Archive for January, 2009

There’s always an upside to any crisis. It might not be real pretty, but it’s there, nonetheless. The old adage that every cloud has a silver lining is proven in this listing of the Ten Best Consumer Finance Events of 2008:

1. The outcome of the 2008 presidential election. No one can doubt that the outcome of this election, while heralded for its historical importance, has also helped change the ill feelings toward the direction of the nation that will ultimately affect how much money consumers will spend.
2. The Fed lowering the prime rate. The mortgage meltdown brings lower financing costs for loans.
3. Falling oil prices after the financial crisis. Consumers severely curbed their driving activities, which caused demand and prices to plummet.
4. Falling automobile prices. As a result of the credit crunch, vehicles became more affordable, even if loans aren’t quite so readily available.
5. Lower prices at the supermarket. This was felt mainly after the election in November and at the beginning of the holiday buying season. Retailers’ reaction to what was going to be a dismal buying season brought lower prices across the board.
6. Saved marriages. Divorce rates fell as financial realities overrode the need for change in many situations.
7. Selling and buying used instead of new. It’s always been great to buy used, but now it’s the “in” thing to do. Long live eBay!
8. A slow trend towards debt retirement and financial solvency. Even with the bad news about the mortgage and consumer credit crises, there’s a trend towards getting out of debt and living financially independent. With several national personal finance experts pushing this topic, it’s beginning to take hold, especially in the middle class, where it’s needed most.
9. An increase in credit card competition. Yes, this is good news for the consumer. It means lower rates and fees on the best credit cards available to those with good to excellent credit scores.
10. Industry sectors that prove to be advantageous as career choices. Think healthcare-related fields. As the Baby Boomer generation continues to march towards retirement, long-term care of the elderly is on solid ground as a job option.