Contrary to what many people believe not every household is going through the financial doldrums like they did before. Many of us have learned our lesson and it was painful to go through, but we have gotten ourselves back under control regarding our money concerns.

However, the media has not publicized the financial improvements that were made by the hard-working people like they should. The media have focused more on the negative aspects of the economy as that is what drives up their ratings. The lifeline of the media is those high ratings.

They were deliberately not telling us this positive news. They did so not to give President Obama and his economic team, the credit they rightfully deserve for turning around the financial mess that we were in when he first came into office.

According to the labor board statistics and the U.S. Consumer Confidence index figures, there are people who are actually doing very good with their finances for the first time in a long time. Additionally,  their personal savings are up more than it has been in many years which shows that economic growth is on the rise.  I don’t know about you, but that is fantastic news to hear.

This change in consumer sediment is good because people have worked so hard to reduce their debt, cut out the extra impulsive spending, eliminated their liabilities and so on. In other words, they have done all they can do to turn their negative financing situation into a positive one which has helped their situation tremendously.

As a person who has seen so many friends and relatives go through a rough time during the financial crisis, to find out that so many people are back on track again, I’m happy for all of them. However,  we have to be very careful going forward not to fall behind again because it can occur. All it takes is one miss payment here and one miss at another time and you will be in trouble once again.

Now that President Obama is out of office and the financial controls that were put in place to make sure people don’t fall into the same traps they did in the past, I’m here to advise you that the new administration( Donald Trump) is cutting these consumer protection controls out.

In doing so, this is great news for the banking industry. The banks have suffered the most because of all the penalties that were imposed on them for causing many of these financial problems. By having their handcuffs to be taken off the banking and other lending institutions are extremely happy. You will see the impact of this action very soon in the mail.  It will come in the form of receiving a “blank check” which will be sent to you. This invitation will be sent to all those consumers who have established good credit scores within the past few years.

These ” blank checks” are offers for you to start spending again. You will be teased by being given a two-year grace period of not paying any interest. They are called the zero interest offers. I know about these offers as I have received several of them in the mail myself. Since I know about these offers I immediately threw them in the garbage. I did so not to get tempted again because if you just throw them in the draw, you will use them at some point.

Please take note that as tempting as this proposal may be, you can’t fall into this financial trap again. There are many of us who took this offer in the past and lost control. Once you start to use these “blank checks” for new transactions and not to eliminate your old debt, the banking professionals got you. These financing firms use computer modeling trends of consumer behavior patterns in deciding to send these offers to you. They know that from past results, a certain amount of consumers will use these “blank checks” sooner or later.  I sincerely hope that you’re not one of these people who they catch in this trap and that is the reason why I’m alerting you of this warning.

This is exactly what happened in the past, the “blank checks” were used for everything other than their initial purpose, which was to clean up their old debt. People got greedy in using these funds and got behind in paying what’s due.  In having interest rates of 27 to 29%, which are the rates that you will be charged after the “free money” period expires, it will be almost impossible to clean up and you will be right back into your financial doldrums again.

If I’m scaring you on this note, I hope that I’m doing so. You need to understand that this is a very dangerous situation to be in.  When you were younger it was tough, but as you age, problems like this become even larger. Plus, I’m trying to prevent many of you from getting into a bad financial position again because it will be devastating. So I’m hoping that you will not take this article for granted but will discard those ” blank checks” that are coming to you soon.