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Dan Sutera on April 3, 2008, 5:26 AM

Most of our GDP is comprised of consumption by the american people. The average american family's credit card debt is around $10,000. As goes personal financial responsibility, so goes much of our economy.

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Denis Sheeran on April 3, 2008, 5:31 AM

Are you saying dsutera, that if we stop spending more than we have, the economy will suffer? This is not sustainable long term.

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Emma McNamara on April 3, 2008, 5:41 AM

I think it's perfectly easy for people who have means to talk about financial fitness, but what if you are barely scraping by and cannot save? Also, the credit card industry makes it so easy to spend above one's means in this country, don't you think the credit card industry should be regulated in some way?

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John Locke on April 3, 2008, 5:41 AM

Right now, the American people have a negative savings rate—that simply can't continue. We've relied on rising home values and mounting credit card to keep our lifestyles on an upward trajectory. What we really need, like Schwab says, is a total overhaul of how we approach money — and our very understanding of value — so our personal finances contribute to a positive feedback loop for the economy as a whole.

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Swedish Chef on April 3, 2008, 5:44 AM

I line up with Denis on this one. You must spend money to make money. That being said, Credit Card debt in this country is a major problem and one solution, I think, is more regulation of the credit card industry. I mean, honestly, has anyone here ever tried to read the contract that comes with a credit card? My point being, I don't think you can totally blame the card-user for racking up debt when card companies switch their interest rate without informing the customer. I know this from experience!

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Dan Shalawl on April 3, 2008, 5:46 AM

I had no idea a financial literacy month even existed. I certainly was never trained to handle my finances and it hurt my in my younger years. Particularly my 20s (which I am still in). Would have been nice to have a little guidance in college. That being said, would I have paid attention? Actually, probably!

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Jenna Beals on April 3, 2008, 6:30 AM

Am I financially literate if I understand what I am doing wrong, but cannot see a way out? I have huge student loans, work in a "coveted" position in media, share an apartment, don't go out very often, but still go through my entire paycheck each month. I get that I should save, but I don't see how.

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Dan Sutera on April 3, 2008, 9:26 AM

Most of our GDP is comprised of consumption by the american people. The average american family’s credit card debt is around $10,000. As goes personal financial responsibility, so goes much of our economy.

User_rxda_eef617a2b

Denis Sheeran on April 3, 2008, 9:31 AM

Are you saying dsutera, that if we stop spending more than we have, the economy will suffer? This is not sustainable long term.

Default_normal

Emma McNamara on April 3, 2008, 9:41 AM

I think it’s perfectly easy for people who have means to talk about financial fitness, but what if you are barely scraping by and cannot save? Also, the credit card industry makes it so easy to spend above one’s means in this country, don’t you think the credit card industry should be regulated in some way?

User_rtka_c8b2766b0

John Locke on April 3, 2008, 9:41 AM

Right now, the American people have a negative savings rate—that simply can’t continue. We’ve relied on rising home values and mounting credit card to keep our lifestyles on an upward trajectory. What we really need, like Schwab says, is a total overhaul of how we approach money — and our very understanding of value — so our personal finances contribute to a positive feedback loop for the economy as a whole.

User_rjgf_d8d5937e0

Swedish Chef on April 3, 2008, 9:44 AM

I line up with Denis on this one. You must spend money to make money. That being said, Credit Card debt in this country is a major problem and one solution, I think, is more regulation of the credit card industry. I mean, honestly, has anyone here ever tried to read the contract that comes with a credit card? My point being, I don’t think you can totally blame the card-user for racking up debt when card companies switch their interest rate without informing the customer. I know this from experience!

Default_normal

Dan Shalawl on April 3, 2008, 9:46 AM

I had no idea a financial literacy month even existed. I certainly was never trained to handle my finances and it hurt my in my younger years. Particularly my 20s (which I am still in). Would have been nice to have a little guidance in college. That being said, would I have paid attention? Actually, probably!

Default_normal

Jenna Beals on April 3, 2008, 10:30 AM

Am I financially literate if I understand what I am doing wrong, but cannot see a way out? I have huge student loans, work in a “coveted” position in media, share an apartment, don’t go out very often, but still go through my entire paycheck each month. I get that I should save, but I don’t see how.

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zahara richardson on April 3, 2008, 11:12 AM

It would be good to learn how the average person can learn about personal finance. I'm lucky enough to have been educated from an early age in financial matters and have an MBA—but what about the folks that didn't even graduate from high school?

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zahara richardson on April 3, 2008, 3:12 PM

It would be good to learn how the average person can learn about personal finance. I’m lucky enough to have been educated from an early age in financial matters and have an MBA—but what about the folks that didn’t even graduate from high school?


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