Skip to comments.Credit Card Debt Nears Toxic Levels
Posted on 02/27/2012 6:49:58 AM PST by upchuckEdited on 02/27/2012 6:51:05 AM PST by Admin Moderator. [history]
More American households are falling back into the debt hole, this time without the safety net of home values to help bail them out, the New York Post reported Sunday.
Last year, total US consumer debt reached its highest point in a decade, according to a credit card industry observer.
(Excerpt) Read more at myfoxdc.com ...
No choice now. With the average job lasting two years. Either live debt free or go bust - that is the choice now.
As the woman said to Obama "Beans and Franks" is that my "new reality"?
My needs include food, clothing, and shelter. That does not include an excessive number of expensive restaurant dinners, clothes and ornaments that are "in" but serve no purpose, or luxury hotel rooms merely for the sake of conspicuous consumption. Once I saw that simple fact, my wants contracted to match my needs. What I really want in life: to help keep America free, and to spend more time with my wife and children. What else could compare? Certainly the trinkets marketed on television pale next to that alternative.
In 2007 someone told me that if we all did that strategy, the US and world financial markets would implode.
Studying the situation, I found he was right. The economy runs on debt, and has for almost 70 years.
Looking back into history, similar things have been done, but never on this scale. The crash is going to be nasty.
Or to put it a bit more cynically, the economy runs on stupid people.....it's just a big exposition of "The Greater Fool Theory."
Oh, thats right, the Banks know that the Gov't will just bail them out.
It's easy to say this when you have no debt in the first place. Say it again after a family member needs major medical care for months on end. Should I learn patience and restraint then?
Well, people are only following the example of our government ......
I am so close. If nothing catastrophic happens in the next 9 months, I’ll be free!
Same here. We will be debt free but the house before Christmas. Actually, I ran some projections and it could be done as early as October if Murphy doesn’t come knocking. The fully funded emergency fund a couple of months after that and the house should be done about 5 years after that. Financial Peace.
I don’t know about you, but I waver back and forth between two options: If I throw all of my savings at the debt, I could be done in 3 months. But then I’ll have absolutely nothing in case of emergency. Part of me says, “You lived paycheck to paycheck for years and there was never any emergency you couldn’t handle.” The other part says, “Yeah, it only comes when you can’t handle it. Don’t do it.” I don’t know. I so much want to be done, done, done with it all...
Hang in there. You can do it!