I came across a great clip today that ties into how I’ve been feeling lately. I haven’t been a big proponent of the bailout, and in fact I’ve been giving my representatives a call to let them know I’d prefer they not pass the estimated $700 billion dollar package to bailout financial institutions, and I understand that could mean some serious pain in the short term as well. Regardless enjoy the clip (though I could do without the cut sequences in between the cartoon, I thought it spoke well on it’s own).

With the stock market taking it’s largest 1 day hit ever, many in Washington are fearing an all out economic collapse. Personally I feel the drop is somewhat deserved. After all, weren’t most consumers involved in the housing bubble or credit crisis somehow? Aren’t most of us charging increasing amounts of money we don’t have to credit cards? Aren’t more people buying more mortgages they can’t afford? The answer to all of these is yes. Both consumers and wall street are to blame for this economic scenario.

Ultimately though there will be some type of government involvement, though how much it will cost taxpayers and how deep nationalization of the financial sector will go still remains to be seen. Lawmakers and Congressmen are all scrambling to find a solution after the first proposed bailout failed to pass by a narrow margin. I’d imagine we’ll see a modified version of the original bill or a new initiative within a week, especially given the increasing amount of pain being felt in the markets. Consumers, for their part, are desperately scrambling for their own reasons, like credit repair and saving to keep up with tightening lending standards by banks and other financial institutions.

It’s an interesting time to be alive, to be sure!

So, we’ve previously covered a recent study that shows that credit cards tend to increase our tendency to spend money, which I didn’t find entirely surprising. At present, credit card debt has been, and continues to be, on the rise. As a nation, we have about $850 billion in credit card debt. Not exactly chump change.

Understanding your own tendencies when it comes to credit is vitally important. If you’re on of those people that tends to let extra money burn a hole in your pocket, you may not want a card at all. If you’re looking to get out of credit card debt you already have, it may be time to consolidate your debt and focus on getting out. Freeze your card, burn it, cut it, whatever, but if it’s a hindrance to your financial well being, get rid of it!

Trying to borrow money for anything these days is getting increasingly difficult. If you have to get a car, obtaining a car loan may not be easy, especially if you’re looking at car loans for bad credit.

It’s possible, but it’s unlikely to be easy. With lenders tightening their standards across the board, it would behoove you to do your proper research and read the terms of your loan very closely to see if you’re getting the short end of the stick.

Greetings from the great state of Indiana. Or, as I like to call it, corntopia. Perhaps land of endless corn or the great corn state would be a more appropriate motto for the place. Seriously, its flat. After a reluctant journey with my older brother across half the country to get his things from his former place of residence (he has since moved back with us in Pennsylvania), I have to say I’m actually just enjoying the trip.

Better still, I’ve got a nice quiet place to work all day. I can see why Kirsty likes having a work environment conducive to getting stuff done. Whilst my brother runs around the campus here doing exit interviews and packing, I get to sit down, enjoy the AC and free internet of his room, and go to work. If I can keep my income level at an acceptable threshold, I could get used to this whole nomadic lifestyle thing.

Of course there’s still some debt for me to clear out, and that’ll be first priority once my income ducks are in a row. This may mean a part time job to bring in a more steady source, or I’ll continue to do what I’m doing now and just keep on building from the ground up. Speaking of debt relief, I did recently come across another debt consolidation site that may be worth looking at. They have a pretty vibrant community of members, about 121,000. Its always nice to know there are others out there that are in a similar predicament, whether you’re just shoveling out the last bits of debt like me, or if you’re up to your ears. So feel free to give Debtconsolidationcare a look, but as always do your own homework before proceeding!