As the economy slows down, more and more consumers are successfully paying their credit-card debt and their home mortgages. No longer are they borrowing and overspending, but instead they are protecting themselves should another recession hit. This response reflects the rising cost of college and the dwindling values of homes. In addition, consumers are attempting to avoid the higher interest rates on credit cards.
These actions indicate consumer’s realization of responsibilities and preparedness. While they may be scared, they are being proactive and approaching the situation head on.
Read the complete story at the Miami Herald website here.