting credit/blame for any dramatic economic change. But when the public feels stressed we must DO SOMETHING AND DO IT NOW!!!!!