You're watching...
FBN’s Gerri Willis on Americans reducing their debt and getting their financial houses in order.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
You know I have to tell -- I'm tempted to go shopping to take advantage of all -- big sales at retailers are having this week but you know what I can't bring myself to do it.
Frankly -- just rather hang out with my family and I -- not the only one sitting home.
Most of us are -- down our debt instead of spending money.
Five years after the borrowing bubble burst the number of mortgage holders that are behind on their payments by two months or more -- is down 9%.
Pretty impressive right.
Mortgage delinquencies are down to -- And now the Federal Reserve says that Americans are spending 11%.
Less of their disposable -- -- Paying down debt.
11% the total proportion.
Of the money they get in the house goes right to paying down debt which I think is a fantastic.
Performance and the best since 1994.
Now think about it regular Americans like you and me are getting your financial -- -- -- order were more responsible.
Were managing our money better.
The opposite though is going on in Washington.
On Monday we hit the congressionally said debt ceiling the nation is set a record four years of deficits -- trillion dollar levels.
The national debt is at an all time high of sixteen point four trillion.
Social Security running a deficit for the second year in -- -- -- have Democrats calling on Republicans to raise that debt ceiling again.
Despite the fact they raise -- by one point two trillion less than a year ago.
Sounds like our leaders need to make a few financial resolutions this year and here are my suggestions for -- first of all.
Don't spend more money than you take in pretty basic stuff for most of us a novel idea in Washington.
This year the Fed spent 29691.
Bucks per household.
They borrowed three dollars and twenty cents a that every ten dollars they spent.
Now I can't tell yet it's -- -- acquire some discipline cutting spending in other words you can't tax your way to fiscal solvency.
My next resolution and planning ahead make a budget the senate has failed to do this and four of the last four years he can't get ahead if you don't know where you're going.
And stop flying.
The federal budget is full of gimmicks that are really just stinking allies like the automatic spending increases that bump up spending with no congressional action.
So when members of congress say they're cutting spending what they're really doing is cutting the growth of spending I can go on an -- that you get the point.
The ideas -- wanted every high school student has heard from mom and dad it's about time congress was given a lesson.
