I just came across an article that paints a grim picture for holiday retail sales this year. One of the reasons retail sales are declining is…

On Tuesday, government data showed U.S. families are cutting back on credit card use and paid off consumer debts at the fastest pace in more than 10 years in August, a sign that consumers are rushing to pare back their spending and save more money as the economy slips deeper into recession.

So while news about the economy is negative, there is a silver lining. That is, consumer debt is being paid off at the fastest rate in a decade.

You can read the whole article here: Retailers’ sales set stage for a tough holiday

All the debt and personal finance blogs out there must really be making a difference!

Blogging about my debt and my effort to pay it all off has certainly been helpful to me. Even though I may not know you personally, I still feel accountable to you. And so every month I post an update, I want to be able to share good news — that my debt has decreased.

Every time I’m tempted to make a bad financial decision, I remember this blog… and that I’ll have to tell the world that I screwed up. So it keeps me in check.

There is also power in community. I enjoy reading the stories of other folks getting out of debt — the challenges they’ve overcome, they progress they’ve made, what they’re doing to stay on track.

It’s all very encouraging. To know that I’m not alone, and that becoming debt-free can be done.

If you haven’t yet committed to getting out of debt, don’t you think it’s time to jump on the bandwagon?

The sooner we can get rid of this cancer (debt), the sooner the economy will be healthy again.

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Topics: Case Studies, Debt Reduction, Economics | 5 Comments »

5 Responses to “People in Debt Are Waking Up”

1. lulugal11 Says:
   October 8th, 2008 at 7:08 pm

   I am working on getting out of debt because this economy is scary!!!!!! (stumbled ya!)

2. Ryan Healy Says:
   October 9th, 2008 at 8:55 am

   Hey Lulu,

   Thanks for the Stumble! I really appreciate it.

   The financial crisis is coming to head. The sooner we deal with it, the better.

   Ryan

3. Current accounts Says:
   October 10th, 2008 at 4:38 am

   Hi Ryan,

   Thanks for the post, I have a similar post that compliments this on my blog http://frugalcents.wordpress.com, It’s really important that we keep sharing opinions about debt. It doesn’t look much better at the other end.

   Mon

4. Weekend Roundup~Jack O’ Lantern Home Edition | On a Quest To Be Debt Free... Says:
   October 25th, 2008 at 3:22 am

   [...] Reduction Formula presents People in Debt are Waking Up. Ryan talks about the fact that consumer debt is being paid off at the fastest rate in a [...]

5. financial wellness project » week of 11/3 pf roundups Says:
   November 11th, 2008 at 10:24 pm

   [...] reduction formula shares a tidbit he found online about how consumers have been paying their debts off lately at a rather fast rate: On Tuesday, government data showed U.S. families are cutting back on credit card use and paid off [...]

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