You're in debt...serious debt

Discussion in 'Current Events' started by eflatminor, Jun 11, 2011.

  1. eflatminor
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    eflatminor Classical Liberal

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    Your mortgage is underwater and your credit cards are maxed out but you do earn enough money make the interest-only payments on your debt, which leaves enough left over for food and shelter only...but not much else.

    You've asked your boss for a raise but the company you work for is in no position to offer you more money and your performance at the company makes you just an average employee. Threatening to quit is no threat.

    The question is what do you do in this situation? Is there anyone that would advocate getting another credit card and spending more than you currently do? If so, what's your rationale for that approach?

    Personally, I would stop spending money on any and all non essential items and I would sell any possessions that I don't need for survival in an effort to bring that debt under control. Simply put, I would live within my means so as to ensure I don't leave my family with debt.

    What would you do?
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says, "Dat's right - dem Christmas bills come due in January...
    [​IMG]
    Study: Americans Charged $21.9B in Third Quarter, Could End 2016 $80B Deeper in Debt
    December 23, 2016 – Americans racked up $21.9 billion in personal credit card debt during the third quarter this year and are likely to end 2016 with a net $80 billion increase in debt, according to a study by WalletHub.
     
  3. yiostheoy
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    yiostheoy Gold Member

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    Don't go into debt in the first place.

    Living beyond your means always results in bankruptcy eventually.

    Then you will probably lose the house and the car and become homeless.
     
    • Agree Agree x 1
  4. Zander
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    Zander Platinum Member

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    My Advice: Cancel cable TV. Cancel your gym membership. Cancel everything that doesn't bring you $$$$. Then sell everything you have except the things you need to do your job. Use that seed money and every spare moment you have to engage in entrepreneurial pursuits. Nights weekends and holidays are now additional working hours. Build your own business!!! Employees, even highly compensated, are still wage slaves. The only way out is to start your own business!!!! and LIVE BELOW YOUR MEANS!!!


    Living below your means is not only financially rewarding, it is spiritually too. It changes who you are. You no longer are a slave to your possessions. A slave to your debt. A slave to your "job". You own your own life- and that is true freedom.

    It should be taught in school that the primary goal of every person should be gaining financial independence as quickly as possible.

    We need to continuously teach and educate our children about money, debt, financial instruments, insurance, etc....we are one of the wealthiest countries in the world and we are financially illiterate!!

    PS- Fortunately, the US Government is not an individual. IF they were, they'd be in debtors prison!!

    PPS- Start your own business!!

    :thup:
     
  5. HenryBHough
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    HenryBHough Gold Member Supporting Member

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    You forgot to send a donation to The Clinton Campaign?

    Tough.

    You're screwed.

    Try again in four years.

    If you're still alive.
     
  6. Manonthestreet
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    Manonthestreet Platinum Member Supporting Member

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    I would sell my debt to rubes by giving it an A rating like the banks do
     
  7. eflatminor
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    eflatminor Classical Liberal

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    Agreed

    Wow, you pulled out a 5 1/2 year old post. I think that's a record for me.
     
  8. yiostheoy
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    yiostheoy Gold Member

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    waltky pulled it out not me.

    You need glasses ... or new glasses.

    You cant see well.
     

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