Easy Money Is Gone
(New Orleans, LA, USA)
All the pretend wealth is gone. The easy credit and home equity lines have all but disappeared. It was phony paperless wealth.
We all participated in the inflated wealth by credit. Now everybody realizes that a cash only mentality must come back in style.
Many individuals depended on credit for everything such as food, shelter, cars, tuition, lavish parties, vacations, gifts, bills, and I can go on and on. We all put ourselves in the current situation that we are in.
Now is the time to be disciplined and cash flow everything. I know it will be very hard. However, our grandparents and great grandparents did it and we can too.
The entitled generation has to go away also. A lot of parents have charged and HELOCed themselves into poverty because of their kids. Parents and kids must understand that if you do not have the money to pay for something, do not put it on credit.
The banks have turned their backs on long time customers. They do not want to deal with anyone that does not have a high FICO score. Once again, credit will only be granted to the truly well off and high credit score consumers. American's withdrawal from easy credit will take a while. Our nation's economy will not recover until everyone learns how to live within their means.