I recently came across some information highlighting that the debt across the country has dropped. I don’t know about you but this is good news.  Hearing good news like this brightens up my day and I hope that it does the same for you.

After years of having record low-interest rates, the people have had enough of being in this difficult situation and decided to do something about it.  I’m one of those people and I know that I’m not the only one. We all worked hard to clean up our bad debt issues. We got the proverbial memo to clean up our high debt problem while President Obama was in office and we have done so.

I hope that you are one of these individuals who has completed your refinancing transactions, paid off your high credit card debts and cleared up your other debt issues. This is important because the latest projections are that the interest rates are on the verge of climbing again. In other words, the window of opportunity to do so is closing.

My 10 credit cards are now down to two cards, one for the house and one that my wife uses that drives me crazy. If you’re married, you know the drill when it comes to having them to stop shopping for their merchandises, you just can’t win. But, I have dropped the credit limit on that card which helps.

However, the fact that we have collectively cut down our debt nation-wide means that we are moving in the right direction.  I’m glad to hear that my age group (baby boomers)  are leading the charge of reducing our debt. The complaint that we don’t give a damn about the debt we just want to live for today, this is not true.  We didn’t want this bad situation to continue for us or for our next generation.

The banking and lending institutions hate to hear this good news concerning debt. starting to drop. This is because carrying large amounts of debt affects millions of consumers like you and me. As a result, I have read that these financial institutions will be closing many of the banking centers and laying off their staff.  The progress that we have made in reducing our debts. have put them in a bind.

I don’t feel sorrow for this group of people who have benefitted for years in holding us down. I don’t because now they know how it feels to be called into the office to receive their pink slips. It’s not that funny when the shoe falls on them like it has been for so many of us.

It’s a shame that so much money is made off people going through financial hardships, but they do. The use card dealers, the furniture companies, the payday loan shops, the timesharing firms, the buy now and pay later arrangements, the multiple home improvement companies, and so on, they all thrive on consumers using credit transactions.

So for those of you who are part of the group that has successfully cut your debt enough to fall into the declining debt statistics noted above, you can take a bow now, you have earned it.

However, now that we have gotten over that hurdle of carrying heavy debt, be careful not to fall back into this bad situation. I feel so much better today that my debt load no longer has a stranglehold on me and my family and I hope that you feel the same.

Again, I’m very proud of each of you, let’s all keep it up !!!!!!