Dear Readers,
I’m beginning a new project dealing with debt and its impact on our lives. I want to hear from real people about their experience with debt–how it has impacted their lives, how it makes them feel, etc.
Please leave a comment answering one or more of the following about your own experience with debt:
1. How does debt make you feel?
2. What debt bothers you the most?
3. Do you have a story (good or bad) about debt from your own life?
Later this week I will be sharing my own story of how debt has impacted my life and how it now feels to be completely debt free.
Please leave your own comments/experiences below.
PS: If you are looking for this week’s edition of I-Marketer, it is here:
http://all-in-one-business.com/imarketer/category/current-issue/
All my life (more than 50 years!) I have had a fear of debt. This fear of debt “kept me in my place” I worked seven days a week…had no holiday for nineteen years…yes 19 years…got sick can’t work now. I have tried net biz with some success but still my ambition is defeated by that old fear that never leaves me.
Best Regards Mal
Debt makes me feel like a failure. It means I haven’t been able to make enough to take care of my needs without using credit to get by.
Several years ago, I had to use credit cards to buy groceries because there wasn’t any money left after paying my mortgage and utilities. If my son or I needed clothes, they also had to be put on credit cards. Eventually, the debt become so much I was unable to even pay the minimum payments without skipping on other bills. I refinanced my house and got the credit cards paid off. I no longer have credit cards but now my mortgage is high enough that it is also hard to keep current.
Unconrolled debt will ruin your chances for a decent life. Making the minimum payment on a large debt will take most of your life to pay it off if you ever do. You can’t afford the extra interest. You will probably pay several times what the originial debt was. I have found that having compound interest working for you instead of against is the best policy. After you have invested for a few years you will no longer have to live from paycheck to paycheck Investing just a few bucks a months adds up fast..
what bugs me most is its a never ending thing. its there asking for my hard earned money every month of the year. year after year. seems like there is no end and it will last you for the rest of your life. david p
Debt has made my life one of worry for about 4 1/2 years. A “friend’ stole my identity and ran up about $15,000 in debt on credit cards. Foolishly, I started making payments, not knowing that by doing so, I accepted liability for the bad debt. I have paid the minimum and additional most months and the amount has decreased only by a thousand or sso dollars in 3+ years. The horrible part of it all is that I am very careful and guard my credit carefully. I have a debt that is not mine. And that’s a load of CRAP.
My wife and I have a great house, but a big reason why I work as long and
as hard as I do is to service the debt incurred when we bought it. If I
could erradicate the debt we would literally have thousands of extra dollars
each and every month available to spend on other things or put to work
in various investments.
The debt causes me to feel “stuck” because it forces me to keep working
and to forego certain things in life. As I get older I become more
concerned about retirement, which is not a realistic possibility so long as
debt payments need to be made.
My ambition is to be totally debt free. I don’t mean just getting rid of the credit cards, but being truly free of all debt including the mortgage, car loans, etc. To see this ambition become reality, I am working to build my
online business and other residual cash flow opportunities.
Debt accumulates due to multiple causes: divorce, change in business, uncertainty about occupation, and more.
1. Debt diminishes me. In times past, I allowed debt to victimize me. This is irresponsible. I manage my debt with increasing effectiveness.
2. All debt concerns me. Mortgage debt seems less burdensome. My goal is to eliminate all debt. The debtor is always beholden to the lender.
Five children, an elderly grandparent, and other circumstances contribute to our household debt. I have learned to recognize debt as a task and goal. Debt does not preoccupy me emotionally. Recognizing that emotional attachment and overwhelming concentration on debt magnify its importance and relevance. Instead, I have taken a proactive position to seek abundance with an intentional focus. This changes my viewpoint and initiative.
I was fine untill I reached the age of 60, I then found out that I had stomache cancer. I coild not work as i was chemo for nearly a year, that did not work so had to have my stomach removed. The opperation was no problem but the side effects after have made it impossible for me to work. I started eating into my savings, getting loans to get out of trouble with one problem only to find myself with more problems created by that loan. It is a never ending storey.
My Mother was never in debt because she had to manage on so little. I learnt from her how to manage and have been careful never to go into debt. However, my son is always in debt really from no fault of his own. He earns a middle range income but has married a lass from an asian country and our government won’t recognise the marriage. So every few months he has to take a loan to go visit her. New applications for a visa go in too and that also costs. We lend him some but even when we stood gaurantors, she was not permitted a visa. It is 3 years now. This makes us all feel as if we have failed. We need a bigger income than we have.
The truth about debt is that Hopes and dreams are being unnecessarily destroyed for millions of people because NOT ONE of us were ever taught in school how to effectively manage our money, or our time!
At best, this has robbed each of us of 10 to 20 extra years of financial independence. It has resulted in poor financial health for millions, which has caused snowballing debt, bankruptcies, business failures, divorces in record numbers. Quite simply, debt has destroyed the retirement dreams of millions.
Debt was like a chain around my neck. I constantly thought about it. I was consumed with fear of bankruptcy and the stigma attched to it. I am not out of the woods just yet but I am paying down $75,000 of debt buy putting myself on a strict budget and putting $500 to $1,000 additional toward the principal every month.
This huge debt was because of a failed business venture and a divorce at the same time. I am now on a pace to retire this debt in six years but my income has been steadily increasing and I am sure I will cut this time in half or better. I no longer use my credit cards for anything but my Internet business expenses. I have plenty of cash flow from my Internet business so I don’t worry as much anymore. Life feels easier now!
Debt is the social cancer of today’s society. I get angry at how easy the financial institutions are making it for people to get into debt. Credit card companies are raising your card limits without asking, banks are giving home mortgages of 100% or more, retail outlets are giving credit with deferred payments and no interest of up to 24 months. Oh how easy it is to sell your future.
I guess the worst thing about debt is the fact that the rich are getting richer with the interest they charge on the loans and when you need the help of the banks for some important issue they are very hard nosed about what they are able to do to help in time of need.
Another thing that bothers me is the fact that they are paying the colleges a premium on the sale of merchandise to the college students for every card that is issued and then hold the parents responsible for the unpaid debt of the unemployed students.
Clayton
There was a time when I had enough debt to make me panic. Yes, I certainly spent sleepless nights worrying about how I was going to pay bills and have enough to help kids go to university. I ended up taking out the equity of my house to pay off the debt and while it certainly helped at the time, now I regret it. I have just retired, have 2 kids still in school and deeply regret that I still have a sizeable mortgage. No worries though, my friend Kevin is helping me build an empire on line!
Being in an accident that required knee and then neck surgery left me unable to work, relied on credit cards and bank account to try to live, eventually the bank account was zero’ed and credit cards maxed and I could not even make payments on my credit cards. Eventually my disability pension was approved, but I still have a large debt hanging over my head as the pension amount is small.
I feel very depressed due to this burden! Long term debt is what worries me – the time it is going to take to erase all outstanding debts.
Have a super day and a great week ahead!
Richard
My debt makes me feel like I have FAILED my Wife and Children , not been able to work now due to ill health , 14 operations on my knee’s in 15 years , last year the sickness pay finally ran out and I just got further and further into debt . I have worked on and off during that period against advice from my consultant , (it’s alright for him on his fat cat wage )but can longer , and nobody will employ me now anyway , DEBT REALLY SUCKS
Hi,
The hardest thing about debt is finding the most effective formula
to get out of it. What sacrifices you have to choose to make that you can live with until you start to see results. How to stick to the rules you make to get out of it. And most of all. designing a major plan that will not get you into debt again while you are getting out of it. So, what ever the plan you make must be the one you have to live with in the future, preferably one that causes or retains a comfort zone.
The fear of debt hanging over my head has kept me from getting into debt in the first place. I have had to wait longer to own some things but it was worth it.
I don’t think there is any doubt that debt is one of the real negatives in life. Debt gives you an uncomfortable, insecure feeling ~ it’s a worry. One of the best feelings in the world is to “get out from under”.
In our quest for the “American Dream”, I think we’ve relied too much on credit and, for many, this has had a devastating affect.
We all want to live debt-free lives and that, in part, is why we’re online attempting to provide ourselves with an income that can free us.
debt has been a constant concern for me since my divorce and raising three kids by myself. Because I am disabled it has primarily been a cycle of medical bills that I can never seem to keep up with. I feel like I have failed my children and have kept them from the opportunities they deserve as a result. A year ago, I accepted some help which turned out to be a scam. When I took the money orders to the bank I asked them to check them to be certain they were legitimate because I knew I had to be careful. The bank said they were and cashed them. When they turned out to be counterfeit the bank sued me and won, which just made matters worse because I not only ended up owing more, but they did not have to take any responsibility for their own actions. I tried to work in a restaurant for a while so I could start paying things off but had to quit because the bones in my legs died. So, now I’m fighting a losing battle with government insurance to get an electric wheelchair.
Still under construction
Very vulnerable slightly inferior uncomfortable
Usually that owed to governmental departments like IRS
they have no sense of humour.
Heart attack bought closure to construction business I built with up to seven employee’s all had to go, as the consultant said if I carried on
I would’nt be here in two years time.
Huge debt has been encountered trying to start an Internet business
without sucess to date, to many routes to waste your cash on and
so many so called guru’s. What ever they are!
Debt creates stress in people’s lives, and most of us have enough stress already. The worst kind of debt, as you may already know, is credit cards, because the interest is so high that it doesn’t take long for the balance to start spiraling out of control, even if you can make the payments.
With wages being held down by “offshoring” and basic expenses continuing to go up, debt is becoming harder to avoid for most people. If you haven’t already started, it’s time to think about investing in yourself – not the banks – and find the best way for you to bring revenue IN for a change. We will soon be living in an age where entrepreneurship is one of the few ways left to live with dignity.
Debt makes me feel insecure. Credit card debt is the worst.
I never had a credit card until I was 35 years old (I’m now 47), but it was next to impossible to live without one. You can’t reserve a hotel room, rent a car, book a flight, etc., without one, not that I’m a big traveler.
I finally applied for a credit card after trying to book a room at a hotel near Kings Dominion in Virginia so I could take my daughter on her first vacation. Because I didn’t have a credit card at that time, I actually had to go to local “branch” of that hotel chain and pre-pay for the room using a cashiers check. The people at the front desk looked at me like I was from Mars.
Being a single mother, with very little credit, trying to survive on a secretaries salary didn’t qualify me for a premium rate card either. My first credit card carried an 18%+ interest rate.
The thing that bugs me the most about credit cards is that they can raise your interest rate for the lamest reasons, for example, if you get reported to the credit agencies as delinquent on any of your other debts (mortgage, car payment, etc.), they can, and do, raise your interest rate, even if you’re paying the credit card on time.
Thank goodness for the invention of the VISA/Mastercard debit card!
Oh, and that first credit card I got 12 years ago…the issuing bank got shut down by the FTC for preditory lending practices and failure to file some kind of reports. They never notified their customers, just stopped sending out monthly statements. I tried calling their customer service line, it was disconnected. I photocopied my last statement and continued to mail monthly payments until I received a notice in the mail that my account had been written off as uncollectable. That was 7 years ago and at least once a month I receive a letter from a collection agency trying to collect on that debt. I just tear them up and throw them in the trash, because I don’t feel I owe them anything, but it makes me feel bad.
Also, I’m doing much better financially now, I even got a pre-approved invitation to become an American Express Gold card member, LOL! Yep, sent that thru the shreadder too.
I have a number of issues with debt.
I am debt free.
Being in debt is like being in slavery. If you owe
the bank or the credit card company, they really own you.
Being in slavery leaves you no options.
Most people are in debt because of what they want not
what they need.
Most people are trying to fill avoid in their lives with stuff.
I have always driven older cars. I have always lived in
a house that was less than what I could afford.
Before I make any major purchase I wait 24 hours to
make sure I really need it. I have found that if I
wait the desire goes away.
When I buy my wants I get bored with them and I move
on to the next thing I think
I have to have.
Another problem with debt is you are counting on your
next check to keep you going. What happens if you don’t
get that next check? You do not know what tomorrow will
bring!
I really feel for people who don’t understand how much
debt costs them. If you added up the interest you pay
in a year you would be amazed.
If you had invested that interest over the years where
would you be today?
Another consideration is the emotional cost. Worrying
about your bills wears you down. Of course we have heard
it said many times that the number one reason for arguments
and divorce is over money issues.
I had a conversation with a friend of mine about money.
He was upset because he thought he didn’t have enough.
However, he had three cell phones. He and his wife went
out to eat on a regular basis. He had cable TV. He had
DLS for his Internet access. He rented movies. He had
pizza delivered. He and his wife drove new cars.
He had mounds of credit card debt.
He had enough money he just didn’t know how he was
spending it.
My biggest gripe is that credit card companies do everything in their power to not only get customers, but to keep them for life. They issue credit cards to young adults who are not even old enough to drink in most states. Then the card companies keep increasing the credit limit because they know that chances are the person is going to use the credit and only be able to make minimum payments. It’s like dangling candy in front of a small child. Now the card companies are legally allowed to increase the interest rate on their card if any late payments or bad credit shows up on your credit report from other creditors. They are no better than crooks! People need to revolt and stop increasing their credit card debt. Use their money and only charge what you can afford to pay back monthly.
I am a finanancial representative that helps people with funding, so I deal with debt and people all the time. I attempt to make their situation better for having met me. For me, I have rental properties and debt to go along with that. When things sare going well, it’s no problem. When people don’t make the rent, that’s a different situation. But for mine or another situation, having no debt is better.
Debt can cause feelings of being overwhelmed. It can cause anxiety, worry,
fear and frustration to name a few. Debt can bring homelessness.
I think to many companies and individuals rely on a credit repoert to see what kind of person you are. You can be denied job, place to live because of bad credit. How are you supposed to pay off the debt without a job and a place to live? Debt can also lead to desperation. It can destroy friendships. To much debt can destroy a person’s life. It is very ugly.
Debt limits freedom; inhibits financial and spiritual growth.
Hi,
Debt…what a scary dark feeling!
I remember, two decades ago when in the middle of a bad divorce I took care of my four young kids and raise them until they grew up enough to decide to be on their own. At that time, unable to work full time I was using several credit cards trying to joggle with my big time growing debt. I ended up bankrupt because could not make the payments anymore. I felt like a horrible father and a total failure. It took years to come out of that feeling.
Now that feeling is creeping back.
Few months ago I was diagnosed with Polycythemia Vera, a rare kind of leukemia. My first thought after the shock was how to pay the medical bills. I am new to this country, an inmigrant and I don’t have Medicare.
Well, to make it short, I had to ask for help to my friends. They are putting together a fundraising party with bands etc to help me pay the astronomical medical bills. The party will take care possibly only 10% of my debt. I am thinking how to deal with the 90% that will remain.
Do I have to say how do I feel? Humiliated. Scary. Powerless. Insecure. Worrying. Needy. You name it! Not a good space to be my friend.
Hi 10 years ago I had all five arteries blocked in my heart and nearly died,this was due to alifestyle of drink and smoking. I lost my business and went bankrupt owing £ 50.000 .the stress was terrible. I had to sell my home to pay debts. Iam 67 as of this year and with the help of people like Jason James I have learned to use a computer and now I am learning a new Internet business.Thankfully I changed the D in Drinking to T in Thinking. Today I am debt free. drive a paid for Mercedes Elegance, and own my paid for home. I hope my story gives inspiration to fellow business opportunity seekers who have major debt problems. I have three years to reach my goal to become an internet millionaire
I have no real fear of debt. I have, however gained a real appreciation for debt. One of my passions is the acquisition of real estate (single family homes mostly). Were it not for debt and maintaining excellent credit scores, I would not have been able to purchase 7 properties. I plan to grow my inventory by approximately 3 this year. I have debt but, I am able to manage it which I believe is the real key.
I am divorced and on my own with 3 little dogs. I moved from Indiana to Florida. I have been self-employed majority of my life. I bought a Townhouse. When I sold it to buy a house and a yard for my 3 dogs, I got robbed. I had 15 minutes to pay a price I did not agree to or live in my car on the streets. So I bought my house, after closing and a down payment I ended up with $2,200.00. I was to get at least $10,000.00. So I had to file bankruptcy, not an easy thing to do when you had excellent credit (700+). So now I am trying to get back on my feet with my web site. Most credit card companys are there to hurt not help, so stay away from them at all cost. I spent money that I was going to get, without getting it first. Now I have to pay the price-BIG MISTAKE! Thanks S. Fox
I was so badly in debt (I too had a debt from someone else) that I had to go bankrupt. The first feeling was one of relief, that I had gotten rid of the debt. Then the misgivings started. Was that the right thing to do? How will I survive the next 7 years with that stain on my record? Well I survived. The first big relief was the day I was discharged from bankruptcy, after three years. But the stain is still there after 8 years. I am asked in many situations, including employment, “Have you even been bankrupt?” As soon as I say “Yes” I am deleted from consideration.
Debt is bad, it is a heavy weight on your body, but bankruptcy, and its long lingering aftereffects, is just as bad, if not worse.
Now I operate with debit cards, where the money I spend is my own, not a finance companies. If I want to buy something and don’t have the money, I put it on “layaway” or don’t buy it at all.
1. How does debt make you feel?
It makes me feel afraid that there won’t be enough money to meet my obligations.
2. What debt bothers you the most?
Credit Card debt bothers me the most. The CC Companies are like “Legal LoanSharks”. The high interest rates will eat you up in a big hurry. That is if your credit is less than perfect you fall victim to those high rates.
3. Do you have a story (good or bad) about debt from your own life?
About 10 yrs ago I got caught up in “The Keeping Up With The Jones’s”
and Credit Card Debt caused me to file Bankruptcy. The creditors were relentless with their phone calls and threats.
I recently got sick and have not been able to work at my trade. Have been online for quite sometime and have had little success.
Disability, Poverty and Debt all Suck and I hope one day to be an Internet Success Story.
I was raised poor.We lived in Oregon.I had to work in the feilds to make money for school clothes,if I made $50.00 Mom would give me $50.00,and that is what I spent for clothes for the year.I wore hand me downs on the most part.I had lots of cousins that passed thier clothes to me.Then when I was 15,Mom moved us to California.Well things got a little better,until I was 17,married,had a baby boy,when I was 16 1/2.My stepdad beat me real bad,the cops came and took my son and out of there.In 1979,I went into the Army and so did my Son.That is where my legs got messed up from running in combat boots.I started getting 20% compinsation.They still have me at 20%,I am fighting the VA.now to up my compinsation.At this time in my life I can not work at a regular job.I am trying to help my husband with the bills,but when you can not work at a job,it is hard.
I now get $218.00 for compinsation from the VA.(20% still)So you see I know what it is to be poor.I just hope it gets better.
Thank you.
Debt is often tied to self esteem. Debt as with money in our culture is a taboo and often has a lot of guilt and shame around it.
When you have debt and you want to get rid of it and stay debt free you must start with your mindset. Otherwise no amount of work to pay it off will help. Either you won’t get far paying it off or you will just get it back.
A very helpful reframe that I was given a long time ago when I had five -figures of debt was this.
“Debt is not a bad thing. The largest corporations in the world are operating under huge debt… if debt were to evaporate from your world economy, your world economy would collapse… it’s time to stop feeling negative about debt. Debt is not a bad thing. It’s a promise of the future.” “Debt means someone believes in you and they are willing to loan you the money and know you are good for it”
You can’t ever get out of debt by staying in the mindset that got you in debt in the first place. It is simply impossible.
Debt is about a scarcity mindset, ask any person with debt who is willing to give you an honest answer. Ask any wealthy person and they will tell you the same thing.
Once you make the changes in mindset from the inside out and take action you will be surprised how easily you are able to release the debt and stay financially free.
I am living proof of it as are many of my clients and people I know who have made the same mindset shifts.
Here’s to your Bodacious Success Mindset and financial independence
BZ
Earlier in our married life (we’re now 61 and 58; married 36 years) my wife and I had huge credit card bills. Not only that, but we sank a large amount (for us) into a business which didn’t go well. We both felt trapped and hopeless.
We filed bankruptcy–a step which we hesitated to do, but which was a true “lifesaver” for us. For our part, we have never gotten into debt again and bills are paid when they come due. Now, much later, we have no debt except our house. While money still seems to go quickly–for utilities, groceries, and all those other things you can’t “pay off”, I shudder to think back to the time when we were under massive debt. I’d like to be free of the house debt as well.
Kevin,
1) What bothers you most about debt?
That my generation and some of the boomers don’t understand about the consequences of spend, spend, spend–what’s known as “The Latte Factor.” I spent money on foolish things in college (such as collectibles that are taking up space in storage, but EBay may help out), but was never in debt, and thanks to the financial savvy of my parents and grandparents, managed to get my master’s debt-free with no student loans. I actually have some savings socked away and have planned for my retirement. But I’m always conscious of what I spend. Credit cards make it so easy to charge without a thought–no matter what your income, you have to be on guard.
2) What debt bothers you the most?
I would say credit card debt, but knock wood, I don’t have any.
3) Do you have a story (good or bad) about debt from your own life?
I got scammed for a phone call to Russia and had to cancel my credit card because of potential identity theft. I’ve been lucky. I monitor my expenses every month and my statements—my bank alerts me to any suspicious activity.
I could write an entire ebook on debt but I will try to condense this as much as possible.
Money management should be taught in the classroom. If we were and our children and grandchildren would be taught money management in our schools, we would not have the debt problems in our nation that we have today. I hear so often people saying that they would never use the math that they are taught in school. It is not relavant. Yet, relavant things like making a budget, balancing a checkbook, determining how much an item would actually cost if charged at x%, or how much one would earn if xdollars would be invested at x%, is not taught. Goal setting. Planning for tomorrow. Self-respect. Things they could really use.
For a couple years, I was an assocaite with a company that taught people how to get out of debt on their own–everything paid off, including their mortgage within 5-10 years. For those who followed through and took responsibility for doing it, it worked.
However, I was stunned at how many people did not want to deal with their problems. If they hid under their blanket long enough, it would all go away! “Instead of learning how to get rid of the debt I have and learn how to stay debt free and learn how to invest that money that I would be saving, I will just borrow over here and pay off these with that new loan and everything will be fine.” Statistics prove that they would be charging up those paid off credit cards very quickly and be deeper in debt!
Things happen to people–medical emergencies, divorce, loss of a job, death of a spouse. These tragedies can not be avoided and must be worked around in the best way possible to come out in one piece and get on with their lives.
However, there are others who think they must have the latest and best of EVERYTHING and do not care how many credit cards it takes to get there. If they have to file bankruptcy and start over again, no big deal. Once upon a time, filing for bankruptcy was unthinkable. You paid your debts.
I also will say that I believe that the interest rates that the banks and credit card companies charge today are part of the tragedy. It has become impossible for people to pay off what they really owe when they are only able to pay the finance charges each month.
Identity theft is another tragedy that people are dealing with on a daily basis. These people have done nothing wrong and yet are paying dearly in time and money to have their identity and good name restored. That is why I am associated with my current company. One of the things we do is restore the identity for a victim. They do not have to do that for themselves. It is emotionally hard enough to have to deal with ID Theft let alone the fighting with the companies to make things right again.
The stress of debt contributes to other tragedies such as divorce, illness, depression, and suicide.
If we want our country to improve, then we need to do our part to teach ourselves and others how to become and stay debt free and how to protect and invest that money we save.
I finally got out of debt five years ago and I felt so feel. Since then I have had to borrow several times from my line of credit but it gets paid off as quickly as I can. I hate the feeling of the pressure of debt. Previously juggling payments with my credit cards and line of credit was heavy. I felt I was being physically held down.
Debt hangs around one’s neck like an albatross; it is something that no matter how hard one tries, will not go away. Because of this long-term nature it impacts every aspect of one’s life if one is unfortunate enough to fall into debt. Sometimes the fall is precipitated by external forces beyond the immediate control of the debtor, which makes the victim feel all the more helpless. I have a housing example: During the housing crash of the late 80s in the United Kingdom a friend’s mortgage payments went up from GBP500 to almost 1000. The result of this was that his monthly income was for a period of two years GBP 2000 less than his outgoings; to boot he was catapulted head first into the property negative equity trap (meaning that the mortgage on the property was much, much more than its market value so there was no chance of selling the property to escape the gathering debt). The feeling of being trapped in this fashion is one that churns your insides and especially when you consider that it would take more than 10 years to set this situation aright. The effects of debt are both psychological and physical. Thinking about being in the “hole” becomes second nature and everything becomes tainted from the perspective. Feeling depressed is common along with a plethora of minor but nonetheless uncomfortable ailments, including, headache, stomach ache, virus infections and so on.
The stigma or mark of debt is something that we are wisely advised by our parents to avoid at all costs but when someone is stricken – for whatever reason – it is always a much tougher experience than talking about it could ever suggest.
Debt can leave you with a sense of frustration and uncertainty unless you manage the debt and have a clear plan on how you are going to clear it. That may be easier said than done, but I have been lucky enough to be able to manage my debt and reduce it rather than have it grow.
Credit card debt can be a problem as the cc companies are always eager to increase your limit and make it very easy for younger people to obtain.
Mixed emotions, actually, I guess it depends on your perspective.
Using credit for instant gratification is fun, but it does presume upon future ability to repay, which isn’t wise.
It can also be used to take advantage of opportunities, both personal and business. In some cases, borrowing a bit to make even more can be a good thing. Then again, you do need some experience to know when it’s worth it and when you should refrain from borrowing.
If you’re using credit to live beyond your means, it can crush you.
So debt in and of itself is a neutral thing. It’s your ability to repay and what the borrowed money is used for that makes the difference.
Thanks for listening,
Tom
1. How does debt make you feel? It makes me feel anxious, stressed and powerless.
2. What debt bothers you the most? Credit cards are the worst type of debt to have. With the interest rates and then all their fees and charges on top, we struggle to stay on top of them.
3. Do you have a story (good or bad) about debt from your own life? Hubby’s contract position finished and we decided that he was going to work for himself. While the business was in it’s infancy stage we lived off credit cards believing that when things picked up we would have no problem paying them off. Well, things picked up a bit, but most of the money goes to day to day expenses and back into the business. We try to keep on top of the credit cards and that is just about all we manage to do – keep on top. We don’t seem to actually reduce the amount owing each month. Once these are paid off (she says with all fingers and toes crossed), I will never, never get in this position again! Thanks for letting me get this off my chest.
Unfortunately, in todays world, debt in very nearly at endemic levels and is very much a way of life – of which to be fair, the finger cannot be pointed at any one single source to blame, but rather the blame must be shared by all involved to some extent.
Outside my online businesses, I also run a Financial Services Company – who, I would point out, are not involved in issuing or creating debt, but rather it is a part of our business that we often see it, and how it easily affects lives of many people, to the extent that they become blinded and even apathetic.
Debt can (and sometimes does) cause absolute devastation – occasionally to the point of suicide in the rare few.
We (and I’m speaking from a macro perspective) cannot simply stop debt or right it all off. The very fiscal nature of the world means that economies could not stand a wipe-out. Economies need debt to survive, just as any economy must have an element of unemployment to be sustainable (and I know as I live somewhere with zero unemplyment – and it’s more a curse than a blessing).
Instead, we should look to try and tackle this in three ways:
1. Intensive education to ensure everyone is fully aware of the potential problems associated with and sometimes caused by debt. This could be done by Consumer Groups, Government and especially the institutions behind the debt – Credit Card companies, Banks etc.
2. Greater restrictions placed on the issuers of debt (Credit Card companies, Banks etc.) to make it harder to people to get into debt in the first place, increased requirements / Due Diligence tests, enforcement of positive action support by these companies as soon as they spot a problem with a customer (get them to help more, rather than threaten action) and independent overseeing of companies with higher than average customer default rates to ensure fairness.
3. For those in debt and with problems – the marketing / promotion to them to know they can (and should) speak to someone about it as soon as possible. Debt Counsilling (often provided by charities / self-help groups) are a good start. They have a great deal of experience – and it’s highly unlikely they haven’t heard YOUR situation before 100′s of times – and they usually have good advice and guidance.
Don’t ignore it. Don’t stick your head in the sand. Act!
Debt can be a cascading problem, and it can overtake you in no time. Often, people consider debt as ‘taboo’ – a bad thing – don’t talk about it. A little like having an addiction…… and society doesn’t like addicts, does it?
It doesn’t have to be that way. We all need to play a part – and especially be understanding / supportive of those in debt – because very often, it’s circumstances beyond their control which got them into this mess.
Debt… I have heard that most four letter words are trouble and debt is BIG trouble. Bankrupt in 87 after retireing from the military, lost two cars, and went on a strictly cash only basis since.
In Nov ’99 turned to the Internet to get some of the quick cash everyone said was easy to get. Easy, sure wish I had their physical address, as I might pay some of them a personal visit of the not so friendly kind.
Turning to the Internet was the best thing I have done. Having learned to live on nothing for so long, building an Internet income has not been easy and is still not exactly where I want it but it is an income just the same.
Debt is like a big boat anchor tied around your neck. Makes any emergency extremely stressful which impacts upon a person health. There are so many ways that can throw a person into debt real quick. “Mother Nature” is the worst and most likely to ruin a persons financial situation.
Sure glad I work the Internet for an income to supplement my retirement which my X gets 42% of.
Bill
Debt itself is neither good nor bad. It is what it is… the amount you owe to somone else.
If this debt is $300,000 for your home and the monthly payment causes you to have to work 2 jobs to pay for it – then it’s most likely a very heavy negative burden for you. A burden that affects you directly and your friends and family indirectly.
If this debt is $300,000 you’ve borrowed in venture capital funding that will allow you to build a company you can sell or take IPO in 12-18 months… then you see this debt as part of doing business. In fact, this debt probably makes you very happy to know that you’ll mostly likely become a multimillionaire when you sell your company.
Same amount of debt. Same obligation to pay.
Why the differences in your attitude towards it?
Because… no one and nothing (including debt) can make you feel a way you don’t allow it to. It’s 100% your choice as to how you want to view the debt.
If you made bad decisions and got in over your head whether you feel positive or negative about the debt is not going to change the debt. In fact, feeling negative about the debt is probably going to keep you chained to it for much longer… if not forever.
Negative attitudes are what put the strangle hold on your life – not debt, not your kids, not your neighbors… your own personal attitudes toward it.
And just in case you think I can say all these positive and rosey things because I’ve never experienced the negative end of things… you’re absolutely wrong.
* I’ve been below the bottom financially – counting change to see if I could take my wife to McDonald’s for a hamburger. And now have everything in my home paid for.
* I’ve needed $10,000 to buy my children digital hearing aids when I was living paycheck to paycheck and didn’t have an extra dime – and generated the money in 18 days.
* I’ve gone from not being able to take even a weekend getaway for my wife and I to taking my entire family to Disney World for a week… and paying cash for it.
Debt is just a number. Not positive and not negative.
Adjust your attitude toward it and take control. It’s your choice.
Debt is a two edged sword! On the one hand if you are in business for yourself or starting
A business you need to INVEST in that business or startup and that may or may not be a good
Kind of debt. If your business takes off and starts creating cash flow then it may become
Profile and then you can repay the debt/investment back to yourself with interest.
On the other hand if the business does not start creating cash flow before your run out
Of money or the ability to borrow money then your business will most likely fail, and you
Will be left with an additional debt.
Now the above debts are business debt and are quite common, and if structured right will
Not cause real problem if they where plan on and save for.
Now family debt is different, for me it an obligation to the lender and requirement for the
Family to live. You will always need food, water, clothes, transportation, fuel, and
A little entertainment. Also the mortgage is also going to be there for most of your life.
Even if paid off you will most likely sell it and buy another one and incur another
Mortgage.
The family debts are the debt that really holds a person back. They make you stop and think!
They hold me back. The stop me dreaming my dream of freedom. Family debt or personal debt
Is the millstone around your neck that locks you in the slavery of working a job?
Family and personal debt is the one thing most responsible for holding me back from
Starting my own online business for over 30 years. Now I am 60 years old and have a
Small income from my own web site that covers most of its expenses and with hard work
And god help I will grow this to a retirement income of a few thousand dollars per month.
Debt is a constant worry for me. Before my husband retired I had managed our finances and paid off the mortgage preparing for lower fixed income. My husband was in the very early stages of Alzheimer’s when he retired and just walked out of work 1 month before he should have. This caused us to lose our health coverage.
On 35 hour visit to the hospital left us with a debt of over ten thousand dollars that three years later I am still paying on. This meant I now had to find a way to make extra money and having to care for my husband I am not able to work outside the home.
I have been working on the Internet for a while and just now I am seeing some return on the time and effort put into my own business.
I have lived IN DEBT for 20 of my 42 years. There seems no end to this dark tunnel. It becomes a habit that is difficult to break. There is seemingly no way out. I live day to day hoping that something will change, STILL I am waiting!!
It sits in the background of your daily life, refusing to go away, waiting to pounce out from the dark shadows. and swallow you.
What is the answer?
What do I do?
There are so many options for consolidation, but it feels like another minefield, where people are ready to exacerpate your vulnerability.
DEBT is like a cancer that eats away at you, it affects you physically, emotionally and psychologically.
It also causes a paralysis of action, due to an innate lack of confidence in your ability to make things right. Every option seems to have hidden dangers lurking.
DEBT CREATES FEAR WHICH CAUSES INACTION WHICH ADDS TO THE DEBT.
Well let me ask you this question. Did you ever wake up the next day and say Oh my God. Where am I? Under 12,000 in debt was where I was. Buried. To afraid to answer the door in case someone was repossing my things. Afraid to answer the phone in case the threats would start again. Always receiving those well if you dont get you payment in by such n such a date, you will be served to go to court.
I couldnt stand it no more. Was so much pressure, I couldnt even see the light. Always that hovering cloud over your head. The guilt feelings you get from not being able to pay even when you wanted to. The lies you tell because you dont have the money to pay the bill. The cheating of using someone elses name.. trying not to ruin their credit.
Well thats the way it was for me before we had to claim bankruptcy. That was over 10 years ago and guess what? I still cant get credit anywhere it ruined me. Not that I really want it now but sometimes you just need that little bit of cash for necessary things. Even personal things. How embarrassing it is to go to your family or friends and ask for money. We live in a society now that you just cant do that or you just dont. Thats because of the cost of living and it is more than what you make. So you just suffer. Or go to the missions. Thats an embarrassment in itself.
Well one thing I can say is that we are out of debt and would much rather not be there again. So we budget and stay within our means.
Just resently a friend of mine Larry Vigil from Southern Mexico, has help me put up my website. He was very nice about it we are very good friends now because of it.
I am hoping to make an comfortable income for us (my family) and hope to be able to enjoy life instead of suffering all the time. So Im working hard and anything I pay for is with cash money. Which I dont spend to much on advertising because there is alot of free advertising out there. So thats my story.
Some advice be strick with yourself unless you know you can afford to pay the debt. It can mess up your life. Thanks for letting me vent and stay OUT OF DEBT!! its not worth it.
My experience with burdensome debt has been limited to that of
credit card when out of work for over a year. That followed
resignation from an exeutive position over a difference in operational
procedure with the Board of Directors, although revenue was increased
almost 100% over five plus years. Struggling with part-time work
positions debt repayments were at times late to several credit card
companies, thereby bringing a barrage of harrassing calls and written notifications. As a family we were deprived of all but the very basic
requirements. At the same time it brought a sort of pall over all
family activities along with an number of unpleasant events. Those
days are now behind us, however period of time will never be
forgotten. At the same time, I have a goal to reach…to develop a
grass-roots program to on the banking industry and there high-handed
and arbitrary way of dealing with people in the throes of debt. Instead
of working with them to regain their financial feet they tend to throw
every conceivable over-charged fee they can possibly glean from the
Congress. It is high time for a wake-up call.
Funny you should ask, as my husband and I just had a conversation
about how we are so consumed with our debt problems that we can’t
focus on what is really important. We have been in business for
the past 21 years and the past 2 years has pulled us into so much
debt that we can’t see a way out. We’re so far in debt we can’t
close the doors – yet all we are doing is keeping the bills paid.
It is not a fun life. “Debt Free” seems to be the impossible dream.
1. How does debt make me feel? Like I am in trouble all the time.
Try to pay a little here and a little there, and it never seems to end.
2.What debt bothers me the most? Credit Cards. They were to easy
to get, sometimes they came in the mail!
3.Do you have a story(good or bad) about debt in your own life – - -
A few years ago, I found myself in credit card debt. With not one, but
four credit cards! I was unable to make even the minimum payment
on all 4 each month, so every month one or the other got further behind.
I no longer use credit cards, and will never again put myself and my
family in that position.
1.) Carrying a hugh amount of debt would make me feel stressed out.
2.) Any non-deductible debt is bad, Credit cards, Car loans, Personal loans.
3.) I guess all I can say is I help people get out of debt and help them achieve financial independence.
There are different kinds of debt. A carefully considered debt such as a mortgage can be budgeted for by not exceeding about one third of what you earn. This can compare favourably to paying rent with the added bonus of a usually increasing asset, which brings with it a certain ‘feel good’ factor.
The really scary debts are those with the dreaded credit card companies. If you think of the credit card companies like the serpent in the Garden of Eden you will not go far wrong. The brief taste of the ‘forbidden fruit’ will cost your dear. The point is that debt with these serpents will cost you six times more PLUS charges on your uncleared balance.
If you really CAN’T pay off your balance after 2 or 3 months, then convert it into a term loan and pay off the credit card. Do not use your credit card while you are paying off your term loan.
Among the many dodgy decisions I made over the years was one good one. That was to keep paying the endowment policy on a loan (about $40 per month) for a house even after I sold it. Last year this policy matured which allowed me to pay off my present mortgage and with money to spare!
This is the result of planning over the medium term as I had earlier INCREASED my mortgage to buy a holiday home abroad. Now I am debt free with two houses and earning not much more than the national industrial average. (sorry if that sounds like gloating, but I’ve been very fortunate).
Because I have a deep seated need to be financially free, ill considered, runaway debt would be a nightmare for me. Sadly for many people this is the reality. Those people need professional help, certainly from a financial planner and probably also from a psychologist.
OK Kevin I’ve got away from my situation so I’ll finish up and leave the floor to the next person.
Cheers,
Norman.
P.S. Hey, I’m single and on the right side of 50. Any of you debt free women out there?
About two or three years ago I had built up credit card debt of over $13,000 plus an auto payment and mortgage. I had a very good year in 2004 and paid off all the debt and paid cash for a certified used Lexus. This was one of the greatest feelings of relief in my life! I now am in the position of being able to pay off my credit card each month. I hope to pay off my mortgage within the next five years. I have developed a great spirituality in my life and find that if I ask my Source for what I want in my life, in time (if I keep asking and meditating about it) my desire is fulfilled! Try it – it works! You just have to “allow” what you want into your life and think positive thoughts about what you want – don’t think about what you don’t want – if you think about what you don’t want, you will manifest that instead.
Debt kept me from buying a house for a very long time. It bugs me I wasn’t educated about credit cards, credit scores, and debt when I was younger.
Debt is a the worse kind of monster, we allow it into our lives…. thining it’s our friend because it allows us to have things sooner..
What we dont realize until it’s too late… is that rather then being our friend debt is really our task master…. it shackles us and wont let go… until it has sucked all we have to give… right up to the grave…
by far the worse kind of debt is consumer debt.. CC and personal loans
Debt is like a heavy yoke… once you put it on… it is never coming off…
My worse story has to do with my wife… she fails to understand it pitfalls of being in debt… she is in serious love with her credit cards… we have had to refinance or down size our home 4 times to pay off her massive CC debt..
that show how addicted she is… she has started for a 5th time to build debt…with her CC’s
Joe
3. Do you have a story (good or bad) about debt from your own life?
We closed all of our credit cards in April 1991 (I recommend it for anyone). A week later our son had a bad car accident in CA and we had to be out there for 11 weeks. ZOOM back to credit cards. By 1997 we went thru Bankruptcy and got rid of the plastic again. Fast forward to 2005, my wife passed in March. In May I took my disable son to Branson MO and then to TX to visit my other son and family.
When we got home I found that we were overdrawn by almost $1000. No, we didn’t go wild spending nearly $8000 (earlier bank balance). The April retirement and social securitychecks that were deposited were reclaimed and I was in a big hole because they didn’t send the May checks. As unbelievable as that sounds, SocSec didn’t pay me until Sept and the first retirement check I got on time was December. Yes, I have plenty of debt now and it sucks.
Debt is like someone strangling you; it takes over your life!!! Having to worry about how you are going to get next’s months bills paid off and so on and so on is very frustrating, stressful, exhausting and depressing. I have decided enough is enough! You must get determined (and no looking back) to get yourself out of debt because no one is going to it for you! You are the one who decides how to live and what you spend your money on and excuses are just that — EXCUSES! Most people are not shown or told how to manage money so you must train and discipline yourself. Yes, life is short; but do you want to leave your spouse or children with the remnants of your debt and foolish ways? Do something about it now even if you think it is too late; it is never too late!
Being in debt feels very terrible. you believe one day you’ll make all the money you need, pay off all your debt, and never go back there again.
Then you have a little set back, and you don’t quite get there. Your inspiration goes, and you are back to square one. Those closest to you are affected. Then there is the penalty for late payments, interest charged for being overdrawn, debt collecters on your case. bad credit against your name. You work to get out of the situation, but in the mean time you have to live with it. I do not believe you should put your trust solely in money.
So if you loose your job, go broke etc, you let yourself go and go down hill however.
How has debt affected me:
I lost my job and thus my income and have not been able to ‘earn’ more than $20 or $30 dollars off the web. As a result there is much I can not do but most importantly – my mother, who is 91 years old – recently suffered a heart attack. Mild but a heart attack none the less.
Her health appears to be rapidly failing and I fear she has not much time left. Where does debt come in? When she was handling her own finances she let her insurance policies lapse. As a result there is no money to bury her when the time comes and she will only get $250 or so from the government to deal with that.
And I don’t have the money to do what will need to be done. That is how debt affects me!
Bob
Debt means lack of choices…you have to put your life on hold and always be worrying about when you are going to be free of immediate debt problems.
I feel sorry for people who are ripped off by loan companys who take advantage of people who are not savvy about interest etc. I used to work for a loan company and they would have high interest loans calculated daily and so many people would think they had finished their loan only to find another few grand had been added.
Also the banks make huge profits and tell people to re-finance and don’t point out that you will end up paying more interest.
1) Yes. It creeps up to your brain every once in a while. I had over a million dollar debt for 10 years. It has something to do with my carrier as being the COO of a public company. The problem was that the debt had been under my name, not the company.
2) With that kind of bign amount my mindbecome num, really. I do not feel to have any debt sometime and it creeep up to your mind suddenly. It hits hard when comes up. Because ther’s nothing I can do for it.
3) On the other hand, small amount like a few thousands does come up to my mind all the time, well to be exact, everyday. It could depend how you have been raised. I had been told that the debt is a sin, well in some degree, the small amout that is realistic to handle would hurt me more than the bigger amount like over amillion.
Looking forward to peek your article.
cheers! (well, for what?)
At 64 I’m an elder to most of your readers. As such, I had parents who had experienced the depression of the 1930′s. Since they had very little when they started their family, we were brought up pinching every penny. I have experienced some wealth yet I still am very cautious concerning going into debt. I recognize that debt is an easy trap to enter but difficult to get out of and hence manage my debt within reasonable limits. In particular, I pay all credits off on a monthly basis so I do not experience credit card debt and the spiraling interest charges. Unfortunately, I brought up a daughter without sharing this knowledge and she and her husband went deep into credit card debt and only now have managed to bring the situation under control. Credit card debt is particularly debilitating since the interest rates are huge and force an inability to pay off the debt. I hope your readers will use their credit cautiously and prevent the difficulties experienced by my daughter.
Debt is a real problem that controlsmy entire life, all of the things that you would like to do in life you cannot do because of debt. Debt is an up-hill daily battle, things go wrong or break or the bills continue to go up and your pay doesn’t keep up with the cost of living, it also robs you of your happiness, life isn’t as much fun when debt is present in my life. I’ve been trying to change that via the internet, it hasn’t happened yet but, Lord willing it soon will, I have hope! Take care and GOD Bless!
No real debt issues these days. Had a friend that did 100% cash for everthing. That showed me something. I don’t go that far but i’m 75% cash and only 25% credit. Works much better for me.
I do not have a website but I have joined affiliate websites. Debt is something I live with on a constant basis. There is never enough money to go around. With two teenagers and unemployed it is harder having to depend on your spouse for everything not to mention embarrasing. I search everyday for a business that I can start up on the internet.Everyone is sending me their offers and I am so confused at this time.If there is someone I can trust and depend on to take me by the hand and guide me I ‘ll be so grateful.I trust God Almighty who is the All Knowing can send some help to me.
Nizam
In seveal words….Debt SUCKS!! The opnions of all the other contributors pretty much covers everything….except one and that is there is only one way to solve societies debt problems with all the negatives that debt carries with it. The new NESARA law that will be announced as soon as certain powerful people can help to bring back the GOLD STANDARD that we should never have been taken off of. All you debtors really do need to read and understand about NESARA(National Economic Security And Reformation Act.
Go to http://www.nesara.us and learn things that will open your eyes!!!
AGAPE to all.
George Frantzis
Debt: It’s such a heavy neverending weight that will not lift off my shoulders, its like a noose that keeps tightening. I keep running from paycheck to paycheck. Its out of control and I feel I’ve lost the battle.
What bothers me the most is my total foolishness in creating it, allowing it and “spending beyond my means”. I feel such utter and complete anger and frustration at myself!
6 Months ago I had a wage cut of 1/3 of my salary and I have been spinning out of control in a desparate tailspin since.
You’ve actually caught me at the worst possible time: I just found out I need $1400.00 by April 1st. My credit cards and line of credit are maxxed!
I got a computer 4 months ago and hoped to find an internet business. I thought I found the way out of this self-imposed burden of debt. All it has been is a “money grab” of what little I had left on my credit card and total “overwhelm” of information and opportunities. I signed up for 1 too many “get rich quick plans”. By my own foolishness; I bought the lies. I tried a couple of different programs. Even though they say a “newbie” can do them, they take hours of time to implement and have hours of reading, as well there were so many things I just didn’t understand nor were they explained clearly. Because of “panic and anxiety” I switched to another program hoping for it to be easier and faster. No such luck. Each program I tried always had “extra add on costs”. I really thought a business on the internet was the answer to my debt, it seems so easy for some but so hard for me! At this point, I really don’t see a way out unless someone really does have a “EASY; INCOME in 48 hours; FREE opportunity”!
What are the chances of that “Dream”? – thanks for letting me vent!
I hate debt it means I’m never free of someone else’s imput into my life. They have control. I don’t. Credit cards are too freely available and are pushed at young people and then the banking institutions want parents to take responsibili ty for their children’s spending. Banks need to be accountable for their marketing to younger and older folk. We need to teach ourselves and our children to take responsibility for our financial choices and to repay debt as quickly as possible.
Debt is the worst form of anxiety that one can suffer from. It will engulf your thoughts throughout your work day and consume you at night while attempting to sleep. Will make one feel like a failure. Aside my own experience, I worked in the auto retail business (34-yrs) and have first hand experience about the impact that debt has on people, as a result I started helping my customers with debt management. This wasn’t a part of my duties, but something I chose to do. Ed Mayer
The reason debt is so hard on everyone as myself is the fact that
you cant get out. What i mean is in this working world you only
make enough to exist. If you want anything quickly you have to
charge it then they got you by the neck. It would be nice to just
pay cash for everything but really not likely to happen unless
you are wealthy so most of us just live with the fact we will be
in debt until we die If someone has the real answer i would like
to hear it
just venting
Bruce
I am 72 years old and my fear is I will not be able to pay off all my debts
and leave them to my other half to pay off.
Since I am much older than her I don’t want to put that load on her if I
leave first.
So I struggle to create an extra income online that will make that job of
paying my debts down, before my fears of making her life a struggle, to
finish paying my debts by herself.
Debt, is that room in the funhouse with the doors, you open one, then another, then another. You keep opening them, but never get anywhere.
It bothers me that I try to climb the ice mountain of debt trying to get to the top only to continually slip to the place where I started.
I’ve realized the “funhouse” is no longer fun, and that is why I’m looking for the ice axe to drag myself up and out.
Thanks!
Debt!!! What a nasty word. It has run my life for the last 10 years. Going to University and postgraduate school has taught me there is a lot easier ways to make money. We are 5-7 years away from paying off our debt. We went from -175000 net worth to -67000 networth in a year from a combination of investment property to internet marketing. I could right a book on our debt. Having close to 1M worth of debt sucks. I just wish I would have known about internet marketing when I was in my early 20′s.
I have a real problem with credit card debt…I think the industry has made it way too easy to get credit!!
Too many people today use credit cards like they were a bottomless well of cash that somehow never really needs to be paid back…..until reality hits them in the face!!
There is a definite place for the use of credit cards
but,they need to be used much more carefully than most American consumers have been using them.
About 4 years ago I was drowning in debt. I almost didn’t qualify for a debt reduction program. (They don’t tell to get rid of this or stop doing that, just take all your expenses and income and see what they can do) When she told me I didn’t qualify because my expenses were too high, I almost despaired. Literally. The wind just went out of me. I felt myself plummeting someplace I did not want to go.Fortunately, I remembered that some of my expenses came out of my credit union savings , the deposit was one of the expenses. I barely got into the program. I have stayed on target and my debt will be paid off next year. I will not get into that situation again.
One of the comments I read said we are not taught about money. That is so true. Part of the program I entered was an education about money. Even when you know about money and have faced difficult situations, you have to deal with yourself. Understand why you incur debt. Sometimes it is unavoidable. Sometimes it is the choices we make. We need to make good choices about our spening and saving.
I have a card on my wall that says “True freedom is financial freedom”. I don’t remeber where I got it but it is true. When I am free of the burden of debt, free to spend my income on the things I need and some of my wants, then I will be free.
Debt is debilitating. I have had to live with it most of my life. I have no debts now, but only have a few thousand dollars between me and it’s threats. I have learned that debt is a manifestation of mindset, almost indellible emotional character traits and habits of thinking, etc. Almost all of this is caused by dysfunctional relationships and miss-guided influences from early examples. Correcting it requires willingness to look at and change one’s self. It is work that mostly has to be done in the personal isolation with one’s own soul. Few people are willing to go there, and are probably destined to remain in the customary comfortable habits and patterns of the daily immediate moments of their lives. Currently, I am working on changing my beleifs about myself and my potential. it is working. I expect soon to break out of all my negative habits, including and especially financial limitations. Wish me abundant blessings. Thanks, Norm
May I also add that I have been following and studying Kevin Bidwell for quite a while and find his work very realistic and he is an inspiring example.
Thanks, Kevin – Norm
One last comment. As I pursue an Internet business, to create financial independence and assure freedom from debt, my biggest challenge is dealing with the technology. It seems that often I need quick access to some source of detailed guidance, down to even keystrokes to get technical things done. When I have succeeded in some of my efforts, it has been a tremendous feeling of accomplishment and encouragement. Otherwise, when stumped by tech. details, it’s like debt around my neck. Debilitating! Thanks for listening.
Best regards to all, Norm
Finally. My experience with the debilitation of debt has led me to discover where it’s roots are and have been for me for years: habits of co-dependent relating. Tough to deal with, but the only way for me, and I would say, most others with debt problems. Thankfully I have a friend who is a living example of soulfully having overcome this stuff. We’re tinking of putting a program together about getting the job done. Y’all take care, Norm
Dept can have both positive and negative effects on my health.
Positive…………… it gives you some financial freedom and leeway.
The most annoying thing is paying the Bank the Interest if you do not recoup your ROI asap.
If I am unable to pay off my dept in full in a short time it tends to have a negative impact on my stress level in general.
I do not like having dept at all.
I am cautious about decisions regarding dept and I think the younger generation use it too much to gain too much too fast. We as adults were resposible for teaching them that, they did not learn it on their own.
Because we live in a fast paced “use abuse, dispose Society”
Morals and Values have gone out the window and the need to get ahead and succeed is almost always based on material things and your net worth.
Money problems are paramount in relationship issues.
I think the old way of saving for something has greater value and whatever is purchased is generally appreciated more and there is no ‘dept depression’ to deal with.
I say to myself do “I really need this” before bringing out the cards especially on Internet re: this that and the other.
I have always been very scared of debt, or ‘credit’ as it is euphemistically marketed, and consequently have strenuously avoided it. What bugs me is that despite it being recognised as a tremendous problem to the majority of us, we are all continually being bombarded with incitements to enter into it, and to increase it. Sooner or later, most people give in – and who can blame them? I am glad to hear that you are setting up a debt-related project, and I am sure that one way or another, you are going to be helping a lot of people. I wish you great success with it.
Yours sincerely, James
I have used credit cards for years and paid the bills off each month so that I would not get in debt.What has happened ?The change in my life began when my husband died last year.
I think clearly at times and other times I do stupid things which could put me in debt. I have been buying loades of stuff from the Internet and I am now trying to quite this.
Debt is one of my biggest stress inducing fears.
Last year I had to re-mortgage my home to clear credit card and storecard debts, and I don’t even want to tell you the amount that was involved, but lets say that it was an extra 50% on my house mortgage.
I was scared of losing my house, my family, and all we’d worked for over debt, now that’s a lot of fear, and a lot of stress. I was lucky to have the equity in my house to remortgage, now I have to watch every penny, and be careful how much credit I use so it doesn’t happen again.
Kevin,
How do I feel about debts: Even millionaires have debts, it’s not always in my best interest to pay cash for everything when when a tax break represents more than the interest I pay. I am fortunate enough to be in position to pay off all my debts at any time I wish.
However, things weren’t always this good for me. In fact 25 years ago things were so bad that I had the file bankrupt, that really made me feel like a failure,but if that weren’t enough 10 years later I filed again, when I came to a situation where I had to make a decision to keep my excellent credit rating, or put food on the table, because after paying the bills each month there was nothing left, all my credit cards were maxed out, and at that time you couldn’t use them to purchase food. Today my credit is outstanding, and I always qualify for the lowest interest rates.but to revisit the question you asked,” how do I feel about debts” Successful, and fortunate that I am stable enough for someone to extend credit to me.in answer to the next question. What bothers me most, It’s when I was so poor that I couldn’t fulfill my obligation to my creditors.
What is different now. We have made substantial investments, in the right places over the past few years I was retired at 60 (last year) and I still enjoy a six-figure income, but am I completely satisfy? Is anyone ever completely satisfying? having your future tied up in risky stocks is always scary.
Hi, Kevin! YES, I am debt free also! Have not owned a credit card since I was a teenager. I’m also a former consumer investigative reporter for Post Newsweek TV and have just launched my blog http://moneywiselife.blogspot.com this week! I will be sharing consumer tips like the one there now every week.
Debt now there’s a four letter word. Debt has caused a lot of problems for me. It has kept me from being able to take reasonable risks and it has been the reason I have had to consult my caller ID before answering the phone.
I was on top of my credit but pushing the edge of the limits of my four credit cards. Last June I had one of lifes problems come up and I had to attend to it. I took care of it and put the credit cards off for a minute. I have never caught up since and my interest rates have climbed like crazy since.
I thought I could get a handle on it. Maybe I could make some extra money and get things back in line! Heck I can’t even think enought to work on a business my life is gripped with fear and worry.
Now I have to swallow my pride and admit it has gone beyond my control. It is time to seek help, take positive steps and get my phone back.
Debt keeps me in a constant state of depression. I feel like a failure. My debt was due to disability. The money Ineeded to live until my disability was approved, and the additional cost of not being employed has left me in debt so bad I see no way out.
Fortunately I have no personal debt experience.
However I can tell you it’s very traumatic as reported in the newspapers about people borrowing money from illegal moneylenders and when unable to return it, will be harassed and taunted by the debt collectors who will scribble on the walls of the borrower’s residence his name and particulars and with the words “borrow money pay money”. Some even have black paint splashed on their doors if they don’t heed the warning to pay back.
Hi Kevin,
Debt makes me feel like failure.
No used trying to pretty it up.
Being debt makes me feel out of control of my life.
Doesn’t matter how it came about, I feel responsible.
Sometimes my mind feels as if it is in a vice grip and just when I need
to think creatively to get out of my predicament, I find I cannot thnk because my mind is unable to focus on anything else, except the debt.
Kevin, I am sure glad to hear that you are debt free.
It gives me a positive feeling that I will be able to be soon, as well.
Thanks,
Yvonne
Debt has always made me feel trapped and hopeless. Like it would never go away. I have never had huge debt but have been in positions where there was no money to cover the little debt. Not having a stable income is probably worse than the debt itself as income means you don’t have to accumulate debt.
I try hard not to live beyond my means but sometimes it is nice to be able to have a little fun!
Debt is a terrible things.
Debt causes anxiety, stress and family problems for me. I am tired of the long process it takes to make a dent into credit card debt. I am tired of living pay check to pay check. The extra money always goes to credit cards when it could be used so much more productivly. I have also learned to become more financially responsible to be able to manage my debt. So, I guess that would be a positive. I look forwardto the day myself and the family are debt free.
I am quite fed up of asking other people help or having to pay more money if I’ve choosed to do something more for myself .I am a widow with to daughters and you know how much money one would like to spend for the girls schools and for their needs . The credit cards availabilities always take you more money .I would like more freedom.
DEBT is like having a large steel ball chained to your ankle
and you are in a pool of water that is rising everyday.
You know you have to somehow get yourself released from this steel ball
and swim to safety but everytime you try you get deeper in DEBT.
You don’t have any cash so you proceed to charge things to your credit
cards which makes even more Debt for yourself.
You just feel yourself drowning a little more each in this pool of DEBT.
You try to get a decent job but your too old and companies won’t hire you.
The only job you seem to be able to get are ones like the Greeters when
you enter a Walmart. The $7 an hour job which barely pays your bills
much less make a dent in your Debt.
So you become more depressed as you drown in your pool of DEBT
Sometimes you wonder if the best thing to do to end this worry of DEBT
is to end your life because you see no way to release yourself
from your ball and chain of Debt that you are drowning in.
DEBT becomes your worst nightmare!!
John
Being in debt creates several major concerns, stress, the feeling of helplessness, divorce, depression and many other
issues relating to health and/or family problems. With the spiraling costs here in the US more people are being driven
into debt without any forseeable relief. Many people I personally know are in the position of having to work two jobs just to get by.
Most people with financial problems don’t have the knowledge or guidance to be able to escape their situation. I know, I have been in this situation. I am one of the fortunate ones, I have been able to pay off my debts but it came with personal sacrifice. I only purchased what was absolutely necessary, invested money in learning everything I could about internet marketing and can finally see the light at the end of the tunnel.
My advice to anyone reading this is not to give up, instead determine where you want to be one year from now and start doing everything you can to obtain that goal. If your goal is to make money online Kevin is one of the best there is to learn from. I have used his courses and they are second to none.
Good luck and god bless,
Sincerely
Don Williams
Debt makes me feel like I am in bondage. That is why the Bible says that we are to owe no man anything, but to love them.
Credit card debt is the worst kind of debt to me, however, I do not like any kind of debt, and I look forward to becoming totally debt free (soon).
With the exercise of much discipline, and with the implementation of a sensible, consistent action plan, I hope to acquire complete debt cancellation within a year’s time.
Debt is a weight on your shoulders, and credit card debt is the worst! There are SO many things people don’t know about credit cards and debt, and what they don’t know is hurting them, costing them both money and peace of mind.
I am so glad I found a company (Primerica) that helps families get out of debt. I have a written plan to get out of debt now, and I know how to pay everything off in the most efficient way possible. Primerica offers a free service that really helps people. No, this is not a shameless plug, although I am a Primerica representative now after I saw what they can do for families! I just want people to know there’s free help out there.
Debt? Well debt makes me sleep badly at nite. It makes me work harder. It makes me grumpier and desperate.
This is the reason firstly I joined World Profit, they gave me guarantees I wanted to hear. Its like anything if you hear it at the right time it works.
The pressure is easing and life is getting easier slowly and I still don’t go out to work like the maddened many. I stay at home with my children and work when they are are kindy or school. Internet Marketing has given me life and a career.
So thank you Net!
Kindest Regards
lisa Lomas
Certified Ebusiness Consultant (free first consult)
Debt is the cancer of modern life, and the only escape is to find and succeed in your own niche marketing business, but it sure ain’t easy. So many people giving several different ways to become super rich, most of them talking out of their backsides, or selling their software as a cure all, which it never is. Fortunately, I have discovered some really great business products and pray that debt will be a thing of the past for me eventually. Then I can help others by telling them the truth instead of the claptrap I see every day online. That’s what I think about debt.
Debt can be good or bad. It is almost impossible to live today without some debt. When debt gets out of control it becomes a great burden. I have been on both ends of the spectrum, broke and homeless with 4 children and feeling totally helpless, and wealthy to the point that my company grossed over a million dollars in a year (not my current company). I can honestly say that there is a lot less stress and everything works much better when you don’t have to worry about debt.
Too much debt causes mental anquish that leads to stress that can even cause physical illness.
The credit card companies and lenders make it very easy to take on more debt, but very few actually try to “help” their clients. It is very important that we control our debt, and keep it within our means to pay the bills when they arrive.
Debt is a stress factor and a motivation for “get rich quick”. So I am looking for new ways for making new money. One important factor is, if the debt is affordable or not. So I guess, debt is something which can alter the way of life of people.
Debt. An incredible strong hold. Personally, I grew up poor. Relatively speaking. As children, we were never expected to amount to anything, never encouraged to reach for the moon. But, being the youngest of 5 children, never owning anything new, some how I found the desire to make a change. I did not want to grow up and live my life like my own upbringing. So I reached into myself, very deeply and found the courage to reach for the stars. I never once experienced a single word of encouragement from anyone in my family.
I went on to college, graduated with an electronics degree, and went out into the working world. To my parents astonishment, I made more money my first year working than the two of them together. My mother a bank manager; my father a farm machinery and chemical salesman.
I married well, and maintained relatively good credit until my husbands company decided to cut the salaried personals pay by almost 30 %.
I have continued to learn, continued to educate myself, and build my knowledge. I have acquired large amounts of debt throughout this learning process. But I would never exchange my debt for simplicity. For I am confident that my education will pay off my debt with my successes. I am now promoting a one of a kind, spectacular product that will become a house hold name. And most of you will own one in your lifetime. All it took for me was to look at it and I knew I not only had to own it, but selll it too!
regards,
Mary
Debt? Makes me feel unclean! And ashamed. I had three credit cards up to their limit, a personal loan, and overdraft and a mortgage. I was managing fine, even saving a little every month when I broke my arm and had to take six weeks off work, with no overtime. Silly boy, I hadn’t made provision for this. No one wanted to help — not the credit card people. the loan peple, or the bank, so I was facing being made bankrupt, and losing the house. Then I did what I should’ve done months earlier, and sought professional advice. A chartered accountant applied to the County Court for an IVA on my behalf. This is an Independent Voluntary Arrangement whereby I was able to pay just one lump sum per month, out of which my creditors were paid by the accountant on a pro-rata basis. The Court granted me six years to pay off my debt of £40 thousand-plus, and I managed to pay it off in two. The rise in house prices helped, so I was very, very lucky! That was three years ago. Since then banks and other potential creditors have treated me like an outcast, as my credit rating is just over zilch. From what I’ve seen in the media, I think I might have been better off going bankcrupt. Still, it’s nice being debt-free, apart from a larger mortgage than before the IVA, and who needs a credit card when most things can still be bought for cash, or online via PayPal?
If you’re in debt, don’t ignore it. Seek help! First port of call is the CAB, Citizen’s Advice Bureau — they can access loads of useful information and can advise how how to negotiate with your creditors. Join a Credit Union if there’s one in your area. Do something! Take action! But, whatever you do, try to Keep Smiling!
I have always felt that debt is a necessary part of financial management. There are very few people who can manage in the US society without having some debt. Buying a car, home, travel, business expenses, almost anything we use or consume will require most of us to be in debt at one time or another.
Those of us who have problems with debt are the ones who have not been good at manageing how debt is used.
Many people who have a mortgage feel that they have a millstone around their neck, their main goal is to pay off this relatively cheap money source, rather than use it as a debt management tool. This attitude about mortgages is reinforced by interaction with past generations, who were victimized by the depression etc. Many of us remember our parents having mortgage burning parties, when it was paid off etc.
Any who are old enough to remember the late fifties and early sixties, will remember when credit cards did not exist, or were only available to those who earned more than the then unreachable income of $10,000 or more a year. My how things have changed.
Not using credit cards correctly is one of the fastest and easiest ways to get into real debt trouble. When used and managed intelligently, they are a very good financial management tool.
There are times that I have felt some pressure from debt, had to work more than one job, had to work 80 hour weeks etc. However I also learned to concentrate on paying as you go, saving, investing some of my money. I am not wealthy, but am comfortable enough that debt is not an all consuming thing in my life.
I’ll answer the questions simply…
Debt makes me feel as if something is happening, progress is made and maybe it’s a privilege, too. I, along with many others I am sure, are more than happy to accept services rendered or make purchases without the needed cash on hand to live in the now. Yes, I am aware that this is how many dig a hole for themselves and consequently the vendors and creditors, too, by living this way. But, this is what makes the entire consumer circle/ free enterprise system function like a well oiled machine. Although I do particiapate within the madness I don’t find myself swallowed up by it. There are legitimate and legal ways to experience debt relief. One simple way is pay down immediately the acquired debt ASAP and not take on more. A person should also take inventory of their income and budget it accordingly based on priority. Saving up for the item/service target ahead of time and paying cash is always a good choice. Or, you can find other means of spending that same money to eliminate that debt at a faster pace as painlessly as possible. This is how I deal with debt and maybe you should, too. It allows a person to get what is wanted when it’s needed (or wanted), so pay up responsibly and change the way your debt is viewed.
What bothers me most about debt is that it does have the potential to become somewhat massive. Truthfully, any money owed (irregardless of the amount, small or large) to anyone or entity is massive for the person who does not like owing anyone anything.
My story about debt from own life has lead me to discover ways to help others save money painlessly and increase their networth at a faster pace without spending more and spending it on a necessity if you are a property owner. It works, I’ve tested and personally use the service myself. I do highly recommend this arrangement to anyone who would like to wisely use the financial resources that you’re entrusted with. Get the most from the dollars that you do spend and you won’t have this or see debt as a major problem. Time and money can become your ally when properly used. Visit http://www.eMortgageMananger.net, it’s free for a limited time.
Debt KILLS.
It kills people.
It kills marriages.
It kills businesses.
It kills governments.
There was a man once who had borrowed a sum of money from his friend next door. He borrowed it just before Christmas and had promised he would pay it back before the end of March. January came and he still had no money to pay back the loan, he was a little worried. By the end of the month he was still trying to be as resourceful as he could but still no money was available to pay the loan– he was beginning to worry a bit more.
February came and and went and he was becoming very agitated that he had no money yet. It was nearing the end of March and he was at his wits end as to where he was going to find the cash to pay his friend next door.
The week before the deadline day he could not sleep at night, tossing and turning in his bed, distraught with worry.
The deadline day was tomorrow and he was lying in his bed completely unable to sleep. At last he decided to do something about his condition. He rose from his bed at two o’clock in the morning and knocked on the bedroom window of his friend who lived right next door. When his friend came to the window, he said to him, “James, you know that money I owe you?” His friend smiled and said, “Yes”.
The man then looked his friend straight in the eye and said, “Well I can’t pay you!” and walked quickly away.
He then went back to his bed and slept like a baby.
The strangest thing was that the man next door he owed the money to was awake all night with worry.
Hey! worrying about it leads to nowhere and more often than not there is no single human being suffering at the end of your debt, so pay a little at a time and sleep well. Make every effort you can to live within your means, ignoring peer pressure to buy the latest gizmo or whatever.
Find some other interest and turn to it very very quickly when you feel the urge to spend or borrow.
Remember at all time that the credit card companies are there to do absolutely nothing except make money, from whoever, where ever, and when ever they can.
Sometimes, believe it or not the answer is to approach them with a solution that suits YOU and not them, pay a little at a time or just declare yourself liquidated and start again. This method is drastic, totally life changing but strangely very very relieving.
Just say stuff the World I blew it, so what!
Finally, Never ever worry about something until you have to. Then when the times comes it’s too late to worry so why bother in the firsT or second place?
Being in debt has caused me a tremendous amount of stress. I became disabled over three years ago and took about a 60% income cut. Since that time, I haven’t been able to pay the first credit card.
The creditors call daily beginning early in the morning and continue until 9 PM EST. A few of the creditors have put liens on my home. They even have the audicity to call my neighbors to track me down. I feel like I am being stalked by these creditors.
Debt attacks my self-esteem, making me feel worthless at times, because I am not financially able to meet my credit obligations.
My goal is to be debt free so that I can alleviate all the stress that being in debt causes. Living in debt is not a good place to be.
Debt? Having read through the previous comments, I find I fall into a number of brackets.
1. I was left with some £15000 (approx. $24000 US) worth of debt following a pretty accrimonious divorce.
2. I was unfairly dismissed from my job, made a claim against my ex-employers and settled for around £3000 ($4800 US). half of which went to my lawyer!
3. Have been unable to recover my previous senior job status because I have now passed the golden age of 50 and my debts have mounted following a failed business venture.
4. I now have a new partner and she and I are contemplating marriage but we’re unable to consider it for at least four years whilst I try to repay my considerable debts which now amount to (including my mortgage) some £130,000 ($208,000 US)
But hey, my credit-rating is good! People keep offering me money to clear my debts.
Needless to say I don’t borrow money any more. But I do find that restricting. I have to work 55 hours a week on a menial job earning the minimum wage whilst my partner keeps us afloat.
But to quote an old friend of mine – now deceased; “Whilst I’m still sucking air, there’s hope!”
The credit card companies have made it too easy for us to get credit, any age, and it is alarming to see teenagers paying for goods and services with the sweep of a card. We have become a money-less society. I am a firm believer that if you have the money in your pocket or pocket book you are accountable for your expenditures. If you don’t it is out of sight out of mind. Before you know it our society will be known as “the debters” and be in hock up to our ears and bankruptcies will become just a part of our lives.
Debt …
Well, to be honest, I haven’t had time to read all the comments but those
I have read prompted me to make a comment here.
I’m not going to talk about the ‘gut wrenching feelings’ one goes through.
Instead I want to address the CREDITOR’S.
More specifically …. “Collection Agencies”
If you are in debt and being hounded by these sharks … GET EDUCATED!
I can tell you that they constantly BREAK THE LAW and get away with it
because people in debt normally do not know what their Legal Rights are
much less what the Law’s are that govern collections.
Plus, they will go to extreme’s to pressure you.
Example 1
I personally know a guy who received a letter threatening a Law Suit.
It wasn’t from a creditor or collection agency. It was from a former
wife that he had not even seen in over 30 years. He worked on the
road and was rarely home. When they couldn’t contact him, they tracked
down his former spouse, now remarried, and was harassing her. She
called her attorney who advised her she could sue him for their harassment.
Go figure …
Example 2
I personally know an individual that started receiving phone calls at
work. He advised them to NOT call him at work. But … they did anyway.
It just so happened he put it on the speakerphone in the office where
it could be heard by his coworkers. The person calling was not the same
one that had called before. He informed this person that he had requested
to not be contacted at work. Unwittingly, the lady calling started reading
her computer screen about the account. Then she came across the sentence
saying that “client requests not to be contacted at work”. He immediately
said … You just broke the Law! If that wasn’t bad enough, they did it
again. This time he stopped them immediately … advised they were again
breaking the Law. They requested he speak with a Legal rep in their
office. So he said … “Sure, not a problem.” They actually connected him
to a gentleman that identified himself as an attorney and wanted to know
why he was claiming their company had broken the Law. So he told him
the details. Not much comment until he added … “Oh, almost forgot to
tell you. My coworkers heard it all. Your company has now broken the
Law twice!! He didn’t pursue a law suit against the company, although I
feel he should have. But, he never … ever … ever … heard from them
again.
If you are in debt and being hounded by collection agencies …
Be SMART …
Get educated in what the Law’s are. You have more RIGHT’s than
you realize. REALLY YOU DO !!
[disclaimer: Above is for those in the United States and isn't Professional
Advice. Just personal opinion.]
Art
Debt overwhelmed me!! While it would take a lengthy explanation of how I got there, I hit the wall. As a divorced, single mom, I lost my second job which helped pay a lot of my credit card debt (most of which I got in the divorce). I began paying one credit card with another-my debt GREW EXPONENTIALLY. Make no mistake, I am an accountant and my JOB pays me well, but the loss of my additional income put me over the edge. I filed bankruptcy. Fortunately I got to keep my home, have been working diligently over the last few years to clean up my credit rating the best I can. Life (God) has a way of hitting your pride in the area most important to you, it really leveled me, and actually brought me to a stronger faith, a realization that I cannot “DO IT ALL” especially alone, and there is so much more to life than money!!
I now make a great second income on the net, and I pay as I go,God is GOOD!
Debt made us feel kind of uneasy, cheated, trapped like a prisoner unable to escape because of the big load on our shoulders.
We had credit card fraud debt, the kind that gives the bank power over your life.
6 years ago, after two decades in our own successful business, my wife and I retired with intention to take it easy, enjoy life and make some wooden cows from home.
All went well, we had no debts, a nice home, a few acres, a small workshop and an unusual product that sold worldwide.
We then met a man from Africa, he placed a good order and paid up front by credit card.
Next he asked if I can get him some computers, again he paid upfront with his card. He ordered more goods but this time he had ‘a tax problem’ so he paid with his daughter’s credit cards.
The orders got larger, and so did the payments. The income was good, so we gave some money to the kids and had a good cruise holiday.
4 months later I got a letter from the bank, the true owners of the daughter’s credit cards I had accepted (and the bank had cleared) did not authorize the charges, I had 14 days to pay it back. It was a lot of money and we had to pay.
In debt at the age of retirement I was lucky to find a job in a factory.
I got up at 5am in order to be at work by 7. Sometime we had overtime so I travelled to work in the dark and come home in the dark.
It becomes a habit and sometimes (horror and shudder) I actually enjoyed the job.
Now, with the debt almost paid and some quality time on hand, we are getting a totally new life including a new website for our wooden cow hobby.
DEBT !!! It is after all is said and done; a four letter word. Although I have found myself in debt, I have always hated it. The reason I don’t gamble is I don’t like giving my hard earned money to someone and getting nothing in return. I equally don’t like giving my hard earned money to someone who has created the money they “lent” me out of thin air and makes their money by charging me outrageous interest rates for the favor. There was a time that an individual would be brought up on racketeering charges for charging over 20% interest. Now it is legal for financial institutions to do just that. Go figure.
Solomon, the wise King of Israel recorded these words in the Book of Proverbs, “The rich rule over the poor, and the borrower is servant to the lender.” When we are over our heads in debt, (usually caused by spending more than we earn) we are working a portion of the work week for the BANK. Whenever I think about our Country’s national debt, it should be understood that someone has lended us that money and those lenders, believe it or not, have alot of control over the policies of the federal government. Just as we do when we lend or give money to third world countries. It’s kind of like, “Do what we want you to or we’ll call the note or stop the flow.” Bottom line is debt can be a means of control and if it is at all possible, we as individuals need to do our best to live debt free if we want peace of mind. One last thought, ” Credit cards are good to buy things we don’t need, with money we don’t have, to impress people we don’t like.” Nuff said.
I want the freedom to do what I want and to buy a new car. I will be in debt for the rest of my life
There is an old saying – there is no prison so strong as the one with no bars. I believe that debt is one such prison – it imprisons the mind and the body while giving the appearance that we are having a good life with all the stuff we have possession of (note – not ownership until it’s paid for!).
My own history shows times of modest wealth and right now the greatest debt situation I have ever faced. Compared with some of the other contributors I have nothing to complain about but the prison walls are still there. For me it’s serious, stressful, and if I was to dwell on it -debilitating. Its the only thing that has caused me to experience repeated panic attacks.
Everything around us encourages us to live in the moment not reminding us that we are mortaging our future (Mort = death), that is, death to the future. Having already worked for some 40 years to find myself in this position is somewhat scary – the very security I relied on to pay for earlier spending vanished for some months resulting in little income to meet ongoing expenses. It is going to take some time plus determination and perseverance on my part to get back into the black and beyond.
I firmly believe that debt is caused by our state of mind. It is certainly true in my case although I expect that most people will find this hard to accept.
There is, after all, enough wealth for everyone and more is being created every day out of nothing more than one’s own mind (ideas). The bottom line is: if we don’t believe that we deserve to be prosperous, then we cannot be.
It then becomes one of our most vital tasks in life to overcome our pre-programmed, self-sabotaging beliefs.
The truth is that we manifest in our lives exactly what we subconsciously believe about ourselves. And this includes whether we have any false beliefs about money, passed on to us by similarly afflicted parents, grandparents and other figures of assumed power over us as little children.
Understanding that this is the problem is the beginning of finding a personal solution for each of us as individuals.
Debt is te means the Money Powers use to eventually enslave us.
The lure of material things flamed by misleading advertisements has become too much to ignore for mainly” the have nots”.
Linked to runaway inflation it has become a deathtrap.
I just wonder how many of these debtors will take the time to read about the law that has been passed NESARA(National economic Security and Reformation Act) and say a few prayers and perhaps make their voice heard in support of the NESARA law. I just wonder how many of these debtors will take the time to subscribe to the free newsletter put out by the “DOVE OF ONENESS” that has spent many, many years lifting her voice in support of bringing the NESARA law to becoming the savior for our country as well as the entire world. Once again, you can learn all about NESARA and the “DOVE OF ONENESS” by going to the following URL: http://www.nesara.us
AGAPE to everyone!
George Frantzis
I believe it is possible to live without debt. It calls for self discipline and self denial. I am over 50 years old. I was borned in a very poor family. I managed to acquire some education on self help. By God’s grace, I have never experienced debt. The closest I got to debt was when I worked for a company, and that company was owing several people to the extent that we had to organize the creditors meeting.
How did I do it? Simple. I employed what I called 10-20-70 formula. This formula goes like this:
My first 10% of my income goes for tithes for the Lord my God
The next 20% is to be saved and invested – no matter how small
The rest expenses to be made is based on the last 70%.
Many times, I have to deny myself a lot of luxury. I have to endure the gossips and disrespect of many people. This is because they perceived I had no money and will therefore not accord any respect to me.
However, the issue is, what do I want? Is it the approval of people or my freedom? I choose the latter. It has paid off.
For those in debt, I pray God will deliver them. It must start from self discipline and self denial.
Thank you and God bless you.
1. How does debt make you feel? It makes me feel like I am losing control of everything in my life.
2. What debt bothers you the most? What bothers me most is the fact the because of my own debt I am not able to help my family members and friends out when they need it.
3. Do you have a story (good or bad) about debt from your own life? Even though I currently owe TOO MUCH I know from past experience that I will get it all taken care of. I also know that God always sends the amount I need to take care of the things I need most.
Debt depresses me. I have never lived extravangantly. I’m cautious in my spending, but I’m deep in debt. Most paydays, 90% of my paycheck goes to bills. So for that period until the next payday, I have to use credit for the basics like groceries, pantyhose, other necessities. It’s a never ending downward spiral. I’ve refinanced my house. I can’t afford to refinance it again because I would not be able to pay the mortgage without using credit for other needs. I recognize where I’m at in debt, but thus far, haven’t been able to make headway on moving out of my current state.
DEBT = Scary four lettered word! I see it as having two diving forces; one that can make you nervous and one that will motivate you.
If you are in enough debt to make you “wake up and smell the coffee”, it inspires you to generate more income. You end up not sitting there worrying about more income, but learning new ways to get out of debt. That’s why most of us learn about online marketing and selling.
Since I moved to Southern California four years ago I have noticed many people have two jobs just to live (me included!) as the cost of living is so high here.
A side effect of the debt motivation is that you eventually find niche markets online and offline if you look hard and long enough.
I prefer to have a bicycle as to have a expendive car. also I don’t buy a home with mortages and prefer to rent it, many things I try to do myself at home (bread, cooking, repairs, etc). So I could live without asking for more money that I had, and I could invest during that time. I started really little in the investment world, but now it gives me a full time income. I had to live a very disciplined life for the last 10 years, and now I have money and I still like this lifestyle, so I really dond’t need so much money.
Debt is a never ending cycle of “fear of failure” to “real failure.” If you are afraid to try something new, you have the “fear.” If you try something new, and it doesn’t work out just perfect, you have the “real.”
I have been afraid most of my life, but in my later years have been trying some new things. Debt? I thankfully do not have any, but I still have to manage to live on $603 a month. That does make it a little hard to try new things without previous planning.
If you have debt, you have the “fear” of trying to do something new that might cost you some money. You have to break that chain before you can begin to live.
Brenda
Being in debt has been like running in quicksand. The more I move, the deeper I get. When I reach out for help, I get sympathy and advice that is impossible to use. When I invest in tools, I find I need others to make it work. When I buy one thing, I get an upsell pitch. There is always that one more thing that will build my income. I buy it. I go further in debt. I am usually too exhausted from doing too many things to earn money, none of which I give proper focus. Being desperate forces me into frustration, which at times, breaks my will to persevere. When I don’t earn, I don’t get paid. What an awful circle!
Incredible, some of the stories make you wanna give them a big hug to reassure them that everything will be okay.Others you want to say wake up and smell the coffee it’s a brand new day. Two years ago I attended a class reunion where I had not seen any of my classmates in 40 years.I wasn’t surprised when most of them remember who I was, because I had a reputation of being the class bad boy, and I was voted the one least likely to succeed. They where all surprised when they discovered that I was now a millionaire.
One of my old classmates who is now a minister approached me at the reunion and asked if he could use me as an example in his Sunday sermon,because I had succeeded against all odds.
Things aren’t always what they appear to be,and success or failure is only a state of mind,if you think you can’t you most likely never will, but if you believe you can there is no doubt that you will succeed beyond expectations.
After 11 years in prison for car theft, burglary, simple robbery, armed robbery,aggravated assault, four out of five failed marriages,and countless others stumbling blocks,including drug, and alcohol addiction along the way, I finally found my way, without breaking laws or harming other individuals, because I found the courage to believe in myself.
I had a vision and as long as I never lost sight of that vision I never again strayed too far from the path that eventually led me to where I am today. Today I have lots of things,but of all the things I have nothing is more valuable than the lessons I learned from the mistakes I made, and the confidence that if I were to wake up tomorrow and everything was gone I wouldstill be in possession of the magic to make it happen all over again. this isn’t something I believe it’s something I have come to know. if you have a vision of a better life and never lose sight of that vision, eventually it will become reality. I am ashamed of my past, but I am proud of who I have become.
I created some (unnecessary) credit card debt and realized things were getting out of control, so I tried to repair it. I looked around for a loan and was told my debt load ratio was too high (go figure…) Unfortunately I got scammed a few years ago by a so-called debt-consolidation company. Agreeing to their so-called repayment terms put my credit rating in serious disarray and by the time I realized what was going on (still paying them and they in turn were pocketing my money and not paying creditors) I was months behind in my payment. Thankfully an accredited credit counselling service helped my out and I managed to repay about 2/3′s of the debt off. I’ve been living a cash only life style and to be truthful, I think I prefer it. I’m committed to finish paying it off this year. I’m sure there will come a time in the near future where I’ll have to seek some sort of credit again, but boy, oh boy… I’ve learned my lesson … thanks for listening. Hey Kevin, don’t give up on me yet. I still believe in ME and … I’m coming to get my share of the online pie $$$$ !!
Very good reading. Peace until next time.
WaltDe