Debt - whose fault is it?

[cheapwine]

I know that everyone must have a different story about how they got into debt. My debt is 100% my fault. I made a lot of stupid mistakes when I was younger and then just didn't want to deal with the aftermath and let the debt continued to build and build and build. I am now paying for it now, but I have finally gotten to the place where I'm willing to tackle the debt and do what I have to do to become debt-free. For those of you that have debt, I'm wondering whose fault the debt was? Was it your fault? Was it somebody close to you fault? Was it the fault of circumstances beyond your control?

[clintdavis]

Originally Posted by cheapwine

My dad is 100% my fault.

What do you mean by this?

[cheapwine]

So sorry - typo!!! It should be "me debt is 100% my fault"

[Hector]

Its not easy to take ownership. Great start.

[Pansori]

My past debt was my fault. I wish it was someone else's fault. But no, it was all me, desperately trying to keep up with the Jones. I am glad I woke up and realized what I was doing before it spun too much out of control. I honestly feel like I came out for the better.

[cheapwine]

I hope that there is a day that I can feel the same way. I know that I will be better off, but sometimes it feels like it so far away.

[howslife]

It is the credit cards fault. Why did I ever get one?

[snafu]

cheapwine: Good on you for accepting responsibility for actions that resulted in debt. It is the most important step in getting through the process. If you post debt details, there are many knowledgeable folks here who will take the time to make suggestions that have potential to make it easier and avoid errors.

[cheapwine]

snafu: Thank you. I think I will do that.

[steveaz67]

Bored with my marriage and spent to avoid dealing. Her fault!

[DanielB]

Totally my fault...don't see how it could ever be anyone else's. One could make the case that it would be in the case of, say, medical bills for a kid. However, even this would be my fault, as I failed to save enough money up-front to cover these emergency expenses.

[Frugal]

It's a mixed bag sometimes. What if you cannot afford to make loan payments, so you can't drop out of college, and are forced to continue getting loans? What if you had no real options but to go to the cheapest colleges, and even still have to take out debt because you had no other employment options? I think debt is a personal decision, but there are times when you are cornered by it. If you don't learn how the system works to entangle us in debt, you will end up entangled in it. I wish I had simply realized the ONLY good choice I had was counterintuitive, but would have given me the option of feeling like I had control of my finances: DROPPING OUT of college when I could no longer afford it. The degree never helped me land a job, anyway.

There are people with major medical expenses that end up in debt. You could argue that is someone's fault if they did not save enough, but sometimes there are circumstances a bit beyond your control. I have never been in this particular situation.

[jpg7n16]

YouTube - "Jim Rohn - You can't blame everything"

[wolfy]

I place the blame 55/45. 55% my fault because I was young and REALLY stupid. The 45% because I had a medical expense that was not expected and not my fault in any way shape or form. A third party (not insurance) did not pay the bill as was agreed to and now I am on the hook for it.

[dawnwes]

Well, my fault. I honestly believed that it was normal to have student loans and car loans.

I never had credit card debt so I am thankful for that.

Dawn

[scot184]

My credit card debt was my fault, but I paid it off and learned my lesson. Fortunately I learned about balance transfers early on and saved a lot of money by avoiding high-APR finance charges. But ultimately it was my fault...you can't blame the system...we're all grown boys and girls...

[Shewillbemine]

Debt is the person's fault.

I despise how many people view credit card companies as evil and celebrate ways to cut down the debt they gleefully accumulated. I've never seen Chase, Discover, MC, VISA, AMEX or any others hold guns to people's heads at the mall, internet or stores.

Ignorance is not an excuse. Your debt is your fault.

[ActYourWage]

Originally Posted by Shewillbemine

Debt is the person's fault.

I despise how many people view credit card companies as evil and celebrate ways to cut down the debt they gleefully accumulated. I've never seen Chase, Discover, MC, VISA, AMEX or any others hold guns to people's heads at the mall, internet or stores.

Ignorance is not an excuse. Your debt is your fault.

While the CC company may not be evil, there are collection agencies that are very rude and VERY disrepectful.

[Fizgig]

Debt is the fault of the borrower, however credit card companies hand out unsecured debt like it's candy and have ridiculous levels of protection. They are taking a big risk and yet are largely immune to default.

[James Hoehner]

Yep, totally agree that accepting your own debt responsibility is the first step. The next step is to take action.