Silver lining: "a fundamental shift from living on borrowed money"

American debt nightmare ends easy credit era

Excerpt:

xperts say that even when the current credit crunch eases, the nation may finally have maxed out its reliance on borrowed cash. Today's crisis is a warning sign, they say, that consumers could be facing long-term adjustments in the way they finance their everyday lives.

"I think we're undergoing a fundamental shift from living on borrowed money to one where living within your means, saving and investing for the future, comes back into vogue," said Greg McBride, senior analyst at Bankrate.com. "This entire credit crunch is a wakeup call to anybody who was attempting to borrow their way to prosperity."

Comment: Article tells of a man who couldn't buy a new car because he could not come up with a $ 1,000 down payment! Simple plan ... save up for it!