The reason being is that the average homeowners’ debt structure of credit cards, medical bills, car loans, and underwater home mortgages is simply unsustainable. To clarify, there is no more need to worry about the sky falling, it already has. One can either deal with it or ignore it, but the problems will not go away.

This is because you cannot pay bills with money you do not have, like by trying to obtain more loans and credit in the future, especially when you are not likely to receive loan or credit offers. What remains is your willingness to be objective about your debt, income, and your future finances. You can do this by adopting a practical approach to handling your finances.

Just like General Motors, I ask that you objectively evaluate your financial situation as it stands today. In the near future, I recommend that you don’t buy what you don’t need, don’t spend with what you don’t have, and most importantly, don’t think that you are in this financial crisis all alone.

Your credit rating and the amount of credit you will receive in the future is dependant on your actions today. It is essential to your credit future to be the type of person who objectively manages their debt or restructures their debt today. Like with General Motors, ignoring your debt will not make it go away. Your credit future is far more important now than your past credit ever had been.