A Bodey in Motion

Building momentum, one step at a time

Borrowing Trouble

Borrow trouble for yourself, if that’s your nature, but don’t lend it to your neighbors.

– Rudyard Kipling

With the recent downgrading of the US Credit Rating by the S&P, there is a whole lot of finger-pointing going on in Washington DC and on the news. That’s hardly unexpected, but it’s also unproductive. The damage is done. The focus needs to be on the future, not the past.

The everyday American has absolutely no control over the US Credit Rating. We have no control over the rising interest rates that are sure to come from this downgrade. Individually, you and I cannot even nudge the bureaucratic mass that surrounds our nation’s leaders in the direction we would prefer it to go.

So, what can we do? What do we have control over?


We can stop waiting for the right person to come along, take charge, and make it all better for everyone. We can stop being passive and start accepting responsibility. We can each stop living for what makes us feel good right now, and instead we can start planning and preparing for our futures.

How does a downgrade of the US Credit Rating actually affect the individual American family? Let me highlight the last part of that video:

Many interest rates that we pay as consumers are directly tied to the Credit Rating of the US Goverment. Any decrease in the government’s Credit Rating could mean higher costs for many borrowers throughout the economy. The ripple effects of higher borrowing costs would punish consumers and entrepreneurs and further threaten a weak recovery.

Today, your average American household has thousands of dollars of consumer debt. Most of us wouldn’t imagine living without a car payment. We have become a borrowing nation filled with borrowers. Yet today, more than ever, being a borrowing consumer means higher costs and punishment. Our personal debts have put us at risk.

It’s time to stop borrowing. It’s time to get out of debt.

Make a budget. Live on less than you make.

Start today.

August 15, 2011 Posted by | Politics and Other Insects, Work and Money | , , , , , , | Comments Off on Borrowing Trouble