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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Debtor vs Creditor Date:  8/31/2014  10:45 AM
Author:  Windowseat Number:  308560 of 313028

I'll bet there is some percentage who would choose debt anyway just because they don't have the discipline to prioritize long term over short term.

I don't think there are many people who, in the course of thinking about how they plan to live their life when considering future careers, earnings, family and so on, decide, "I am going to live a life based on debt. I will live my entire life owing huge amounts of money and never have a comfortable night's sleep because I will always be worrying about how much money I owe."

People fall into debt. There are student loans, even if it's at a state college or a training school. There's credit card debt from setting up a new apartment (or room in a shared apartment). Then there's this or that or the other thing. Soon, much to their surprise, they are deeply in debt.

How many times have people shown up on this board, explaining that they just realized they are in debt and need help, and when we ask them the total they don't know? And are horrified to discover how much they do owe? Think about how many times we've heard something to the effect of, "I thought I owed about ten thousand, and instead it's over forty thousand and that does't include the mortgage!"

So asking a high school or college graduate to decide about living with or without debt won't solve the problem. Even if you explain how much they'll be paying in interest charges, or how much of their future will be in hock, the vast majority will just shrug it off. Yes, a few might listen, but they'll be in the minority.

It's sad, but there it is.

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