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Society is a Debt-Driven Society

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I was thinking about this the other day – you can’t really get far in today’s society without debt. How many people can buy a car without an auto loan? Or buy a house without a mortgage? Not many. That is mostly reserved for the wealthy or well-to-do folks. But for low and middle-income families, debt is a fact of life.

I guess the main thing is how to have “good” debt and not “bad” debt. When did debt become “good”????

Technorati Tags: debt, debt+society


When I Grow Up, I Want to be in Debt

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I look at my four-year old son, and I realize that I do not have a savings account for his education. I can’t justify at this moment putting money away to save for his college fees when I am paying 16% plus in credit card interest. It makes more sense to use any extra money that I may have to pay down my credit cards.

I do feel bad though. I hope that he can get scholarships or perhaps get grants. I almost wonder if I should start entering him in kid scholarship contests or something. Maybe by some twist of fate my debt will dwindle down and I can finally start putting away something for his education.

Now, I do not want to give my son a free-ride through college. It seems as though sometimes when things are just given to you, you do not necessarily appreciate it. I’d like to help my son, but I want him to work for what he wants as well.

I am truly dreading how much college will cost in 2019.

Technorati Tags: savings, college+savings, debt, college+debt

Almost $37,000 in Credit Card Debt

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I am working on getting all the numbers for the website, and I cannot believe how much credit card debt I have: $37,000.

I think I’ve read somewhere that the average household has $7,000 in credit card debt.

Seeing all these numbers on the internet is such an eye-opener and it is weird. I am as upset as I thought I may be. Rather, I am more motivated. I want to see that number dwindle!

Technorati Tags: credit+card+debt, credit+card

Debt Calculators

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There are great resources on the internet that can help you make financial decisions about your debt. I have provided links to a few calculators that I have found very useful.

If you haven’t found them already, they are in the right left sidebar. If you happen to find one on the internet and would like to share, leave a comment and I will add them to the list 🙂

Technorati Tags: debt, debt+calculator

The Debt Looks Better on the Other Side

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I’ve heard this before, and I wonder how true it is. When you make more money, you have more debt.

First thinking about that, I ask myself “How could that be??”

But when I think about it a little bit more, I think I can see how that can happen. When you make more money, you get used to a certain lifestyle. That lifestyle can mean accumulating debt in order to maintain it constantly. Just because you make $300,000 a year, it doesn’t necessarily mean you can afford a $50,000 car without taking out a loan.

Now, if Bill Gates has debt, I would be SUPER surprised 🙂

Technorati Tags: debt, more+debt, bill+gates

My Mortgage Debt

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After looking at my debt, you may be wondering why I have such a low mortgage debt.

It may be hard to believe, but my home only cost $35,500. This value reflects the general real estate trend of the area. Most homes are very affordable where I live compared to big cities. If I was living somewhere else with my income, I would not have been able to purchase a house.

When I applied for mortgages, even obtaining one for $35,500 was a challenge due to my debt. But I was working with a wonderful woman who tried her hardest to get my family into a home. And she was able to do it.

Technorati Tags: mortgage, mortgage+debt, real+estate