I just read this article here. The Americans have got them selves in a pretty sticky situation. As with every challenge there is a learning experience. So what can we learn from this?
1) Don’t bite off more than you can chew. If you can not afford it with out the use of “creative” financing then do not buy it.
2) Stop living off credit of any kind. If you are a home owner take advantage of our debt elimination program, other wise start rapidly eliminating your debt.
3) Make cash king. Save for your large purchases, most people really do not pay off those ” don’t pay a cent, no interest for 5 years” sales at the big box stores, before their terms start to kick in.
4) Improve your credit rating. It is easier than you think. … Read more