On the Bright Side...

Americans were in less debt in 2008 than they were in 2007. Consumer debt fell by 3.4% in November '08. However, you have to read in between the lines to understand what this statistic really means.

Consumers were in less debt in 2008 because they were forced to be. Credit card companies dramatically increased interest rates and creditors substantially reduced lines of credit. Therefore, debt reduction was not a choice, but a reality.

Thanks to creditbloggers.com for the update