Farewell, easy credit.
Call it the new age of austerity. Call it the new belt-tightening. Call it the return of thrift. But whatever you do, don't call it a recession. Not yet.
The American trade deficit is not sustainable and has enabled many people to live beyond their means. The down turn in housing prices, the decline in the dollar, and the recession might finally cause a turning point where people have to start living on what they earn.
All the quick fixes I had been mulling over were not going to work. Debt consolidation was too expensive. Defaulting and bankruptcy would torpedo my credit rating and set me back for years. I couldn't ask the credit card companies to lower my APR until I got my payments under control and raised my credit score, which would take two months of no-s**t efforts. I was going to have to stare down my debt the old-fashioned way: I was going to have to pay it.
