I read an article on the MSN homepage this morning 6 Steps to wipe out credit card debt http://money.msn.com/debt-management/6-steps-to-wipe-out-credit-card-debt-indexcreditcards.aspx I am always looking for a new idea that could help us as we work our way our debt. I didn’t find any new ideas in the article and a couple of the ways they mentioned could just cause bigger problems.
One small paragraph in the article really made me think.
“There is a group of people for whom there’s little choice but to continue to live with rising debt. They’re the ones who — often through no fault of their own — find themselves with so little income that they have no choice but to continue to run up credit card balances to feed their families, maintain a roof over their heads and keep the lights on.”
We have lived with very little income and debt. We still live on not a lot of income and debt. I have also known people that have lived on very little income with no debt. None of those situations are easy but is there really “no choice but to continue to run credit card balances.” What about those living on credit cards with steadily increasing balances can it really be “through no fault of their own.” Again that is a situation we’ve been in, paying so much in debt payments a month that we couldn’t buy food without using a credit card. That wasn’t through no fault of our own. We had made choices to get into debt to begin with even the debt that was “good” debt or “ok” debt. I had student loans, we had a car payment for a not fancy, not expensive but new, reliable car & then we had a baby with lots of medical bills and a job with a long commute.
It is never going to be easy to get out debt and I think you can certainly get to the point that is impossible but I don’t think that for the majority of people they are going to get to that point with “no choice” maybe this is just a continuation of so many other themes in life lately. The thoughts that there is always someone else at fault my mess. We wouldn’t be in debt if not for the banks giving us so much credit to begin with. If I couldn’t afford the car why would they give me the payment??? I know there has been (and probably still is) some bad lending going on but sometimes we really do have to take responsibility for it and say It is my fault.
I’m going on the record and saying we didn’t make a lot of money (and we still don’t make alot of money) when we started racking up debt and It Is My Fault and I Did Have a Choice.