Getting debt under control
Commentary: U.S. consumers are putting their affairs in order

Even as analysts debate whether the stock market’s five-month rally is nearing its end, it’s clear that consumers are more interested in paying down their own debts than they in betting on the market.

June marked the fifth consecutive month in which consumers paid down credit cards and shaved other debt, according to the Federal Reserve. In a depressing economy, reducing debt is no surprise, but the Fed’s big news was that the amount Americans put into debt reduction was twice as much as economists expected.

Folks woke up to the reality that you just can’t keep living on credit forever.

I hope the government gets the same clue soon.