We entered into a recession in December of 2007. It has resulted in over 1.5 million jobs lost this last year. Consumers are turning to payday loans in order to stay on top of current economic pressure. This is already one of the longest recessions since the Great Depression; only two have been longer. Could another Depression be the result? The American people’s habits of consumption are unequaled by anyone; we as a nation consume more than any others on the face of the earth. We have a wealth of financing options available, like short-term installment loans, payday loans, cash advances, or credit cards to help us get anything we want. Americans average over $8,000 in consumer debt alone, and our habit of overextension has finally put us in real danger. We not only should be conservative with our spending, but with our natural resources as well. We still have a lot to be thankful for. 80% of the world lives on $10 a day or less, and the poorest 40% of the world accounts for 5% of its income. The richest 20% accounts for 75% of the income, and if you have a roof over your head, food on the table, and running water, that includes you. Count your blessings, and be cautious and proactive in limiting your spending habits. You may end up with some more for yourself, or a little extra if you want to lend someone a helping hand. Click here to read more on consumer use of payday loans.

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