U.S. consumers cut debt by record amount! | The Frugalista

U.S. consumers cut debt by record amount!

by frugalista on September 9, 2009

00037darling-let-s-get-deeply-into-debt-posters OMG! I just read this article in the L.A. Times that says that Americans have slashed debt by a record $21.6 billion!  Viva la Frugalista! That's the whole reason I got into the frugal living game. I wanted to slay my credit cards. I'm super excited about the news. It's a little sad that retail stores are folding and struggling because we aren't spending so much, but at least we are putting the cash to good use. People are spending wisely.

Seventy percent of the American economy is based on consumer spending, so it's not the best over all for the economy that we are being tight-fisted. Still, I'm sticking with Frugalista. I have some savings goals I want to reach. I think Americans will spend more in months to come, but I don't think they will do it and immediately get into debt again.

Times are a changin'! 

Also, tomorrow, I'm having a VERY SPECIAL Fashion Week guest blogger to talk about how to look fly when you are frugal! She's a celebrity stylist.  So excited! Ok, I'll give you a hint, she's styles a woman who loves an Umbrella-ella-ella!

Are you saving more? What do you think about Americans paying off debt? Should we start spending a little more to help kick-start the economy? Do you sometimes feel like we were caught in financial version of The Truman Show?

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