During the recent “time of plenty” in America, there was a lack of something that few have shared with their children; credit awareness and conscientious spending. But due to the greed of a few, the entire world is being force fed a healthy dose of wealth reconstruction.
To many, home ownership was the only form of wealth they possessed. But because of the housing crisis, tens of thousands have lost their homes and therefore lost their wealth. Now comes the reconstruction and rebuilding process. But this time around, many will have the tools and skills they need to make it count.
This “great recession” has taught our capitalist nation a valuable lesson. Living above our means has been a reoccurring theme and our government led the way. Studies are showing that people are a lot wiser since our error has been exposed. Lets just hope that credit awareness improves even more than it has already.
Here is a great article on the subject.