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It’s Time to Batten Downthe Spending Hatches

Posted Sep 12 2008 3:54pm

Less than a year ago, several posts I wrote on the housing bubble barely nudged DadTalk’s hit meter. But this post on how the housing crash is just getting started sent my daily hits into the four-digit range after an assist from this website, which has been tracking the housing crash.

My how things have changed once the smelling salts were passed around. To get an idea of how ugly this may all get, read about poor Newark, N.J., which may be the poster child for what’s about to come in other markets.

If you think the housing market is confined to just a few poor neighborhoods around the nation, think again. As consumer confidence drops and foreclosures climb, the impact is being felt heavily on the wildly gyrating stock market.

This is a dangerous time economically and I suspect will be for several years. Parents need to be especially careful to cut debt, keep a lid on spending and for now postpone major purchases such as cars. With the federal Reserve Board hinting, albeit unclearly, that it might lower interest rates, homeowners with good credit may soon see opportunities to refinance at lower rates.

Even if the economy maintains it’s footing, it’s still smart to take such measures from time to time. I’ve made this recommendation before, but it’s becoming ever more important with recent turn of events.

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