Your Fallback Plan: Credit and Debt?Susan Boskey Investors party on as the stock market soars above 17000, and mainstream media reports the welcome growth in the equity markets as further evidence of economic recovery for the United States. But since when does telling people what they want to hear make it so? Self-delusion, in this matter, is entirely unsustainable. The good news first: 38% could pay their bill right away, including from savings. The remaining 62% could not. This comes as no surprise to those who find themselves cash poor living paycheck to paycheck. Of this remaining large group, 26% said they would cut down on their spending in other areas, 16% would hit up their friends and family for a loan, 12% said they would put it on a credit card, and 8% said other. Despite the 26% who said they would cut their spending in other areas, it is not far-fetched to consider that most, if not all, of the 62%, at some point, had to borrow some amount to cover this extra expense. On one hand, Bankrate spills the beans on household budget reality, but on the other, their banking-business model leads not to solutions but rather to the same vicious cycle of credit and debt. Do you think Bankrates financial planning department provides customers with the fact that the monetary system is based on debt? And because of that fact, money is now only worth 4 cents (at the most) on the dollar? And do they tell their customers that because of the ongoing loss of purchasing power at the register they must totally revamp how they earn, spend, save and invest not just pinch pennies and put money in their 401(k)? I seriously doubt it. The propaganda of economic recovery has only made things worse for families; but since consumer spending is 70% of the Gross Domestic Product (GDP), facts pale in comparison to the perceived need of getting people to spend more. Economic-recovery propaganda also keeps people just satisfied enough so as to minimize the risk that they might find the man behind the curtain: the dying monetary system. So while Rome burns, Nero fiddles, and the 99% are left thinking that their lack of ability to save is solely an indictment on them, which, in the biggest picture of how money works, is only partially true. In the New-Normal economy, if to thrive into the future, seeking an understanding of the big picture is ground zero for financial IQ that makes a difference in our personal lives. Susan Boskey is author of the book, The Quality Life Plan: 7 Steps to Uncommon Financial Security. The information in the book not only exposes the systemic-root cause of the 2008-09 economic meltdown but, perhaps more importantly, provides critical steps to help everyday people turn the tide and build real wealth. To learn more or to purchase the book, visit her website at http://TheQualityLifePlan.com 