Before I can take make any form of comment against anyone who is in debt I have to acknowledge my own debt and that I’ve got more than enough of. I’m currently 41K in debt as of writing this. But is that the way that we should be living our lives? No, the answer is pretty simple, no one wants to live in debt. When you get into serious debt the debt begins to control your life, you have to pay the minimums on your payments before you do anything else and those of you that have been in this situation know that its not a fun place to be. Then one day you realize that you’re keeping a job you don’t like to maintain your debt (I was at this point a few times in the past)
I have no one but myself to blame for my debts, if I had school debt I’m sure that I would still be using that as my excuse but I don’t. The only person that I have to blame for my debt is myself and I have no illusions about that. For years I essentially kept up with the ‘Joneses’ and lived a lifestyle that was way beyond my means. Did I enjoy it at the time? Yes, but I did realize that I was slowly getting further and further in the hole which meant that I needed to use more credit and incur more debt to maintain that lifestyle; it’s a very vicious cycle that’s hard to break.
Debt in of itself is pretty simple in that it is spending money that you do not have and credit cards allow you to do just that. I know why I’m in debt, I spent money on food and eating out and drinking, where I really should have said no I can’t afford it, for years. Any I think the first step in solving the problem is knowing where it came from so that you can adjust your lifestyle to help stop the vicious cycle. For me in was going out to eat all the time (mostly money that was spent on entertainment) and I kind of knew this until I sat down and started tracking what I spent my money on and I was blown away by the amount I was spending on things I didn’t need.