Sharing Daily Discoveries About Personal Finance And Business Topics

Is Debt Supposed To Be A Part of Life?

financial planning

I heard from about two people this week who have accumulated a massive credit card debt which is well over the $5000 mark. They weren’t exactly too phased by it and mentioned that people normally have a credit card debt anyways and that you just need to learn to live with it as it will always be there since it is too big to pay off. One person actually had a debt within the five figure range.

I just couldn’t believe that way of thinking. In my opinion, like anything else small steps can go a long way in solving big problems. You can’t always expect to accomplish things in one go or else classify it as something impossible to do. Saying things like a credit card debt is simply a part of life is almost like saying falling down and getting hurt is a part of life and so you might as well not get up while learning to live with your face on the ground forever.

In some instances, I’ve even heard from people that slowly chipping away at your debt can be a fun and rewarding thing to do to show that you do have control of your finances while being able to follow through with goals. That’s the kind of attitude that it should be I think when it comes to any kind of financial situation.




3 Comments to Is Debt Supposed To Be A Part of Life?

  • Yes, for many people, credit card debt is considered a normal part of life.

    It seems like auto loan debt is a normal part of most peoples financial pictures as well, which doesn’t make any sense to me.
    Why take out a loan for a new $30,000 car that you can’t really afford? Most people can afford to buy a good used car for only $3000. I know, because I’m driving a ’95 Toyota Camry with 100k miles that costs that much from a used car dealer. It’s very reliable and fuel efficient.

    joewatch 10/14/2007 11:34 am
  • Maybe it is one of those “You can, so you will” type of mentality when it comes to a loan like that.

    Alan Yu 10/14/2007 6:27 pm
  • Sadly YES!

    Luciano 10/15/2007 4:08 am

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