Recession may steer us to wiser handling of debt Omaha World-Herald

11.11.09

A: It varies by situation. People are feeling the uncertainty in the economy and, consequently, the perception of their debt could be more than the actual dollar figure.

Even here in Nebraska where our economy isn't the best it's been better than a lot of places, people just feel uncertain. A lot of us aren't in a position to say we're going to go back to acting like we used to. It's not going to happen. People are more aware of their debt load, where before if they could make minimum payments it was, ‘OK, I'm not going to worry about it.' Now we're not as cavalier about our debt. Some people always felt that way, but there are more of us in that situation now.

Q. Could the recession have a silver lining in that it forces people to become more aware of financial issues, of budgeting, of what it takes to live within your means?

A. Definitely so. It's forced people, particularly younger people and families, to see the value of savings and the necessity of savings. They might remember this message when things get better, and they might continue to be cautious about going into too much debt.

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