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Some experts say Americans money management is improving

By Lauren Payne - bio | email feedback

JONESBORO, AR -- "When you're trying to live on a budget, you have a fixed amount of money.  You don't always know when or even how much you've got coming all of the time," said James Walker.

That uncertainty is why James Walker keeps a close eye not only on the money coming in, but also what's going out.  He adds he doesn't use credit as a crutch either.

"We have one credit card and got it paid at the end of every month,"said Walker.

Walker says he's more fiscally responsible than in years past.  According to the American Bankers Association,  more people are making financial responsibility a top priority. 

"Folks are just starting to take stock of their finances and think, you know, I really need to get my affairs in order so that I can weather those tough economic times," said Financial Specialist, Garry Patterson.

The ABA says nationwide fewer people are late on their credit card payments--adding several consumer debt categories are seeing fewer delinquencies.

Patterson says part of that is because the credit crisis is forcing many to start over. 

"They're re-establishing credit and they're much more careful again to do it right the second time around," said Patterson.

Patterson says many people are just more cautious these days, working to get and keep good credit.

"People are trying to be more wise about their spending and their decision making," said Patterson.

James Walker says hopefully his decision making and money management skills  will take care of him in good times and bad.

"I don't want to borrow money for anything other than a house and even that if I can avoid it," said Walker.

If you are on the road to recovery and are looking to regain control of your budget, Garry Patterson offers some tips to help including--find out where your money is going, develop a budget, determine needs versus wants, and set goals, eliminate debt to free up cash, start saving, make good buying decisions.

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