The Fed wants to change the way FICO scores are calculated.

The Fed also wants to make sure that people getting a mortgage can really afford the mortgage and other costs associated with a home.

It seems to me that the federal government wants to mandate and regulate common sense.

For many years the lenient credit offers that were given to people have made it way to easy for people to get credit and to abuse it.

Most people have more credit than they can afford. If you have a good credit score it didn’t happen overnight. You built up credit just as people amass a savings (or fortune). Even people with a high income aren’t necessarily good credit risks.

When I heard that the government wants to make sure that people have enough to pay for insurance and taxes when they are getting a mortgage, I had a head shaking moment. Maybe I am jaded but when I sought out a mortgage the loan officer asked questions and looked over everything that I had. Since I hadn’t owned before I needed to show some kind of proof that I could afford a mortgage and still have some money left over so I wouldn’t be destitute. Since this obviously hasn’t been happening with “no-doc” loans it has added to the mortgage problem. People were not given adequate counseling and didn’t know about some of the additional costs of home ownership.

Easy cash without regard as to how the consumer will repay the loan has gone by the wayside.

For some this will be a terrible hardship because they have used home equity loans to finance their lifestyle (or unfortunately for some basic necessities).

The credit crisis is not just a US phenomenon, other countries are having their own credit problems. This should speak to us as consumers, both national and global that we need to live within our means, whatever we have.

Common sense shouldn’t have to be regulated. People should regulate themselves and realize that having things are not that important despite what media outlets tell us

Treat yourself. Christmas is the season of giving and if you give too much you will be stressed out and tired. What you need to do is to relax for at least 15-20 minutes even if it is something as simple as having a cup of tea and a muffin or reading a magazine.

I understand that there are a lot of things that need to be done… Although time will still pass regardless of whether or not you one thing or another.

If you can’t spare that extra few minutes have a cup of tea while doing the Christmas cards. Despite what every manufacturer tries to persuade you,  getting a card will not stop the world and sending them should not cause you undue stress, either.