Wealth-Coaching

In today’s debt elimination blog, I will discuss the current state of the market and the importance of debt elimination within a volatile market.

It has been all over the news. The stock market was one of the biggest stories last week as the market reacted to the sub prime woes that have had a death grip on the American economy for some time now. The market posted triple digit losses twice last week, but somehow managed to post an overall gain for the week. The sub prime market has forced many lenders to restrict the amount of loans they give out. In addition to this, lenders have also been forced to raise interest rates which make the prospect of eliminating your debt particularly hard. There is some silver lining in the clouds however, as the Fed pumped a bunch of money into the economy in order to help quell fears and avoid an economic downturn. This may not be enough, however, and the Fed may need to cut the interest rate even before their next quarterly meeting. This would open up the lenders pockets and jump start the economy. Either way, it should serve as a reminder that carrying too much debt is a dangerous proposition.