Americans Have Drastically Changed Their Spending Habits

Economists and rich people everywhere are on edge because the recession has prompted a change in spending habits by Americans.

"The Los Angeles Times and others are reporting that we collectively cut our debt by a record $21.6 billion in July—the biggest monthly drop since the government started keeping records in 1943."

How are companies and cutthroat lenders supposed to survive if we pay off our debt quickly instead of paying 21% interest on everything? Won't the country fail if we actually start keeping money in the bank and earning interest on it instead of blowing it every month on junk we don't need?

Hardly. The country will be fine. It will adapt. Consumerism has been out of control. We don't need a shiny new $40,000 car every three years, or the latest new phone every year. Life goes on, with our without our money. The rich will have to rough it short a few billion.

Bravo, America. That's one small step for sanity, and one giant leap for fiscal responsibility. Don't blow it.

Build an emergency fund, pay off your debt, and start saving. You can get higher interest rates from online banks, shop around for the best rates at places like Emmigrant Direct and ING, among others.