Comments on: A Life Without Debt: Grudgingly Taking the Punishment

By: Richby30Retireby40 Blog

Richby30Retireby40 Blog — Thu, 16 Jul 2009 22:36:55 +0000

It doesn’t pay to be disciplined. It’s about joining the crowd and reaping all the rewards. Look at Goldman. They got a free $10billiion bridge loan from the gov’t, paid it back and made billions. They got it right.

By: Diane

Diane — Wed, 08 Jul 2009 23:31:12 +0000

I am also thankful to be debt-free. The current financial crisis is still frightening, but so far we’re surviving.

In the past month I’ve had $750 in unexpected car repairs and an $800 increase in homeowners’ insurance. I feel fortunate to have the money available to pay the extra expenses.

I might consider paying an annual fee to keep one credit card, but if they start charging interest from the date of purchase I won’t likely use it!

By: minny

minny — Wed, 08 Jul 2009 14:25:13 +0000

Same here in the UK. When I think of the government’s catchphrase when they came into power in 1997 -things can only get better – and they began to create a ‘miracle’ economy based on massive debt both personal and state.

What a good time so many people had! Living

By: EOD

EOD — Wed, 08 Jul 2009 06:53:44 +0000

As frustrating as it feels, you are right. You are still better off. Bailouts have replaced personal responsibility.

I am working to become debt free, except the house, with only $3,000 of student loans left to go! We will never borrow another dime!

Personally I have decided that credit cards aren’t worth the trouble or the risk, even if we were to pay off the balance monthly. If I don’t use them, it’s one less thing I have to worry about.

By: Jay Gatsby

Jay Gatsby — Wed, 08 Jul 2009 01:29:51 +0000

#8 – unfortunately, her friend won’t listen. You have to let people fail before they will learn from their mistakes. If her friend has children who will go hungry or naked without clothes, perhaps she can give them some food and clothing that would otherwise go to Goodwill. Unfortunately again, her friend would probably have too much pride (or ego) to accept such charity. Yet that’s part of the lesson. You must learn to accept charity when it is offered. People don’t extend charity expecting to be paid back, but rather that you might “pay it forward” when someone needs your help. That used to be the way in America. Not anymore.

By: anonymous

anonymous — Tue, 07 Jul 2009 22:53:50 +0000

You are going to really shake your head when you see your friend finally be forced out of that house, but as a last straw trying to stuff everything she owns into a $100/month storage shed, as if her very soul resides in all that stuff. Please tell her to sell all her crap now. It usually takes several months of living miserably in someone else’s guest room before you realize all that stuff is just crap and that six months worth of storing it away could have bought two months’ dignity of living independently, even if in some hell-hole.

By: Julie

Julie — Tue, 07 Jul 2009 19:50:20 +0000

Great article and I agree with you completely. I am so glad that I am debt free.

By: fern

fern — Tue, 07 Jul 2009 19:26:35 +0000

I understand how you feel. While I haven’t figured out yet whether I’d cancel a credit card rather than have to pay an annual fee, i have discovered in the past year or two one thing: I hate banks, especially the big ones.

By: baselle

baselle — Tue, 07 Jul 2009 18:08:13 +0000

It stinks, I feel the same way.

But in the big picture it feels like there’s less money around. So if you quietly have some real money and you keep what you have while others are loudly losing their fake money, its a consolation.

But storing money in a mattress is starting to look better and better. It doesn’t earn interest but it doesn’t get taxed either.

By: Anne

Anne — Tue, 07 Jul 2009 17:33:10 +0000

Great article.

That’s the way society is now. The responsible people (who live below their means) are constantly expected to bailout the irresponsible people who lived above their means. I am really tired of it and I have a hard time feeling any sympathy for these people. Sometimes people have to learn things the hard way.

Credit cards are dangerous, especially in the hands of irresponsible people. Things are starting to go back to the way they were in the old days. If you can’t afford it then you didn’t buy it.