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Monday, February 18, 2008

The falling American dollar could be a good thing

Over the last several months, I have read stories about how the American dollar is falling in value on the world market. OH, MY! WE ARE HEADED FOR A RECESSION! Oh, please! Enough already!
Sure, the housing is in quite a slump. That happened only because of irresponsible lending and people buying into the idea that bigger is better. Foreclosures are up because people bought McMansions that, in the end, they could not possibly afford and really didn't need anyway.
But, there is a light at the end of the tunnel.
With the dollar being down against the Euro and other foreign currencies, that means that American made products are getting cheaper. European companies could be looking to outsource labor to the United States, since that too would be cheaper. Instead of Americans travelling to other countries to buy products there, foreigners are looking to buy things here. Contrary to what some people say, all is not lost. People are just giving in to panic. And it is a panic that all these debt consolidation companies are playing heavily.
Those vultures may give someone a "low monthly payment", but it comes at a very high price, in terms of interest. Take out one of those and instead of being able to pay off your debt in five years or less, you will be stuck paying mostly interest for thirty years or more.

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